trade representative robert lighthizer. former whitewater independent counsel, prosecutor and thompson&night partner robert ray and dave portnoy, so much coming up in the next three hours, you don't want to miss it. but first to our top story this hour, fresh trade tensions are weighing on the markets, we were just showing you the futures, let's look at them again. actually we are seeing more of a selloff in premarket, the dow down 155, s&p is down by 13, nasdaq is down by 18 points. u.s. futures taking a hit this morning. there are reports that president trump has now approved tariffs on $50 billion worth of chinese goods and official announcement is expected today from the white house, the president's approval coming after a meeting yesterday with top economic officials including treasury secretary steve mnuchin, commerce secretary wilbur ross and trade representative robert lighthizer, affected import would face 25% tariffs. joining us melissa armo of stock bush.com. let get your take first on the response first market r

lighthizer and people in the administration who know that we ,re going toward with the steps we regretaving to go forward with these measures but we can't let things stand as they stand at the moment. we are continuing negotiations to improve nafta and will continue throughout the summer. with respect to nafta negotiations, will there be other meetings planned? >> yes, we have planned meetings, i don't have the exact dates but this is the intention of both canadian and u.s. negotiators, mexican as well. during the presidential transition period in mexico. >> the president's twitter attack on you. evenaints about derry and wearing american shoes. why do you think that candidate is suddenly so much and donald trump's crosshairs? is it a tactic to drive a hard a bargain on nafta? prime min. trudeau: i recognize the relationship between canada and the united states is closer and more complex and deeper than the relationship in any two countries in the world. collaboration between our two economies leaves lots of issues that one could pluck out and tug on if one wants to make points or push

lighthizer and people in the administration who know that we are going forward with the steps. we regret having to go forward with these measures but we cannot let things stand as they stand at the moment. we are continuing negotiations to improve nafta and will continue negotiating throughout the summer. with respect to nafta negotiations, will there be other meetings planned? meetings.have planned i don't have exact dates but this is the intention of canadian and u.s. negotiators, mexican as well. during the presidential transition. in mexico. >> [indiscernible] we have had complaints about --ry and time management and why do you think that canada is suddenly so much in the crosshairs? >> i recognize the the relationship between canada and the u.s. is closer and more complex into deeper than the relationship of any two countries in the world. andlevel of coordination collaboration between our two economies leaves lots of issues one can pluck at and talk on if one wants to make points or push a certain narrative. i am going to remain focused on the fact that this relationship

communication lines are open i don't want to make a prediction ambassador lighthizer has the play on that everyone is stiling. yes? >> yes, sir, could youalk a little bit about -- >> sorryit was actually the one behind you but please, feel free. go ahead work it out, fellows rding trade deficits, the president often talks about trade deficits as if they are their m and other countries aren't buying our goods. and i kn that you are saying at the issue is tariffs and lowering trade barriers will reduce t defic what happens when the tariffs come down, the barriers come downthe trade deficit what happens then, well, look, and demand in global markets is subject to macro economi factors, that stuff is pretty hard to predict. but i think it is reasonable to assut if our neighbors and allies and who lower their ade barriers, we will export significantly more, frankly, across the board if i could expand on that thought, united states economy going through a very positive transforming aright now. as i said earlier, lower tax rates, rollback of regulations, the war against business is ovwar ag

. >> laura: have you spent any time with bob lighthizer?> i am tomorrow. >> laura: one of the smartest people. i think you and he will have an interesting conversation. >> he has a philosophy around trade i'm not sure the president does. >> laura: he is super smart. trump wants to bring manufacturing and strength back to key american sectors where other countries are cheating. the only way to do that is to shake up the system. he's doing that. >> laura: i think if he listens to bob lighthizer more, he might be better off. we do thank you for coming on. was it scary? people wanted me to beat you up more. >> i look forward to my next invite. >> laura: let's get a take from doug schoen. doug, is the rise of the far left -- come on. the congressman was affable. he wants to abolish i.c.e. but i guess who doesn't. >> i know. >> laura: i know you don't. is this good for the party where you are embracing people or having people shouted down in public, congressional black caucus is mad at chuck schumer because schumer criticized maxine waters. it's

i don't want to make a prediction, ambassador lighthizer has the play on that.ne is still talking. yes? reporter: could you talk a little bit about -- i'm sorry, actually the one behind you. but please, feel free. reporter: it's all good. >> go ahead. reporter: all right, thank you. regarding trade deficits, the president often talks about trade deficits as if they're their own problem and other countries aren't buying our goods, and i know that you're stating that issue is tariffs and lowering trade barriers will reduce trade deficits. what happens when the tariffs come down, the barriers come down, and the trade defic doesn't go down? what happens then, sir? >> well, look, you know, supply and demand in global markets subject to macroeconomic factors, that's pretty hard to predict. but i think it is reasonable to assume that if our neighbors and allies and whoever lower their trade barriers, we'll export significantly more frankly across the board, and i can expand on that thought. united states economy is going through a very positive transformation right now

i encourage my colleagues to -- i spoke to ambassador lighthizer again, we are in a holding pattern until mexico's elections, but soon after that nafta talks will pick up. steel and aluminum tariffs will be part of the dialogue as they should be. canada and mexico has such close proximity to our market, they are targets for chinese. we have to guard against that where the tariffs won't be effective. before my final remarks. i hope that -- canada and mexico is an important part of the north american steel supply chain and important to make sure that our efforts to address this are effective. the tariffs were effective yesterday. one steel company said that a company would start in september, in granite city, illinois, 800 steel workers would called back to work. the corker amendment would interfere with this. the corker amendment would permanently undermine a longstanding section of statute to make sure that the u.s. has the industries to defend itself. it would let bad actors like china off the hook and flood the markets with unfairly traded steel. it threatens the improvements seen in ou

with people who are close to him lighthizer,, ross, secretary mnuchin. they have heard from agricultural states generally. but other interests as well that it can be very harmful. nobody is going to be offended if the president can succeed in getting a better deal on trade for all segments of our economy. but it is kind of a big gamble. it seems to me the president is using the usual business tactics of negotiating. start with an extreme position and bring people to the brink. if he goes over the brink, i think it could be catastrophic. if he doesn't go over the brink, it can be a big win for america but i can't predict the outcome. susan: you posted you have had a chance to sit down with your former governor terry branstad it was the ambassador to china. what did you learn about the chinese reaction to the tarrifs? sen. grassley: we agreed we would have a private conversation so i will go into detail because we did not even allow staff to take notes. it was in a sense confidential. five or six people were in on it besides just the governor. i can tell y

ambassador lighthizer has filed complaints in the wto with respect to chinese practices and the practices of other nations, so we're still working through the wto. but international multilateral organizations are not going to determine american policy. i think the president's made that very clear. yes. yes. >> can you describe -- you talked about the summit, that there's going to be a lot of conversations, both bilateral and otherwise at the summit. is there some expectation within the administration of an actual outcome? sme ofdecision, either on some of these tariff issues, on pushing nafta forward, on some kind of communique that would push, either push forward either on trador on iran or onny of the other issues? >> we'll see what comes of it. we'll see. we're going to have all these ussios. it's rly right now. >> it's not early. we're a couple of days from the summit -- >> well, for these kinds of decisions, l them meet first. let them meet. let them discussion, and then we'll see what happens. >> larry -- >> mr. kudlow, follow-up on that -- >> eamon. even mnuchin rcommended the pres

i was in meetings with ambassador lighthizer and secretary ross.oncerns i'm hearing from the manufacturers and employees and consumers in my constituency, trying to persuade them say -- going different direction. -- go in a different direction. in one sense they are listening. whether they are hearing us and make decisions, the jury is still out. i don't think it will be possible to impose new trade standards over the administration, because they have authority under the law. shery: another issue important for your constituents, the tax package. you supported that legislation. democrats now seizing on capping the local deduction. your democratic opponent is talking this up. the deduction be your achilles heel in november? rep. roskam: no. you look at my constituency, they are the beneficiaries of tax relief under this plan. husband-and-wife, median income, two children in my district, $4600 in tax relief. according to our estimate, property values up 5% in my constituency and that is all based on the tax cuts and jobs act. you have commonwealth edi

lighthizer will keep pushing him. more important we will be congress is going to keep pushing him.gh it's not going to mean more investment from china. >> mike, what do you think >> i mean, i think the market is struggling with not just the substance of what's floating out there. sometimes it seems as if the white house prefers to just seem like it's throwing more out there to stay on offense on the issue opposed to follow a process where we're going to get to a targeted end. i also, you know, feel as if there's an impression at times when there's a hard line out there when the hawkish stance seems to be in front that the administration is willing to take all the assets of this economy basically of this acceleration into the new year, the tax cut, the repatriation, the low unemployment, and view it as ammunition to use to fight a trade war. and that's not something i would bargain for. also if the s&p is down 70 points from where it otherwise would be, it's still more than a hundred points from its january high it's not the whole story of what's going on in this market >> you can't

the guy to watch is our ambassador for trade, bob light lighthizer.eals in those days, for example, with the japanese. the china problem is much bigger. >> eric: $200 billion more is being considered to slap on china. alabama, who knew, alabama and south carolina, they export $2 billion worth of stuff to china. kentucky, $1 billion. texas, $8 billion. louisiana, $6.5 billion. who knew that kentucky sent a billion dollars worth of stuff, that's a lot of jack daniels, over to china that they're going to slap a tariff on and prices -- the business will go down and the tags will go up. >> that's right. that's why you heard a lot of the farm state republican senators attacking secretary of commerce ross, chuck grassley, john thene, pat roberts, almost every farm state republican senator is against all this. the other base areas that will be improved will be ohio, indiana, california. trump has a long-term strategy. he's thinking about our own growth rate. we've been kind of anemic between 2% and 3% for the last 30 or 40 years. the chinese grew at 8% to 10%

you have robert lighthizer the trade representative and steve mnuchin and wilbur ross. there is a lot of different viewpoints. supposedly according to the canadian minister for foreign affairs, she spoke to light heiser, spoke to him at the g7 meeting, and she said in quebec today she would speak to him today. it could be sort of more talks and better relations going on behind the scenes than you would think. definitely seems like canada is trying to stand firm on this. canadians are the nicest people like everybody thinks. i believe it is true. they burned a line in the sand with this. does this blowup the nafta talks ? it is too early to tell, and we have had very conflicting statements from within the administration and trump himself really for weeks and months about what will happen with nafta over the next few months. we are going to have to leave it there, ros krasny in washington. certainly quite a lot of upheaval in this g7 set of negotiations. let's get you to first word news with ramy inocencio. ramy: china has reaffirmed its claims to be a free-trade leader ,

they're apart of the campaign and business friendly lobbies are apart of the problem here is robert lighthizer testified in march >> we'll have different policies and what have gotten us $800 million trade deficit we'll have a different result if we do exactly the same thing, nothing is going to change >> dimon says the trade benefit m may benefibusiness there is some news in nafta with larry kudlow suggesting that the president may be seriously considering two bilateral deals with canada and mexico the white house says it is something they are considering than nothing has been decided. back to you. >> we'll watch on that one, cayla, thank you. >>> out going starbucks chairman ho schultz are weighing in on "squawk box" this morning >> this trade war that's engaged with canada and mexico it is important that we should not be in the business of building walls we should be in the business of building bridges with our neighbors and allies and standing in the world today is not what it should be. >> more now on schultz' pli political, ladies and gentlemen, it is good to have you here. it sounds tha

> it feels like when kudlow had a heart attack and he was sidelined for a time that navarro and lighthizer gained some say and sway within the administration. >> i sense a conspiracy theorist in you coming out. >> no, that's just my thought. >> it doesn't help that the trade rhetoric has been amped up so you get people in there that are more free traders. >> market friendly. >> i'm just thinking maybe the former soviet union in my head and people doing nefarious things, move on. >> why are you taking down -- >> let's stick with d.c. in the trade wars shares of harley-davidson suffering their fourth day of losses as president trump goes hog wild, threatens the company with new taxes let's get to phil lebeau in chicago for the latest. >> it wasn't just the tweet this is morning where the president not just once, not twice but three times went after harley-davidson with pretty pointed attacks. he then went back at them in the afternoon when cameras were allowed into a cabinet meeting here's what he had to say about harley-davidso harley-davidson. >> i don't like that i've been very good to ha

and i think, you know, you will have to talk to ambassador lighthizer to get update on current stategotiations. thank you very much. thank you all for having m>> tnu >> thanks, kevin. lastly one additional update the president and administration applauds senate majority leader mcconnell and his decision to keep -- trish: you were listening to kevin hassett. chairman of the council of economic aors. he was talking about how good things are right now. you know, for eight years, we went to the obama administration. i got to tell you, one of the things that frustrated about the president and his economic team then was every single time you got a little bit of glimmer of hope. once things started looking a little bit better, president obama would caution you, say we got a lot of work to do. for sure. but it is kind of nice when you can celebrate these good moments, right? like record low unemployment. you heard kevin hassett say, look, this is the best economy since the days of world war ii. we'rely returning to 3% as normal. joining me now, former reagan economic advisor art laffer, who

trade representative robert lighthizer says nafta negotiations are making progress, though, but that the three countries are not close to a deal in a statement to cnbc,he said differences remain on intellectual property, data localization, agricultural market access, and energy. and the mexican peso and canadian dollar slumped on concerns about the agree >>> and meanwhile, in the eu, the eu has reached out to mexico and canada in a bid to form a united front against washington's tariffs the eu added it was preparing a set of retaliatory measures worth up to 2.8 billion euros on u.s. products, including harley-davidson motorcycles and bourbon. bourbon seems to be the primary means of attack for all of them. british prime minister therese theresa may called the tariffs unjustified and disappointing. ellen clark kent is with britain's conservative party can i just ask your take on the tariffs that were announced last friday by the u.s. administrationearly, verdisappo most counterparties. >> absolutely, and deeply concerning that we're seeing in the more protectionist policy coming from

. >> bret: trade representative robert lighthizer running point on this. >> what we need for the american unenforceable, accountable systematic change structural in nature so we can have free, fair, and balanced trade not just with china but with the rest of the world. we are looking forward to that day, but that is not this day. >> i've never been a big fan of peter navarro. the president himself is, is kind of going along with it. i think that president has got to wake up and realize that's not the way to go. >> bret: a lot people say it's shaky ground. they don't know, as jonah said, how it's going. there's others who say this needs to be shaken up in the world order of things. >> i am one of them. i think orrin hatch needs to wake up. he and the other members of the consensus that's been building around china ever since the late '90s that we need to engage and be open all the rest and it will improve their behavior, it's proved to be completely wrong. ever since we've been engaging economically with china, their behavior has gotten more and more authoritative. they have set out a plan

representative trade robert lighthizer says we need to change the way china deals with american companies. he said in a statement, quote, the china, the government ising a agressively working to undermine america's high-tech industry and our economic leadership through unfair trade practices and industrial trade practices. with a date of july 6th, it gives the chinese a chance to come to the table to prevent the tariffs coming into place. at the moment no trade negotiations have been scheduled. they are going back and forth every two weeks. we first went there. then they came here. we went there. if that schedule holds true the talks would be happening right now and they're not. ashley. ashley: and the dance goes on. edward thank you very much, appreciate it. looking at the markets the dow down 200 points. 213 on the dow. lots of red on trading screens. get down to the nyse where nicole petallides following all the action as she does every day. nicole, is this all about trade tensions with china? >> certainly is a lot of it. the dow is down 200 points. give you what moody's said specifica

trade representative robert lighthizer. stefan, bye welcome phone, always great to have you with us. thank you for joining us. the president said they would consider whether tariffs if the chinese retaliate. facilitatingis talks on chinese trade and improvement? or is it just to further ratchet up tension? the administration has been clear if the chinese did respond in the way they just have they ,ould impose further tariffs they have other tools at their disposal that could be more damaging, they have suggested they may impose limitations on chinese investments and on certain export restrictions on key products for the chinese market. i doping this is going to die down anytime soon. we have a statement, the u.s. measures violate rules and it is contrary to the decision reached in the negotiations, and it threatens the interests of our country and people. that is from china's ministry of finance. joe: they cite the wto. of course one of the main arguments of the trump administration is china itself, ae policies, they are ki

and ambassador lighthizer when i questioned him after the meeting yesterday, he said they are working on additional markets for our agricultural products. it's important that we do that. because if we are temporarily closing down some of these really important markets we need to see other doors open. >> you are trying to sound optimistic. you are trying to put the best face on this. i will be honest with you. it doesn't sound like on the trade front they are all that interested in pulling back right now. >> well -- i am an eternal optimist. you know that about me, chuck. i to hope that we see this through and that we do come out with a good deal. i know canada is really dragging their feet on nafta right now. and i think the mexicans are just about ready to cut a deal. or i hope this they are ready to cut a deal. if that means that we need to move forward with mexico and maybe work something out with canada later on -- mexico is very important to iowa. a lot of our products go there. a lot of our equipment goes there. >> right. >> so you know we will find a way forward is we will keep

that's a reason why lighthizer said new tariffs from europe, china and mexico shows disregar for thee retaliation has bolstered the president's belief the wto is ineffective, and when i asked the adviser whether the president looks to get out of the wto, he said, this may, indeed, be the catalyst. sara >> kayla thank you very much just looking for some stock reaction here. mike, it's interesting to note that schmucker and hershey are the worst performing staples, and goldman put out the note saying they are most exposed, minimum exposure, 5% of each, but both have high production of some of these taxed items, what they sell in canada in the united states. >> right >> in other words, shipping it across the border, and it's going to be taxed, for instance, coffee, caffeine, jams, jellies, taxed, same as chocolates. >> it's a new front. that's the takeaway. we keep bracing for additional products and companies where this is going to be impacted >> john, russell's outperformed this past quarter because it's more domestic, small caps, does that continue the rest of the year >> we think so

there are people like robert lighthizer who was here in the 80's and he thinks all these trade agreementsis, if you add up all the trade agreements we have done since light hiser was in the government, we have a surplus. 40% of our exp go to countries with whom we have a free-trade agreement. the reality is, we don't have a free-trade agreement with china. we have to be careful. this isn't a simplistic problem, it is not one-dimensional. i think we're looking at it in a very one-dimensional way and regrettably it is going to backfire. >> multidimensional seems to be one of the words of the day. >> in the 80's you had hair, right jason? >> a little bit more. former --ierrez former commerce secretary and ceo of call-up. it is shaping up to be the biggest week for ipo's since september. we will hear from robert suisse' headredit of american ecm. you can tune into our colleagues jon ferro in new york over on our radio station. tim fossil and the conversation from 95 to 10 and five. bloomberg surveillance can be heard in new york, boston, the bay area, and washington dc and across the u.s. on

here first your reaction, to this uproar that we're seeing around tariffs the president asking lighthizer0 billion dollars additional products from china to tariff. >> i think in a -- the fact is that we're going through a transition we got to will get used to fair trade, free trade is not free if other guy is making a sucker out of you if selling china 30% tariff same thing sold to us no strif, people are getting hurt, or workers getting hurt industries getting hurt, bottom line is getting hurt, so i think we like to see no tax. but that means, no tariff on both sides, not just on one side. maria: i understand what the president is doing the theft of intellectual property is severe going on decades. >> particularly with china. >> of course, the forced transfer of technology so but is tariff the answer, is that going to get china to top stealing. >> tariffs -- are no the the answer, if they are weren't using them as a weapon. maria: i understand. >> tariffs are now a defense for us not a weapon. the hope is, that by doing this a while you get to the point we can have real free trade, and

retaliation they will consider further tariffs, and we also had the trade representative as well, bob lighthizer there will be more restrictions on chinese investment in the united date coming in the next two weeks. where does that leave any form of teacher trade negotiations and willingness on the chinese side to come forward here with options? that is the big question, and also the question of willingness on the u.s. side. basically, if the chinese respond, there will be more tariffs. so of course the chinese have already said they will respond, so now we are seeing more tariffs from the u.s. wide and potentially a retaliation in kind from the chinese side. tore is there even room negotiate and you would negotiate if the president is not doing it with his counterpart in china or the u.s. trade representative doing it with his counterpart. the treasury secretary going to announce investment restrictions on june 30, which are also going to be responded by the chinese. there is not much wiggle room here to negotiate. we do have a window, now until july 6, when the tariffs, the first wave takes ef

and even bob lighthizer, the the chineseid system seems to work well for china, and the u.s.over the years has worked well for the u.s.. and they are very different. over the next few years, and i am hoping it will take less than a few years, we will be able to reconcile these two systems, because there is so much at stake for both countries. yvonne:, the focus of reducing -- william, of course, we have seen the shift. if the aim is to stop china from moving up the value chain, is restricting exports the best option? wouldn't restricting u.s. products like semiconductors be a more effective strategy? william: i think that part of the strategy is going to be to limit chinese investment, limit licensing, limit joint ventures of these high-tech technologies are in thes. sees national economic interests. china 2025,made in it should not be the goal to try to limit china. made in china 2025 is actually a very interesting and well thought out strategy. major flaw is that china needs to open it up. is done globally. open up the innovation globally so open up the investment that both

lighthizer, and peter navarro, on the oxide, they want -- hawk the side side, on the other side steve mnuchin and larry kudlow. wilbur ross, i am not sure. is this a drama within the white house? marty: it is a drama playing out in the white house. what people have failed to get their heads around is there are looming tariffs in a couple weeks that will be imposed. there are no discussions going on. our quarters to find out -- is there any attempt to resolve this? we don't seem to have any discussions going on to pull back from tariffs. david: the major doug reporting doveaybe thatthe -- reporting was maybe we could get discussions going. marty: despite donald trump banging his head on the table on tariffs, steve bannon last week and said he is proud of this president's stance on china. he has to keep that stance if he wants to keep his base. alix: i was interested during your panel, central bankers from japan and europe and australia and the u.s. they seem worried about trade but they cannot learn to quantify it. what was your take away? stephanie: you will never get them to say a ni

and negotiate separately with canada and separately with mexico, that's going to be up to robert lighthizer, refusing to take a position whether or not breaking up the nafta negotiations in two parts is a good idea saying that's something the white house has to deal with we did hear larry kudlow earlier today suggesting that maybe that's the way to go the president likes the one-on-one negotiations rather than larger negotiations, so that's something we might see here in the nafta goenegotiatios coming forward, guys >> thank you in the meantime, mitch mcconnell said the senate is working three weeks in august as well to get stuff done >>> joining us to talk about all of this is syliva and rick and kenny. welcome, all kenny, what do you think of the market and moving pieces here today? >> not surprised the broader market is confused, yes, the upside, but you feel the confusion. tech, for sure, is rallying mid caps, the russell almost up 9% on the year, and tech's up 10%, right, but the broader market is as you said almost flat, and it is concerned although, yes, it did not feel like anyone w

zero for two trade negotiations no reaction there on that one, but we'll ask secretary ross and lighthizer >> stepping aside, it's all you, guys, see you later. >> sounds good, thank you so much let's bring in fred kemp from the atlantic counsel, on the phone, fred, with your reactions to an extraordinary development, the president cancelled the summit a week ago, and now sounds like it's going forward, and they are talking about progress >> caller: well, i was on your show a week ago when he cancelled the summit i said you could see rescheduling for june 12 because the four players who wanted it to happen all really want it to happen kim jong un wants it to happen because of his existence, needs guaranteed survival by the united states. nobody - >> there's something - >> it's donald trump for his own purposes, nobel peace prize legacy, the fact it would be the deal of the century, and president moon, the peacemaker, and i think even the chinese go along with this. if they can see this could be a way of weakening - >> fred -- >> the u.s. presence on the peninsu peninsula. does not surprise

i think you will have to talk to him -- talked to lighthizer to get idea of current negotiations couldvin hassett speaking at today's white house press briefing. he was talking about starting to see the impact in the after effects of the tax to getting to see -- feed through. he was asked about walmart. he talked about the fact that they're raising minimum wage and how the president can be upset when you start to see companies using the fact that they are now -- they have financial gains as a result of lower taxes and pushing the money up two workers. he was questioned about modeling the impact of future trade war if it happens. he said, it is going to work out well. we believe that some of the asymmetry will be reduced and it will work out well. trade partner i was looking at it. stocks showing allies were not respond at all. scarlet: we will see. julia: part of the plan. you can continung the briefing if you want to watch it. sarah huckabee sanders on life go. scarlet: let's go back to the markets. here to share her investment outlook is the founder and ceo of rock creek and she join

charlie: yeah, well i guess you could say this is a big victory for robert robert lighthizer in the protectionp adminitration and peter navarro, the trade secretary, the trade advisor for donald trump. here is what we know, which kind of led up to the imposition of the tariffs. mnuchin warned trump of dire economic consequences if these trade tariffs got put in, he basically warned that china would do what it's doing now which is posing, imposing tariff s against us and he basically said this to the president. if you do this, the markets are going to collapse and you've got the mid-terms coming up one of the big things the trump adminitration likes to to the is the improving markets even though by the way the markets haven't moved much since he imposed the tax cuts he signed the tax cuts bill on december 22 because that's when the trade war started to happen and basically investors got scared whether the tariffs would impact corporate earnings so we do know that mnuchin warned him of dire economic consequences of a potential market implosion collapse and trump was convinced that china needs to

john cornyn said the trade negotiator robert lighthizer has kept lawmakers out of the loop.c test for the new italian prime minister, giuseppe conte, to makes his first speech to parliament today , lawmakers and the public want to see if you can navigate between the competing demands of the populist leaders who got him appointed. the five-star movement wants state subsidies for the poor while others want a tax-cut. the ceo of qatar airways says only a man can do his job after becoming chairman of the international air transport association board of governors. he said his airline could only be led by a man because it is a challenging position. he later clarified his statement in and in review with bloomberg. >> i was only referring to one individual, not the staff and general. -- it would bean my pleasure to have a female ceo candidate i could develop to become ceo after me. taylor: global news 24 hours a day, on air and at tic toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am taylor riggs. this is bloomberg. tom: equities, bo

i encourage my colleagues to -- i spoke to ambassador lighthizer again, we are in a holding pattern until mexico's elections, but soon after that nafta talks will pick up. steel and aluminum tariffs will be part of the dialogue as they should be. canada and mexico has such close proximity to our market, they are targets for chinese. we have to guard against that where the tariffs won't be effective. before my final remarks. i hope that -- canada and mexico is an important part of the north american steel supply chain and important to make sure that our efforts to address this are effective. the tariffs were effective yesterday. one steel company said that a company would start in september, in granite city, illinois, 800 steel workers would called back to work. the corker amendment would interfere with this. the corker amendment would permanently undermine a longstanding section of statute to make sure that the u.s. has the industries to defend itself. it would let bad actors like china off the hook and flood the markets with unfairly traded steel. it threatens the improvements seen in ou

lighthizer studies with consumer products to go after?sting question, the first tariffs announced on friday, $50 billion, china said they would put in place the same number of terrorists -- tariffs. now, china will forcefully react to that. they cannot go toe to toe with the u.s. because it imports far less, $150 billion versus the u.s. which imports about $500 billion. do the measures china will take, given that scenario, they could put pressure on the corporate's in china. i spokealready heard, to sources at a major american investment bank looking for the advantage of the market opening, they are very concerned the businesses will be impacted as a result of this. we spoke to the china-u.s. business council head and he said members are being impacted by things like licensing applications being held up, inspections at ports, those are playing out from china. other tools from china. point guards of u.s. products that we are not. july 6 is when things could escalate. tom: i look at the simplistic macroeconomics and the attacks on american

standpoint is it going to escalate i think markets keying off kudlow and mnuchin versus navarro lighthizert will do okay. >> jack one of the interesting things kevin kelley here one interesting thing a theme for the markets the rising rate environment we touched 3.1510-year treasury int didn't want intraday base what is your worries for fixed income are they going to be exacerbated given trade talks what is happening with ballooning deficit with -- as well as bunch of other -- central things like are going to be happening the next decade where we have to issue tons of debt? >> yeah, that is a great point. you know the back end of that, about the -- budget deficit increasing trade deficit, they ultimate that should be weaker or drive u.s. dollar lower, to me is part of the solution would help may be alleviate trade sensation in there. >> i think some not worried from fixed income investor standpoint i don't see a lot of inflation pressures building as fed is going to go slow i think kind of given as you road map so yields are going to drift higher, but not to the point where it is going to

push it is a push andpull within administration with steve mnuchin one side peter navarro robert lighthizer don't have debates out in public. >> that is why everybody watches this program thank you for breaking news before anybody had it white house confirjts this morning president trump will meet president putin on july 16, in helsinki as dagen told us one hour ago. >> july 16, that is really soon. >> two -- weeks. >> a major meeting. >> helsinki. >> that is huge. >> i am curious to see how immediate is going to talk about this, though, because -- >> -- collusion, right? >>of course,, of course,. >> talking about collusion and president is winning over and over again, about incredible. >> you can't help but wonder if that is not why president was tweeting this morning about russia saying what about the clinton side of this rather than why looking at me, preemptively striking there. >> he does love to opec media in the eye. >> lifeblood being outraging at what president does. >> enjoy this one. >> [laughter] >> exactly we got a big hour coming up joining the conversation this morning speaki

statement late monday which the president said he now wants robert lighthizer to -- if chinat secondetaliates, mr. trump promised to escalate further by placing tariffs on the $200 billion. there is a related story saying when it comes to the announcement, it came -- zte components by the corporation president trump sought to overturn. massachusetts is next, we will hear from becky. hello. caller: yes. say sorry, you did not becky, i assume you are speaking to me. host: becky from massachusetts, yes. caller: ok. i wasn't sure. thank you for taking my call. tolerance.h the zero my call basically is saying yesterday there was a woman who called in and said that jeff criticism. as a i am saying some of the pictures, i question the pictures because there is one you showed that they supposedly are coming out of the bush, they have traveled hear from honduras or wherever, crossed mexico, the is clean.eir clothing they have brand-new sneakers and different things. i think some of these photos put out our staged. host: you said you supported the zero tolerance -- why are you supportive of th

but we've been very careful in reviewing this issue reviewing the issues that ambassador lighthizer raisedn itant issue. i do chair the committee on foreign investment in the united states known as cfius. we've been working with the house and senate on updated legislation to strengthen those controls we are very pleased that it has been passed on a bipartisan basis. yesterday 400-2 at the house i mean, that's just an overwhelming bipartisan response we've looked at the issue of protecting thnology is very important. and we will use these new tools very carefully and we determined and we recommended to the president and we were unanimous in him accepting our recommendation that as soon as firma passes which we expect to be quickly, the president will sign it, maybe part of the ndaa and we will have the necessary tools to protect investments. whether it's china or any else we are not signaling out china but we will protect transfer to china as we will to othe important areas. >> mr. secretary, the president also saying in his statement that if the legislation is not passed, i will direct my

of a fight over tariffs partly, you still have a resistance between the peter navarro and robert lighthizerre advancing the president's views on tariffs and steve mnuchin, for instance the treasury secretary on the other side at one point saying we're going to put the trade war on hold only to find it's back on again. you have a conventional orthodox republican view that free trade is good, sort of fighting a losing battle in effect against the more protectionist wing of the white house which i think has the president's sympathy. the president is more sympathetic to that point of view. you mentioned justin trudeau. the timing is extraordinary. on friday, the president of the united states is going to fly to canada of all places where he is going to meet not just with justin trudeau but all leaders of the g7 nations, several of whom he just put these tariffs on. imagine what that meeting will be like. now he will go having imposed these tariffs on our friends. i talked to european officials the other day, they're referring to the g6 plus one. imagine the last time america was so on the outs

this is seat of the pants -- brian: real quick on trade, i hear that steven mnuchin steps back, lighthizerubt in the president's tweets in the last few days. in fact we will be in singapore talking trade and talking north korea. i will be hosting a special 11:00 p.m. eastern sunday night setting it all up. bret baier is doing a special report 6:00 p.m. sunday night. >> we will be ready to go. steve: ed henry. abby: it's a long flight. get a good play list going. ed: i will be ready. steve: the numbers are staggering, more than 250,000 criminal aliens have been charged with hundreds of thousands of crimes. this teenager was killed by an illegal immigrant. his mother joins us live with a powerful message about the problems in this country. brian: plus we are live at belmont park in long island. janice dean has a special guest hoping to make history tomorrow. janice. >> it's bob and son body who is the weather forecaster. can you tease the forecast. >> coming up next i'm going to tell if you need to break out that poncho or not for belmont day. janice: oh my gosh. stay with us. the 150th belm

the government are very much aimed at productivity, efficiency, and they're not the threat that lighthizer like to portray. this is a perfectly legitimate effort by an economy that's r p reached the middle income status to avoid the middle income trap. and the focus on productivity is about the improved quality of the chinese growth experience. >> stephen, thanks so much going to lose the window here. thanks for joining us from boston >> thanks. >>> coming up when we return, we're going to speak to venture capitalists about the moves in the white house and where they're putting their money to work check out futures right now as we count down to the opening bell on wall street. "squawk box" returns in just a moment (birds tweeting) this is not a cloud. this is a tomato tracked from farm to table on a blockchain, helping keep shoppers safe. this is a financial transaction secure from hacks and threats others can't see. this is a skyscraper whose elevators use iot data and ai to help thousands get to work safely and efficiently. this is not the cloud you know. this is the ibm cloud. the ibm c