timmons: this is manufacturing's moment. manufacturers have never been as enthusiastic as now. i know we are all excited about our special guest and the momentum on tax reform. we need you all to share that enthusiasm on social media and build our grassroots following. you can do that by texting "actontax" to 52886. in the spirit of our next speaker, i just tweeted come as you can retweet me -- tweeted, so you can retweet me. i am also very pleased to release the third-quarter 2017ts of the nam's manufacturing outlook survey, which shows our members continue to believe that the future is bright. report a positive outlook for their company. that means optimism among manufacturers has reached the highest three-quarter average in the history of our 20 year survey. more than 90%. compare that -- absolutely. [applause] that is worth celebrating. more than 90%. compare that to last year's's average of just under 60%. we have a leader in the white house who has made manufacturing the engine of our country, and most important leak, -- and most that rayly, american workers is priority.

this morning manufacturers here at the national manufacturers association board meeting describe taxorm as a sugar rush and as the catalyst that will propel the coiled spring of the u.s. economy let's give you a snapshot of this group, which represents about 14,000 u.s. manufacturers to show you why they are so optimistic first, they are mostly small businesses, who will get passed at the pass through rate their employees are compensated higher than the average u.s. worker, but they pay nearly $20,000 per employee in order to comply with federal regulations. that is why the president's speech, according to senior administration officials, will talk first about deregulation, the various ways that he has and continues to plan to cut red tape for businesses. then he will discuss lower rates as a springboard for manufacturing and for the u.s. economy. and also this theme of onshoring, the incentives that they believe the plan provides to bring capital back from overseas to the u.s. by incentives such as repatriation treatment and also more favorable treatment of capital investment, which

and given manufacturers more confidence to invest in the future. we have an administration and congress who have delivered results. and we have leaders fighting for the biggest and boldest reform that will boost manufacturing and raise standards of living all across our great country. comprehensive tax reform is enacted, the manufacturers in our survey -- they are very clear. there will be more investment in america. more jobs in america. there will be more wealth created in america for all. -- for all americans. >> [applause] so, listen to these incredible numbers. almost 65% of you said you would increase capital spending. 64% say you will expand your businesses. said you will hire more workers and 52% of you said you will increase wages and benefits. this is good news for america. >> [applause] excusee is absolutely no for defending the status quo and alreadye that are spouting negativity about our tax reform plan, they are doing exactly that. today's tax code let's other countries when and our workers and their families are paying the price. an

make things in america, this is manufacturing's moment, manufacturers in america have never been asthis year. i know we are all excited about our special guests as well as the momentum. stuart: we have to come out of this, that nasty buzz in the background on the audio. we don't once to inflict that on you or have a buzz in the background when the president is speaking. charles hurts, back to you on this tax plan. the sticking point in the house of representatives is this getting rid of the deduction for state and local income taxes which would mean 33 house republicans from high tax states, their constituents would not benefit much from tax reform and pay more. i suspect the end of the deduction of the bargaining chip that will be withdrawn from the plan. >> you are probably right about that. was put in as a bargaining chip which is too bad, it is a terrible thing for low tax states, to subsidize high tax states, in these places, it looks like everything in the tax code is terrible incentive. i do think this is one of the problems with republicans, republicans are conservative, don

he wants to boost manufacturing in this country. as soon as he rolled out that tax plan, they hit a snag on day one. >> complicated factors of all the quid pro quo was of balancing tax cuts across the board and declining revenue. right off the bat, one of the biggest deductions they were trying to remove was the ability for a taxpayer to deduct from their federal account to the taxes they paid in state and local government. high tax states like new york and new jersey, california, maryland, and others, that's going to be a real problem. many republicans in those states have said we can work with that. >> jon: it's kind of an irony, isn't it? if you don't let me deduct my high taxes from my federal return, i get hurt. >> if you want to be a high tax state, that's fine. but don't put the burden back on the federal government. >> jon: what about things like mortgage deduction? there are some things about tha that. >> there reopening the discussion about those state and local tax inductions. they have defined an offset for some of the r

i was just speaking with ceos of manufacturing companies members of the national association of manufacturerssident trump will begin speaking momentarily on tax reform. the chairman and ceo of snap on incorporated, a manufacturing company says that the tax plan layout and framework is "music to our ears." they liked that the corporate tax rate would be reduced to 20% , they would have liked to see 15% but they believe president trump would keep fighting for the 20% redline. they like something else, the instant expensing as opposed to .he asset depreciation schedule the president is putting forward a proposal that would call for instant expensing over a five-year period. i am told the president will mention that in his remarks in a few minutes. how they will pay for it, manufacturers are willing to negotiate. earlier, gary cohn said that the state and local deduction rate will be put up for negotiations. that has led to confidence among manufacturers as they just released a survey. rightre at a 90% optimism , the highest third-quarter average in the surveys twenty-year history. vonnie: you ha

will come from a single manufacturer siemens wants to bring its entire train division in return for a fifty percent cut of the new siemens c. k.'s appraise the merger was a press conference in paris on wednesday the message of that measure is the european spirit is a life to struggle european companies are leading the way. industry by joining forces and come together in a meaningful way and that's a powerful message a powerful message in times which are matched by populism by nationalism. even after the new firm is founded the pressure on the europeans will increase siemens had considered canadian company. but the deal was reportedly de railed by bomba da's shaky finances now the competition also richie's need to approve the deal. to take on these from b.w. business let's start with the job cuts it doesn't sound like they're going to be many but they could be some at some stage yes well unions right now back the merger because workers in germany and france have been given a four year job guarantee however at the press conference men are just already said that jobs will be slashed even

drones are being manufacturered at a stunning pace. meanwhile, the lifestyle is also establishing itself . >> droneress creating the industrial revolution of the air. what will the future hold for drones? this follows the latest trends on the front lines of the drone boom. huaqiangbei is the world's largest electronics parts market. from high tend to imitation, even extremely rare ones. young engineers from around the world come here in hopes of making it big. new inventions constantly pop up but most of them disappearing just as quickly. it's what nurture s shenzhen's technical prowess. for residents here, every school has drone clubs and drone races are common events. with interest and the right knowledge anyone can make a full-scale drone for roughly $100. it's not unusual to see elementary school kids playing with home made drones. >> in china the cost of industrial drone production is four times higher than the cost of personal drones. this was founded to make infrastructure and laws for drones. the drone manufacturer aee engages

chairman, our association represents both branded manufacturers and private label manufacturers. in fact, our chairman right now is the business head for the largest store brand manufacturer in the united states. they are strongly supportive of two years of exclusivity because they recognize the investment that it takes to innovate and they recognize that that is their future pipeline and consumers will benefit from that so they'll have a choice. >> thank you. like my colleagues, i also want to encourage regulatory reform on account of drug market is appropriately encouraging innovation however we consider incentives like market exclusivity, it's almost like an issue in our subcommittee. mr. roth, we work closely with contract manufacturing organizations and contract development manufacturing organization make otc user fees are appropriate tailored to those specific types of companies. can you elaborate on how the fee model and our discussion draft reflects the differential value of otc products to cmos and cdmos? >> certainly. it's a result of conversations we've had internally

we manufacture parts in the u.s. if we can find the right component at the right place in italy and the right partner, we will do it in italy. >> scott has created a modern global business with most of the manufacturing done in asia closest to their largest customer base. but after making tens of thousands of bikes, earning a good republic are ewetation and surviving in a tough industry, cleveland cycle werks is finally getting back to the original plan of bringing some of the manufacturing and semester isbly of the bikes back to america. >> we do currently manufacture a lot of aftermarket components here. we're starting u.s. assembly, which is great. we are starting to manufacture chassis, gas tanks, so large components here. so it goes full circle. >> no matter what, the brains of the operation will always be in cleveland, providing many jobs in the u.s. and beyond. >> i can say without a doubt cleveland cycle werks would not exist if i didn't go overseas to make this happen. i wouldn't have all the employees we ha

of course, these manufacturers were also sub check to inspection for the manufacturing and that is still the case. but their problems emerged as members of ernie said. the rulemaking process has put in place has become lengthy and burdensome in their immediate monographs and it also means that we can't respond rapidly to safety issues. perhaps a naÏve thought at the time that science would need understanding wouldn't involve a new safety issues would come up for these products already marketed. but that is by no means the case and we have really been hammered in responding rapidly to safety problems. sometimes this means consumers unprotected. any of these manufacturers open to liability. this process prison in 1972, so it doesn't apply to anything later. so this is only still trying to deal with the products on the market at that time. so there is really nothing for innovation in this entire process. the reform that we are proposing on the monograph system and follow the condition will be marketed without prior fda approval conformed to the commission for marketing. it's a public proces

it's great to be here with the national association of manufacturers. especially want to thank your president and your chairman along with all of the members of congress that are here today. they are working hard, i will tell you that. i would like to begin by sending our thoughts and prayers to the people of puerto rico who have been struck by storms of historic and catastrophic severity. people have never seen anything like this. we've undertaken a massive federal mobilization to assist puerto rico, including the presence of over 10,000 federal personnel, including 5000 u.s. military and national guard personnel, led by a very strong and talented three-star general. all appropriate departments of our government from homeland security to defense are engaged fully in the disaster and effort, and recovery probably has never been seen for something like this. this is an island. , big water.y water ocean water. closely coordinated with the territorial and local governments. they are totally, unfortunately, unable to handle this on theirhic crisis own. tota

obviously, he had all the right buttons with manufacturers, but is this a win, win, win with manufacturersmichael: it can be because perhaps they will pay lower taxes, and they will like that. the real question is what does it do for the economy and the working man. much of what he said was over signification, exaggeration, or wrong on the impact it would have on the taxco. he is trying to sell a political document rather than an actual -- on the tax code. he is trying to sell a political document rather than an actual bill. the issue of small companies, id by theem are pa individual taxpayer in the upper 1%. 30% are people who make less than that, and a lot of those people are not paying the top rate anyway, so it is not going to have a huge effect he is talking about in terms of job generation and growth. same thing with lowering corporate tax rates. yes, 35% is one of the highest in the world, however the effective rate is between 18% and 21% depending on the study you look at. in some ways, you could argue some of these companies will pay a little more. caphe other side, small companie

, manufactured housing buyers. i'm lucky to have the manufactured homeowners association in my district and wrote a letter on behalf of my amendment. and would submit it. i'm proud to have the residents of the park plaza manufactured home community in my district. they tell me that being steered to high cost loans makes home ownership more costly for families. before dodd frank and the creation of the cfpb, the manufactured home loan market was notoriously predatory. for example, a story in "the seattle times," which i recommend members read tell the story of kirk and patricia ackley in washington state. they bought a new manufactured home big enough for their children and room to care for patricia's dad. but their dream became a nightmare when the promised 7% interest rate was raised to 12.5%. this family faced crisis when this raised their monthly 00. ent from $700 to $1, they invested to build a concrete foundation. they took a loan and nearly cost them their marriage. the home was repossessed. in 2015, investig

the largest manufacturing association in the united states , representing small and large manufacturersdustry will sector -- industrial secretary -- and does feels sector -- industrial sector. we spoke with their ceo earlier. mr. timmons: i think americans across the board want to see comprehensive tax reform because it means better jobs, better wages, a stronger america, economically. for businesses and manufacturers , it is a critical agenda item we want to see get over the finish line. kevin: markets are hoping for this. mr. timmons: we released our third quarter survey of manufacturers and found the strongest three-quarter average in the entire 20 year history of the survey, 91% of manufacturers on average have a positive outlook. it is based on this thought that we will get tax reform done in this country for the first time in three decades. ,evin: they have to get it done what happens if they do not? mr. timmons: republicans and democrats need to get this done. if it goes down a partisan path, i do not know. americans,line is -- regardless of their political affiliation or not aff

how harvey manufactured -- how harvey impacts manufacturing across the united states. let's kick off with first word news, with mark crumpton. mark: an encouraging sign for texas, as it struggles to return to normalcy. hasus christi ship channel reopened, after being shut down nearly a week. port officials say the reopening is a step toward resuming operations at seven refineries, and transporting that fuels to market. the channel was closed when harvey slammed into corpus christi last week. are inan 1500 people louisiana, and officials expect that number to rise as more people are a black -- evacuated from flooded communities. 1000 people were flown to dallas from a shelter in beaumont, where residents have no drinking trump will visit texas for the second time on saturday. officials in houston expect most of the floodwaters to receive by late today, or early tomorrow. gone, theater is rebuilding can start. and of this -- an estimated 136,000 structures were flooded in harris county. up 10 sinceces are a gallon after the nation's largest refineries shut down due to fl

a roof was passed is overdue and can benefit manufacturers and marketers alike. including cmo's specializing in unique dosage forms. although p boa does not include negotiations between industry and fda it would please the legislative tax discussion under. [inaudible] it provides a degree of lease funds overall and we are very appreciative of this role the stakeholder voices were heard as we develop this draft. we hope the p boa and cdm o businesses that represents will be included in future fda user fee negotiations. particularly, ones that are considering contributions from the manufacturing sector in the form of facility fees. we look forward to continuing to participate in the legislative process relating to. [inaudible] and to the day when this good legislation is signed into law. thank you again for the opportunity and i'm available for questions we think the gentleman. we think all of our witnesses for your testimony and we move into the member question portion of the hearing and i will yield to mr. guthrie of kentucky for five minutes for your question, p

standing behind him is manufacturing workers of all stripes.e speech he met with members of the national association. he is also the national association of tax and economic policy vice chair. we loved it today. this is a thing. if you think about this. if you're in a presidential visit and we had one at snap on in april the pageantry of the presidential visit is republican reaffirming. and one of the cool things about this particular visit is that the president came to say things highlighting manufacturing. it fills our our homes. he highlighted manufacturing and celebrated the pride and dignity to the american worker. we honor those people who leave their hearts on the factory floor. it could not had been more music to the ears. in the employees. it's almost for a wounded sector of america over the past many years they keep seeing their paychecks shrink. you as we checked you pay an effective tax rate more than 30% so falling down to 20% i'm sure you're jubilant about. what it almost translate into hiring? depending on what it is. generally i

if you look at others, that you can get perhaps smaller manufacturers. who aren't aware of this, they we issued guidance on how to do this labeling. but they this doesn't have it still doesn't have the safety label on it. and we issued a final guidance a draft guidance in november 2014. a final guidance in january of 2017. most sponsors voluntarily complied. that's all we could ask. it's different than the regulation. if you regulation, if you follow me. so this is an otc/nda drug there are say monograph drug and it still is out there without the warning. and that is the case for many products, most problematically i think are the pediatric cough and cold where the manufactures we've had to get them to voluntarily comply. we know and congress has passed several lawyers arous around st pediatric drugs. and yet the monograph system and all those old rules we made assume that children are like little adults and that the dosing should just be extrapolated. and so to change all that could take ten years or more in regulation. >> thank you. the monograph refor

there is not much left of solar manufacturing in the us. this isa solar manufacturing in the us.r solar world, solar manufacturing in the us. this is a lawyerfor solar world, one solar manufacturing in the us. this is a lawyer for solar world, one of two solar panel makers, who argue a flood of inexpensive imports from countries like china has hollowed out the solar industry in america, and global tariffs are needed. more than 1000 workers were laid off from their facility than 1000 workers were laid off from theirfacility alone. than 1000 workers were laid off from their facility alone. solar world than 1000 workers were laid off from theirfacility alone. solar world is theirfacility alone. solar world is the largest north american producer of solar cells. in the hole us industry, 30 companies in the last nine years were forced to shut down and declare bankruptcy. —— whole. 0ther and declare bankruptcy. —— whole. other players in the industry say that any price hike would in fact kill, not create, jobs in the sole industry. the solar industry is booming. —— solar. the relief the

will come from a single manufacturer siemens wants to bring its entire train division in return for a fifty percent cut of the new siemens joe k.'s appraise the merger at a press conference in paris on wednesday the message of. european spirit is alive to struggle european companies leading the way. joining forces and country together in a meaningful way and that's a powerful message. message. which are matched by populist. nationalism social and political rights even after the new firm is founded the pressure on the europeans will increase siemens had considered canadian company. but the deal was reportedly derailed by bomb body a's shaky finances now the competition authorities need to approve the deal. walters who through this now i'm joined in this studio by you again and that from the business and in frankfurt off financial correspondent quantified booze and welcome to you both york firstly to you these companies were bitter rival so why are they getting together well they're joining forces in order to match their chinese rival to fend off their chinese rival the state owned c r

and so as they're building the manufacturing plants, they're also building schools. building stadiums right along side it, and so these ch in africa are growing up, playing on chinese playing fields, and those that 20 years ago were one years old are voting. and so they're also -- they're also controlling these countries for the long term. and they have a very real plan. now, what we need to do, and that's their foreign policy. what we need to do is shape up our foreign policy where we are also looking at ways to get into these countries for the long term as opposed to just going in for the short take, you know. >> that's the philosophy, what we may think about what geer -- what we're going to do the next 20 years. we're thinking the next five years. kelly jane? >> in a way, and that's the interesting thing about the labor. in some of their projects they bring in chinese labor, and they're actually taking jobs away from the local commit employing locals and africans, but they're -- china is not known as a worker's paradise, of course. the safety conditions, the pay,

will come from a single manufacturer siemens wants to bring its entire train division in return for a fifty percent cut of the new siemens k.'s appraise the merger at a press conference in paris on wednesday the message of. the european spirit is a life to struggle european companies leading the way. by joining forces and country together in a meaningful way and that's a powerful message a powerful message in times which are matched by populist. nationalism social and political rights even after the new firm is founded the pressure on the europeans will increase siemens had considered canadian company. but the deal was reportedly de railed by bomb body a's shaky finances now the competition also richie's needs to approve the deal. we asked our financial correspondent in frankfurt conrad who is in if this is a marriage of equals and more importantly if zealand's will stay on board with is still considering its track record on mergers. of course this talk of marriage of equals tries to conceal somewhat that they are not perfectly equal why. was the first company in europe to construct a

export growth -- manufacturing.xport growth, we saw 31% jump from a year ago. a mixed picture. geopolitical tensions are definitely one to watch. betty: we are watching domestic demand in south korea. in the u.s., a different picture. continued bullishness, particularly for small caps as the trump trade seems to be coming back. the s&p hitting a record. the dow adding 40 points. small-cap stocks hit a record today. far looks at least so investors continue to cheer what they saw yesterday with the tax package. the big question, can it get done in the next three months? yvonne: and in a year, that will be the key deadline. as you mentioned, we are seeing records. it was more of a melt up in terms of what we saw on wall street and major indices. the dollar rally not able to hold on to the six-week high. taking a pause as we enter the quarter. up 0.3%,nd favorably continuing gains we see on wall street. .7232 for the kiwi. iron ore had a down day. still an upside for futures, that 0.1% gain on the index yesterday. 50, p

challenge to foreign manufacturers. germany sells over eight million cars in china but only a fraction of them are electric that's why german companies along with the german government have been pressing beijing to delay the introduction of quotas german car makers are hoping they'll have boosted a car production by the time the ruling takes effect in twenty nineteen first they plan to bring out hybrid versions of large size as u.v.'s by twenty twenty they hope to be selling hundreds of thousands of electric cars every year. i don't call her theresa maybe for nothing so far the british prime minister has held her cards close to her chest but there's one subject where her government is unequivocal britain will need open free trade post practice that even if that means stepping up to allies including the united states britain would like to remain a global champion of free trade even after they leave the e.u. that's why british prime minister to resign may is warning about the growing protectionism in the world economy we

manufacturers are small business. and so everybody is -- there's lots of small businesses involved here. mr. griffith: right. i wouldn't want to price them out. the others have been highly successful, isn't that fairly much accepted? dr. woodcock: yes. i believe they have been beneficial to industry as well or they wouldn't have been re-authorized as they have been. mr. griffith: yes, ma'am. thank you very much. i appreciate your testimony here today. with that, mr. chairman, i yield back. >> the gentleman yields back. mr. schrader is recognized for five minutes for questions. mr. schrader: i appreciate you having you here, dr. woodcock. how many steps are we anticipate removing as a result of the process? dr. woodcock: i would say practically all. all right. we want to put this behind us basically so part of this proposed legislation would put all the monograph stuff behind us, transfer all these into a new status. start not over but start fresh and have a timeline and plans for moving forward. mr. schrader: so would

let's remember, it is not just high taxes hurting our manufacturing sector. it is also bone-killing regulations. that is the other thing that trump has gone after very effectively. when you do surveys of manufacturers and other business owners, regulation actually tops taxes as a concern. so both of those things are incredibly important. look, i think people, particularly democrat, tend to give up on manufacturing. the message is, we can compete. of course we can compete. we have way biggest consumer market still in the world. we're an english-speaking nation. we have trained workers. i think, this pessimism has got to go. this is totally the right initiative for the trump white house and i think it can be successful. trish: thank you so much. good to see you both. as we talk about this manufacturing story i want to quickly tell you an anecdote here to the viewer if we would go to them now. let me give you an example of two companies. one in in the midwest of the und states of america paying workers union wages, paying workers benefits, paying workers vacatio

competitive when it comes to manufacturing these products? >> guest: we're competitive when it comes to innovating. we are currently falling behind when it comes to the ability to manufacture. some of it is an absence of flexibility. some of it -- flexibility in the sense that far eastern lines often are set up to be able to produce quickly small amounts of product. if you're on a life cycle of less than a year, you need to be able to get to market with that innovative product and then obsolete it with your next product. often that requires tool and dye that works faster. and in america, that's one of the areas we lost first. so we can regain a lot of that. we're good in the long run. if you set up a line for forever, so to speak, we can be competitive. but fast and flexible is one of the things we have to regain. >> host: how important is tech and tech jobs to your district outside of san diego? >> guest: well, to california and to my district particularly, textiles are critical. we're not a heavy industry area. we're more, we're far more li

how harvey manufactured -- how

competitive when it comes to manufacturing these products? >> we're competitive when it comes to innovating. we're currently falling behind when it come tuesday the ability to manufacture. some of it is an absence of flexibility. some of is -- flexibility in the sense that far eastern lines often are set up to be able to produce quickly small amounts of products. you're on a life cycle much of the year you need be table get to market with an info innovative product and you need tool and die that works faster and that's one of areas we lost first. we can regain that. we're good in the long run. if you set up a line forever, we can be competitive, but fast and flexible insomething we have the regain. >> how important is tech and tech jobs to your district? san diego? >> well, california, and my district particularly, tech jobs are critical. we're not a heavy industry area. we're more far more likely to be the next location for telecommunication design or for bioor pharma research, and so we tend to have a high skilled worker, highly educated an

today's younger workers may not want to work in manufacturing or on farms and in construction. am i right or wrong? >> yeah, tyler, i think you're right. we're sort of seeing a perfect storm right now mr. where we have one generation retiring, baby bheemp boomers at the rate >> i'll give you another 20 seconds. >> and then the newer generations just cannot replace those workers with those skills and that experience in manufacturing or farm work or technology or really anything right now. so what you're hearing is real across all sectors. >> and mark, you make the point that this is not going to improve anytime soon because we do have a robust job market along with those underlying things that we just talked about. you say part of the solution would be more immigration, not less. yet we find ourselves in an environment where that may not happen. >> yeah, that is a big mistake. as was pointed out, the baby boom generation is retiring en masse. and labor force growth is already slowing and will come to a virtual stand still 5, 10 years from now even at the current rate of immigrat

the beautiful phrase speaking to the manufacturing executives.ment today was to encourage them to make more of their products here in the united states. use the tax code to do so by giving them what they need. >> my administration is working every day to lift the burdens on our companies and on our workers, so that you can thrive, compete and grow. and at the very center of that plan is a giant, beautiful, massive, the biggest ever in our country tax cut. reporter: giant, massive, beautiful, biggest never our country. interesting in speaking to the executives that were here before the speech. a number of them did say they would love to see the corporate rate you were referring to come down 15%. of course the president would have as well. the 20% compromise talked about is something they say they can live with but would have loved it see 15. generally very receptive audience today. the other thing the speech gave the white house a chance to do is get the debate back to where they want it when the state and local deduction story became a bigger sto

david: your background is in manufacturing, you were the head of a manufacturing company before you becamewhat you think the path forward into get voices like yours washington to make note what needs to happen when it comes to growth and economic policy? thatu see it as a problem that group of manufacturers is no longer a group under the white house? >> i would love to have more citizen legislators, more people from the private sectors, manufacturing coming to congress. lawyers, andenough enough career politicians. we do need people that are willing to come and serve for a few terms, bring private sector backgrounds into congress, understanding what the private sector is trying to grapple with in terms of over taxation, over regulation. not enough people in washington understand the sector, their imposing rules and regulations on a sector they don't understand. i would love to see more citizen legislators, that would be a very good thing for our government. david: when a manufacturing executive wanders into your office, what's the biggest concern? what's the question you hear time and agai

in the association are small manufacturers. and a lot of those are pass-through corporations who get their tax rates out of the individual rates so some embrace and some idea of helping them is important. >> you're wright about tright a, but here is the thing. the u.s. does have the highest corporate tax rate in the world at 39.6. but once you go through all the deductions, the effective tax rate averages about 19% to 20% you guys are able to bring it down by 15% to 16% because you have armies of accountants would you be in favor of doing a flat tax rate even if it may be slightly higher than an effective tax rate if you could eliminate all of that work in the middle >> well, i think, look, i think for snap on for sure, our tax rate because we manufacture principally in the united states, 80% of what we sell is manufactured right here and a hand tool is a large com ownlget of labor we would be happy with that tradeoff any tradeoff has to look at the details. manufacturers are looking at the elimination of migration toward the t

what we are seeing is a manufacturing renaissance. important is it that parts of the trump economic agenda go through? >> it's hugely important. our factories, there is so much optimism and cash on the sidelines. it will come off the sidelines and be invested back in the fam factories, getting more automation, hiring more people it's exciting. this an optimistic time for us. the association of manufacturers said three quarters in the row have been over 0% on average. we are enthusiastic about the new paradigm -- over 90% on average. these tax reforms will be huge job creators. we are talk from going 40% tax rate to 25%. it will be great. charles: why does president trump have to go to red states, to the heartland to sell this? it feels like he's spending more time selling fellow republicans than anybody else. >> it's kinds of a shame. some of us are starting to question what is the point of republican majorities if we can't push through a common sense agenda. if you are taking the corporate tax from 35 to 20 you make us highly competi

so this idea that manufacturing is buying in america i think is a myth. there's lots of dynamics going on. it's true that our government at all levels is imposed to regulations that have put us at a disadvantage. i wouldn't mind seeing those reduced so that we are more of a level playing field. >> lawyer there rusted out factories that you have seen as well? connectors will ease the transition period but akron ohio is the example of the rust belt that's totally transformed itself into you don't see the problems you see in detroit and other rust belt areas because it was activist and encouraged other industries to come in so it wasn't just the rubber industry. i bring this up to my students so they know yes there is a transition period. at some point do they get overregulated and without? >> we have a fairly free-trade environment so for the textile industry these labor produced products with good technology were able to find a market in the united states and its decimated the clothing industry. what's not sugarcoat the problems that we have. as i tell my

so this idea that manufacturing is dying in america i think is a myth. i think there's lots of dynamics going on. it's true that our government has opposed on the local state and federal level but those that have really hurt and put us at a disadvantage. i went might see those reduced so we are on more of an even playing field. >> from an economists point of view why are there rusted out factories in the northeast and midwest? using them as well. >> akron ohio is a classic example of the rust belt that has transformed itself and you do not see the problems they see detroit and other rust belt areas because they were very active in encouraging other information technology and other new industries to come into akron ohio. it's a great success story. the media doesn't play that up like i should. i bring it up to let them know that there is a transition time but government has to be active to make sure you don't just sit on your laurels and say it will come together on its own. >> host: you talk about the transition time, at some point did industry get overr

they did say earlier that they were setting up manufacturing and shanghai.is one of the areas that has a free trade zone. is being considered here, lifting this requirement that you have a joint venture with a local manufacture within free trade zones. tesla is not talking at this point about whether this is factoring into them sort of gaining steam with plans to manufacture locally in china, but it's important they do that eventually. if you are importing into china and not producing locally, you're just not competitive from a price standpoint. the import tax is substantial and is inhibitive in terms of your sales. vonnie: this is one of the things that fascinated me -- the idea of letting go of the joint venture rules. is it only in duty-free zones? that is what the commerce secretary wilbur ross is pushing china on, right? absolutely. that's an incremental step. you move toward that and try to push for that at this point. questionline is a real of whether these rules may apply generally because you do have a situation where every foreign carmaker that is

mercedes and bmw and all the other manufacturers come in., there are paradigm shifts and there are pa are paradigm shifts and this is generational in nature i agree with that. the other one just quickly, albemarle is the best story across the chemicals material space. we have plenty of lithium. the issue is, we don't have enough companies that can actually find it, bring it to market in a format that's usable for the lithium ion battery market it's going to be explosively huge and lithium will be in demand into the future it's the best u.s. producer with facilities all over the world. that's why i like this name. it has had a big run i can't tell you when the next five points up are it looks like it wants to take out the highs from last week i wouldn't fight it. >> it has had a huge move. >> the xly >> i think consumer discretionary could under pressure giving the hurricane impact to consumer spending. i would look at that as an opportunity to buy lower discretionary tax rates will help the highest statutory taxpayers, domestic players. i th

will come from a single manufacturer siemens wants to bring its entire train division in return for a fifty percent cut of the new siemens. praised the merger with a press conference in paris on wednesday the message of. the european spirit is a life to struggle european companies are leading the way. industry by joining forces and come together in a meaningful way and that's a powerful message a powerful message in times which are matched by populist by nationalism social and political rights even after the new firm is founded the pressure on the europeans will increase siemens had considered canadian company. but the deal was reportedly by bomb body a's shaky finances now the competition also richie's needs to approve the deal. and let's get some analysis from craig bellamy not at a one day in london craig is this a fair split would you say. i think it's as far as we were going to get i think there was a clear point that both countries both companies wanted to make you can they've said it themselves this is a merger of equals this is an opportunity for the two countries to come toge

the manufacturer has withdrawn it from sale across the eu. women told us they had been left in excruciating pain. it felt like i was being stabbed over and over and there was a hot burning pain that never ended. manufacturer is saying this morning that the decision is entirely commercial and not linked to safety. we'll have all the details. 0ur our top story today. a devastating earthquake has hit mexico. it has killed nearly 250 people. it was a magnitude 7.1 quake and hit at around lunch time and mexican officials say 248 people are confirmed dead. about half of those are in mexico city. at least 26 children are thought to have died in just one school that collapsed and another 30 pupils are missing. the earthquake brought down dozens of buildings in the capital and the surrounding areas. the emergency services, with the help of hundreds of volunteers, are desperately sifting through the rubble at this moment in an effort to find survivors. 18 people have been pulled alive from the rubble of a building in the capital. james cook sent us thi

here's this message from the manufacturer and that is that gee with everything's ok now the f.d.a. knows that they weren't told the truth what does the f.d.a. do now to correct the problem is in a kind of publication campaign or they get into television are they trying to correct this big lie that's out there what's happening. well there's not much happening the f.d.a. has required the manufacturer to conduct post marketing approval studies meaning phase four studies but that something that many times is not done and can take many years to conduct and in the meantime there is not been a safety alert sent out to physicians they're not being told to evaluate the patients for and any of the signs or symptoms of these cardiovascular events that we're seeing with the other drugs so the f.d.a. once again is falling down on the job. well i mean you bring up the point there are things that can be done once a product is put on the market you can then say ok well we have to do some things now to correct our screw up to begin with when this is another major mess up by the f.d.a. where they're

space into housing and offices gabrielle ferrara hopes run one of the largest luxury manufacturers in new york they've made clothing for designers like calvin klein donna karan and vera wang she says moving the district would ruin the fashion ecosystem in new york the garment district is here for a reason manufacturing owners in the workers are here because they need to be close to clients things to be close to source and travel and they need to be close to their workers if you go anywhere else in the world she will not find the ability to create a luxury garment the way we do here over the years the number of garment workers in new york has fallen drastically from about three hundred thirty thousand at the peak in the one nine hundred fifty s. to about sixteen thousand today but while cheap mass produced clothing was shipped overseas to china. new york still dominates high end luxury manufacturing that requires specialized workers the only rival being italy. this industrial area in brooklyn is where the city wants to move the garment district it's called sunset park while most clothi

challenge to foreign manufacturers. germany sells over eight million cars in china but only a fraction of them are electric that's why german companies along with the german government have been pressing beijing to delay the introduction of quotas german car makers are hoping they'll have boosted a car production by the time the ruling takes effect in twenty nineteen first they plan to bring out hybrid versions of large size as u.v.'s by twenty twenty they hope to be selling hundreds of thousands of electric cars every year china has told north korean companies operating within its borders that they must leave by january the move is part of the latest round of un sanctions against the north for its nuclear and missile programs china's communist ministry made the announcement on thursday and also defended china's recent imports of north korean coal which have banned under the un agreements by claiming they fell within a crisis period of the sanctions implementation. and with a bit of grace back to feel bad thank you so m

while general aviation manufacturing is our state's largest industry, it's not just those manufacturers and their employees who are -- who understand the problems and ramifications with privatization of air traffic control. i often have said on the floor that i think at times i get categorized as a senator from kansas, a state that manufacturers lots of airplanes and my views are solely related to the airplane manufacturing sector. and i certainly bring that perspective to congress, and i speak often and work often on behalf of the manufacturing of aircraft. but any of us who represent airports and communities that are not the largest in the country ought to oppose the privatization of air traffic control. this is not the traditional rural versus urban argument that occurs sometimes around here. this is not about little towns versus everybody else. this is about everyone except for the largest cities with the largest airports and the most numerous travelers. so this is not about just garden city, kansas, or manhattan, my hometown, hayes, my former hometown. this is about wichita, topeka