toomey: first and president -- first and foremost commandment mr. president -- first and foremost, mr. president, this is a misuse of american trade law. this is supposed to be used when there is a threat to national security. the united states produces domestically 95% of all the .teel we consume how can one possibly make the case that we don't have plentiful abundance of them ethically produced steel to satisfy our defense needs? it is not only that. 25%, we're the biggest sources for steel, but we don't produce ourselves? that would be mexico and canada. those of the countries that provide most steel. with both of those countries, we have a surplus of trade in steel. moreanadians actually buy steel from us them would buy from them. so to the mexicans. where is the security threat to america when my constituents choose to buy some portion of the steel that we consume from canada? swanson, let's start with this section 232 senator spoke about. guest: it is actually a different measure than the china tariffs we have been talking about. section 232 r

senator toomey. sen. toomey: thank you, mr. acting chairman. and i want to thank our two guests today for their willingness to serve. let me start with ms. reed. thank you for coming by my office. i appreciated the conversation that we had. that i it is no secret have been very concert and a skeptic about ex-im bank, skeptic about its fundamental mission. in my view, it is by its nature intrinsically forced to subsidize -- it forces taxpayers to subsidize companies, distorts markets, picks winners and losers by virtue of its very activity. there have been episodes of waste and fraud and abuse. historically it has not been particularly responsive to congress. despite all that, i was willing to vote to confirm a quorum of board members provided a reformer like scott garrett be leading this organization. our pro-ex-im senators decided not to have a quorum, so that's where we are. however, consistent with my interest in seeing reforms, i was pleased with her testimony. emphasize a number of areas where you have committed to us that you want to purs

toomey: thank you. miss kraninger, two things. one, under the previous regime, the cfpb, occasionally engaged in imposing policies that had the effect of being a rule without going through the administrative procedures act. they decided to use enforcement and guidance to impose their will without following the legal requirement that they subject such a proposal to the scrutiny that is called for in the apa. there's one case, in fact, where it was so egregious that the senate acted to repeal the rule. the indirect auto lending was exactly such a case where a guidance was the mechanism they used to impose what should have gone through it the rule-making process. never did. the congress recognized that and has since repealed it. my question for you, will you commit to using the administrative procedures act when you -- when the cfpb imposes new rules? ms. kraninger: absolutely, yes, senator. it's critical to the process. sen. toomey: thank you. section 1071 of the dodd frank act, unfortunately, instructs t

pat toomey and rob portman campaigned against the tpp. i think republican elected officials understand we are in the coalition that a little bit different than the one they all signed up for. i think question is how do democrats handle it. thus far the democratic party has said good riddance to the trump motor. i'm always very leery of that argument because people's lives change and you never can say that you're gonna vote the way you were born the rest your life. it just doesn't happen that way. parties have to win the election they are in. there are a lot of signs that point to the fact that democrats are not adjusting to this coalition. we also have other evidence. which not confine ourselves to a political discussion because this movement of activating we do. we now live in a world where leaders are just as food as political leaders. we cite the book coming apart which was written in 2012. if you. reporter: the book you'll see it makes the election make a lot more sense. he talked about a hundred 82 swing votes on how they were being

why did republican pat toomey do it? he's here with us next. even though geico has been- ohhh. ohh here we go, here we go. you got cut off there, what were you saying? oooo. oh no no. maybe that geico has been proudly serving the military for over 75 years? is that what you wanted to say? mhmmm. i have to say, you seemed a lot chattier on tv. geico. proudly serving the military for over 75 years. you ok back there, buddy? are you ready to take your then you need xfinity xfi.? a more powerful way to stay connected. it gives you super fast speeds for all your devices, provides the most wifi coverage for your home, and lets you control your network with the xfi app. it's the ultimate wifi experience. xfinity xfi, simple, easy, awesome. >> maria: well, stocks rocked as president trump is thinking about rocking china with more tariffs. susan lee has the latest. >> a four-day winning streak has come to an end. markets being weighed down by trade concerns after the trump administration announced a 10% tariff on a further $200 billion of chinese goods. that includes a lot of categories

pat toomey and rob norman campaigned against the tpp in 2016. i think republican elected officials understand that we are in a coalition that is a little bit different than the one they signed up for when they began running for office in the 80s or 90s. the question is how do democrats handle it. so far in the trump administration the democratic party has said good riddance to the trump voter. we are going to continue to pursue multiculturalism and cosmopolitanism and demography will catch up eventually. i'm very leery the demography's destiny argument because people's lives change, priorities change as they move through life and you can never say something about the rest of your life. parties have to win the election they are in. right now there are a lot of signs that point that democrats are not adjusting to this coalition to reclaim the new deal voters and economic equality voters they previously had but we have other pieces of evidence, politics, this is not only happening in politics and we should not confine ourselves to a political discu

senator toomey said it resulted in increased investment. what i've seen is a huge whopping increase in stock buy backs. as of today, the number is 600 billion dollars in stock buy backs. those are corporations that have decided not to invest the money back into their workers or their plant or their equipment but give it to stockholders which include one-third of the stock holdings in this country are foreign stockholders so it is a great wind fafall for accounts of stockholders much has been claimed about the economic impact. i'm looking at the most recent projection that the fed had for median, long term growth as of june 13th report 1.8%, is that correct, for current long term growth >> yes, it is. >> are you aware of what the projection was a year ago before the tax bill was passed? >> i'm going to say 1.8%. >> i mean, the reality is despite the hype around here, it's not really going to have an impact on our long term growth surprisingly, a lot of us thought there would be a sugar high you dump $2 trillion into the economy, you think th

senator toomey was expressing the ex/im picks winners and losers. i was happy that you'll work with us would not be in the future. thank you for that. i appreciate that. miss kraninger, i understand that sometimes we run out of time here and there are some things we as senators try to get a lot of questions in in a short period of time, but sometimes that also means we don't give you the opportunity to clearly lay out your thoughts and answer questions. i think that's occurred today. in fact, you've been the object so that individuals here that have disagreements with the administration's policies and their attempts to enforce border security and so forth and they've used you as the object, i'd like to give you an opportunity to perhaps fully answer more questions you think you haven't had the opportunity to answer with regard to any of your activity at omb and the responsibilities you had in omb, recognizing that it may in many cases be to simply provide advice. would you like to share with us a little bit, perhaps more fully answer the questions t

toomey: thank you, mr. president. i rise in support of the corker-toomey-flake motion that we're going to be voting on soon. let me be clear, this is a motion that simply would reflect if it passes, would reflect the consensus of the senate that congress should have a role in determining the use of section 232 to impose tariffs. let me give it a little bit of context. first of all, i want to be really clear. free trade is enormously constructive, enormously helpful for our economy and our standard of living. the united states has been the leader in promoting free trade around the world for many decades, and that is part of the reason that we are the most affluent society on the globe by far, outperforming the rest of the world consistently. what it does is it provides our consumers with many choices and lower costs, and, therefore, a more affordable standard of living. and it provides our workers with foreign markets. 95% of the world's population lives somewhere else. i want to be selling to them. and we do that thro

it is entirely possible. >> senator toomey. >> thank you so much. don't be a stranger.e love to hear from you. >> we'll be right back. it is time for your business of the week. what do car manufacturing and hair care have in common? just ask dana white, the founder of paralee boyd salon in detroit. she looked into the autoindustry for inspiration. find out on your morning sunday business at 7:30, "your business.' someone behind you. you. not just a card. an entire support system. whether visiting the airport lounge to catch up on what's really important. or even using those hard-earned points to squeeze in a little family time. no one has your back like american express. so no matter where you're going... we're right there with you. the powerful backing of american express. don't do business without it. don't live life without it. no matter how much you clean, does your house still smell stuffy? that's because your home is filled with soft surfaces that trap odors and release them back into the room. so, try febreze fabric refresher. febreze finds odors trapped in fabri

you know, i had a chance to talk to senator pat toomey this morning and there was a couple of areas wehave time to cover. one of the areas was his interaction with jay powell on tuesday on the senate side regarding the yield curve and the shape of the yield curve indeed, everybody is preoccupied with it, and there's no other way this could possibly end up of course, all traders and strategists, economists, analysts, people on tv are going to be talking about it because some of the issues that it may be the signals that may be sending seem counter intuitive to everything we can see and touch regarding the economy right now. pretty much everywhere you look, things seem pretty solid granted, interest rates seem to be changing a bit today. as a matter of fact, if you're looking at the screen, you should see a one week chart of tens minus twos. instead of a beeline closer to 20, all of a sudden we're almost at 30 basis points granted, that isn't very aggressive, considering how much it flattened since the beginning of the year. the salient question is is the shape of the yield curve an indi

. >> patrick toomey from pennsylvania. kraft/heinz home state. this could have an advse impact on kraft/heinz and its projects. >> the solution for them, to be able to continue to sell their oduct in canada, would be to shut down their u.s. factory and move to canada, t they wojedn't be sub to these tariffs. >> resident thes of this small working town says this ketchup plant is a big source of jobs for people who live here. >> they're a i staple freemont, they've been here for years and years, as long as can i mber, and i'm pretty old in it is the mother ship of all kraft swlsh it makes the most ketchup in the entire united states very big. >> experts say kraft/heinz will have to make a decision soon on ho respond to canada's tariffs, by either eating the cost orassing it on to canadian consumers. the latter would be risky. heinz is facing rising competition from french's, which has been marketing its ketchup as a made in canada alternative to american branded heinz ketchup. the stregy seems to be working. online in can dar a g on how toin avoid

senator toomey mentioned it resulted in the increase of investment. what i have seen is a huge increase in stock buybacks. as of today, the number is $600 billion in stock buybacks. those are corporations that have decided not to invest the money back into their workers, or their plans or equipment, but to give it to the stockholders, which include i should say one third of the stock holdings in this country are foreign stockholders. so it is a great windfall for the accounts of foreign stockholders. much has also been claimed about the economic impact. i am looking at the most recent projection that the fed had for median long-term growth, as of the june 13 report. i say it is 1.8%, is that correct for the current long-term growth medium projection? chairman powell: yes. >> are you aware of what the projection was a year ago but for the tax bill was passed? chairman powell: i am going to say 1.8%. >> it was. the reality is, despite all the hype around here, it is not really going to have an impact on our long-term growth. surprisingly, a lot of us di

toomey is very smart. very quietly mounting some support. i think u.s.e needs to take back some of the trade authority that the constitution guarranties it. neil: we shall see, my friend. thank you very, very much. the read on pretty confusing market right now. take today as sort of an example of that. as he was speaking i want to pass along some news considering the media battle over the assets of twenty-first century fox. reuters is now reporting that comcast hasn't given up trying to get at least part of those assets, not all of them, not direct bidding war for the assets that both companies signed on to but potential buyers to help them fetch the company's regional sports networks. in other words, not twentieth century fox, not some other properties disney was interested in, regional sports networks, anyway, disbanded by disney in the event those two ultimately did merge. there seems to be a peace offering or middle ground offering where comcast can share in some of the riches, letting you know, this pared some earlier losses we were seeing in 21st c

president, i join my colleagues today, thank senator toomey from pennsylvania, senator corker from tennessee, especially, for working this out. let's be clear. this is a rebuke of the president's abuse of trade authority. the president has abused section 232 to impose tariffs on steel and aluminium, impacting our allies, like canada, mexico, countries of the eu. can you imagine being in canada and being told that your steel and aluminium exports to the united states represent a national security threat? canadian prime minister justin trudeau rightfully called the president's recent tariffs an affront to the long-standing security partnership between canada and the united states. and he continued kind of insulting. canada is the united states largest consumer, it buys more goods from the united states than china, japan and the u.k. combined. canadian companies operating in the united states directly employ 500,000 americans. canada and the united states share more than 5500 miles of a peaceful border. close to 400,000 people across that shared border each day for business, pleasure, or to mai

toomey: thank you, mr. president. i rise in >> i am from pennsylvania. >> rtthank you. we are going to be voting on it seemed. let me be clear, this is a motion that potentially would reflect the incentives of the senate. congress should have a role in determining the use of section 232 to impose tariffs. let me give a little bit of context. pretrade is enormously consumptive, enormously helpful for our economy and our standard of living. the u.s. has been the leader in promoting free trade around the world for many decades. that is part of the reason that we are the most affluent society on the globe by far outperforming the rest of the world. what it does is it provides our consumers with many choices and lower costs. therefore, a more affordable standard of living and it provides our workers with foreign markets. 95% of the worlds population lives somewhere else. i want to be selling to them. we do that through an environment of free trade. take nafta for instance. since it was enacted in 1994, pennsylvanians have seen exports to mexico increased by more than 500%. t

senator toomey mentioned it resulted in the increased investment. what i have seen is a huge whopping increase in the stock buy-backs. in fact, as of today, the number is $600 billion in stock buy-backs. those are corporations that have decided not to invest the money back into their workers or their plant or their equipment but give it to stockholders, which include, i should say, one-third of the stock holdings in this country are foreign stockholders, so it's a great windfall for the accounts of foreign stockholders. much has been claimed about the economic impact. i'm looking at the most recent projection that the fed had for median long-term growth as of your june 13th report. i see it is 1.8%. is that correct for the current long-term growth median projection? >> yes, it is. >> are you aware of what the projection was a year ago before the tax bill was passed? >> i'm going to say 1.8%. >> it was 1.8%. the reality is despite the hype around here, it's not really going to have a major impact on our long-term growth. surprisingly, a lot of us did

toomey: first and president -- first and foremost commandment mr.dent -- first and foremost, mr. president, this is a misuse of american trade law. this is supposed to be used when there is a threat to national security. the united states produces domestically 95% of all the .teel we consume how can one possibly make the case that we don't have plentiful abundance of them ethically produced steel to satisfy our defense needs? it is not only that. 25%, we're the biggest sources for steel, but we don't produce ourselves? that would be mexico and canada. those of the countries that provide most steel. with both of those countries, we have a surplus of trade in steel. moreanadians actually buy steel from us them would buy from them. so to the mexicans. where is the security threat to america when my constituents choose to buy some portion of the steel that we consume from canada? swanson, let's start with this section 232 senator spoke about. guest: it is actually a different measure than the china tariffs we have been talking about. section 232 revolve

that's an important area traders are concentrating on at 10:40 eastern i'm going to have senator toomeylk about the comments made by the president with our own joe kernen sara, back to you. >> a lot to get to today, rick thanks >>> coming up former treasury secretary larry summers has some opinions about president trump's comments to cnbc and twitter we'll talk to him about the economic and market implications "squawk on the street" will be ba wckith the dow down 35 out of the gate when my hot water heater failed, she was pregnant, in-laws were coming, a little bit of water, it really- it rocked our world. i had no idea the amount of damage that water could do. we called usaa. and they greeted me as they always do. sergeant baker, how are you? they were on it. it was unbelievable. having insurance is something everyone needs, but having usaa- now that's a privilege. we're the baker's and we're usaa members for life. usaa. get your insurance quote today. you need a higher standardigher standard of craftsman.hip, see for yourself at the lexus golden opportunity sales event. lease the 2018

pat toomey teaming up with bob corker of tennessee to say we are going to give congress a veto over anyf these 232 tariffs. kennedy: there are a lot of senators who voted today with the ada who actually agree with the president's isolationist trade policy. >> you can still have tariffs. but the point is if tariffs are taxes and you are going to raise taxes on the american people, congress should have a vote on it. you can be in favor of the protectionist trade policy but let the members vote for it which is the way the constitution was created. you always have congress handing over power to the president. congress needs to take that power back. kennedy: it's no secret secretary of state mike pompeo's trip to north korea didn't go so well. in fact he never met with kim jong-un. north korean state media is suggesting kim chose potatoes over pompeo. pompeo still met with kim's number two and put a positive spin on things saying the meetings were productive. but north korea, they weren't happy. the panel is back. was this a failure? and did kim jong-un -- >> mike pompeo is not president tru

senator toomey and i tried to block this terrible policy that's costing americans jobs. taxing americans. taxing americans. and you're actually doing his bidding. so i could throw that right back. and what i would like to see happen is, is if we could somehow depoliticize this bureau, i mean it started out in a way that was controversial under dodd-frank. it did. it was the thing that kept us from having a bipartisan bill, dodd-frank. it was this agency that kept us from having a bill that would have stood the test of time. i think we could have come to an agreement. if that weren't for the way this was set up without a board and dividing all of us. i'd like to see somewhat figure out a way for this agency to go forward. there are abuses that happen there are abuses that happen. and the bureau has done some really good things in that regard. it's also in some cases, it feels done some things that were somewhat political. somewhat. i had a good relationship with cordray. i enjoyed working with him. i would like to ask our nominee, what is it that you can do, leading the d

senator toomey? >> thank you, mr. acting chairman. and i want to thank our two guests today for their willingness to serve. let me start with ms. reed. thanks for coming by my office. i appreciate the conversation that we had, and i think it's no secret that i've been very concerned, a skeptic about xm, a skeptic about its fundamental mission. in my view, it is my nature forced to -- it forces taxpayers to subsidize concern companies, it distorts markets, it necessarily picks winners and losers. there have been episodes of waste, fraud and abuse and historically it's not been particularly responsive to congress. however, consistent with my interest in seeing reforms, i was pleased with your testimony. you emphasized a number of areas where you have committed to us that you want to pursue reforms. but i would like to just have a specific series of questions that i would pose to you and just give me a simple answer as to whether or not these are areas that you would work with us for reform. specifically, will you work with me and other

where's the security threat to america when my constituents .hoose to take the steel >> that was pat toomey talking about steel in the u.s.. there is been a dispute concerning subsidies that the canadian government gives to the this has been, litigated multiple times under the north american free trade agreement. we have the construction industry in the u.s. but the london producing side has been .ssued >> our guess this morning josh -- -- and daniel griswold. , forlcome your comments democrats (202) 748-8000, for republicans (202) 748-8001, for independents (202) 748-8002. on our independent line, brian, good morning. >> under president obama we lost thousands. there is an unfair tax on american products being sent to canada, and the ideas that may be companies will come to the united states to avoid the tax. because of this trade deficit, meanwhile, people are unemployed, and on food stamp. -- on food stamps. but people talk about the consumer. what about the trade deficit and what is the solution if it isn't s or asts --tarriff border adjustment or something. not worry about -- thede def

let's just begin with the one quote that i was reading from the republican senator pat toomey who referredote, a band-aid on a self-inflicted wound. brian, how does it feel for you? >> well, i think there's a mixed demolition here. i myself am grateful that the president has recognized the deep amount of economic damage that has been done since the trade war began. since you and i first talked several months ago. and so we're grateful that he recognized it. i think the step yesterday was a really important step to helping address some of the short-term economic needs that we are experiencing right now out here on the rm fa. but we still think that longer term there is a better way to go about solving the trade issues that no doubt exist that involves negotiation, it involves a rule-based approach to the solution. for the short-term -- >> i want to stay on the short-term and then we'll talk long-term in a second. i hear you being grateful for the white house and the billions to help you guys, but would you agree, is this a self-inflicted wound? is this the administration's doing? you tell m

so my encouragement to the president is work with trade leaders like senator pat toomey.et a solution with our allies and neighbors. way would love to see is a free trade agreement with britain coming out of the brexit to the set an example for the european union on the rest of the world. tariffs are not a good thing for the economy. a lot of progress we have seen with the tax cuts and the workforce development, a lot of that could be reversed if we allow this trade war to get much deeper. charles: putin gets that major invite to the white house. liberty mutual accident forgiveness means they won't hike your rates over one mistake. see, liberty mutual doesn't hold grudges. for drivers with accident forgiveness liberty mutual won't raise their rates because of their first accident. ♪ liberty. liberty. liberty. liberty ♪ you shouldn't be rushed into booking a hotel. with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia. add-on advantage. that's the same th

just last week, republican senator patrick toomey in a senate hearing said he's worried the tariffs willult in this ohio plant shutting down >> the solution for them to be able to continue to sell their product in canada would be to shut down their u.s. factory and move to canada then they wouldn't be subject to these tariffs. >> kraft responding saying we are opposed to any change that impacts our ability to seamlessly move our products across the borders it's still unclear how kraft will respond to these tariffs from canada. will it absorb the cost or pass on the cost to consumers overall, canada is a big growth market for kraft heinz jpmorgan saying making about $2.2 billion last year in canada brian? >> thanks. that's a county that largely got our president elected. >> sure did. >> lot of jobs at stake of the we'll see what the folks think about the tariffs. seema mody, in fremont, ohio. >>> founder of kkm financial welcome. you've got trump, trade, oil, global politics. you've got all this stuff. to you, what is the one or two most important things for our viewers and their money th

more aggressive the past week against the president and his trade policies and you had senate pat toomeyker go to the floor demanding a vote on a measure to put more congressional authority over the section 232 tariffs and they didn't get that vote yet but we know they are going to continue pushing for one. if that vote happens, when that vote happens, it's going to be one that really puts a lot of republicans in a tough spot. endorse their core ideology of free trade or you know, go along with the president of their party who is an incredibly popular figure with their voters, you have jeff flake threatening to hold up circuit court nominees until he gets a vote on the tariff measures. so this is going to be a battle that continues to heat up and will just keep waiting to see what happens. >> it's a lot of fun to watch. i'll close on a somewhat related note. the president so far ignoring republican complaints that his trade war could end up hurting the gop in the mid-term elections but he is trying to respond to another economic worry even though he twisted the facts in a tweet about it.

pat toomey and other members of congress are not starting to challenge that, and we are starting to see some changes in congress, sort of sitting back. congress is now kind of waking up to the implications, and business and farmers are making sure that they wake up because of potential retaliation. i want to just explain one other thing. for the internet, the internet is global. we can't have a bilateral rule of governing the internet because the protocols governing the internet are universal and interoperable. president trump's strategy is going to undermine the jewels of the american economy which is , internet related, data related firms if this continues. >> question right here. >> i'm curious on what you were talking about with historically, there have been, you know, congress has held the power and held the president on a short leash. has kind of a pandora's box been opened now and is there a way to institute or create mechanisms to ensure, you know, authority is not so centralized, that anything can be done from one figure? >> i actually think the process in general is pretty acc

not the place i want to be investing even though it's a very good pitch >> karen >> i'm with with toomey and it's a pat. >> i'd rather own lennar by a lot. >> okay. she passed and she wants to pass >> guy >> i'm not going to pass i'm going to say snap, just say yes and well done, by the way, stephen. we find ourselves in an environment where it's very difficult to sell stocks in earnings that report on august 6th. with the short interest i think it trends higher into earnings which is why i think steve, although he's a power pitcher, he hit the ball out of the park. >> it doesn't make sense >> you get what we're saying here it's your turn out there so would you buy steve grasso's pitch on snap? >> you can vote on the twitter poll >> we'll read the results lehrte in the show. forget amazon prime day because these stocks are on sale check out at&t, l brands all at 52-week lows and are they a buy? we'll find out right after this break. to improve short-term memory. prevagen. healthier brain. better life. the nation's largest senior-living referral service. for the past five years, i've spok

that chairs the agriculture committee to bob corker, jeff flake, i could go on and on and on, pat toomey also with a statement today saying these tariffs are actually what's hurting these people and a bailout for farmers is not what they want. they want to work, they want to sell their goods and they can't right now because of this president. whether he will be punished or not for that remains an open question. >> the speaker of the house paul ryan strongly opposes the tariffs. he said they really are tax on the american public. the price of everything is going to go up if the tariffs explode. you don't often hear that broad, open criticism of the president on a sensitive issue like this. >> speaker ryan decides when and when he does not want to show up and enunciate a conservative opinion. but clearly today he did. what president trump is doing with tariffs is nierlt i did logically, economically conservative. president obama handed off a pretty strong economy to him. his response to that is shake things up with tariffs and the like, things that as you're saying neither republicans or d

i just was interviewing pat toomey from pennsylvania where the tariffs started just to win that specialluminum, and he saide've got so many more manufacturing jobs that rely on the price of steel and aluminum than the steel workers. he's against them, as are other republican senators. h i just spoke to a government official in sokota who said we're worried about our farmers here. however, one number we haven't said this morning, 4.1%. >> i said it at the beginning of the show. >> all right, at theof beginnin he show, but in this conversation here. you know, i know it only one hearter. we had last such quarter in 2014. but the white house made the most of it. when people hear 4.1% growth, maybe we're on target for 3% this yr. people have a little more money in their pockets, consumer confidence is up, taxes are down slightly. when you've got all that, that's going to have an impact too. a general sense apart from tariffs that there's a certaino of economic push-up that's going on. >> perhaps, wages are still flat line. what's interesting to me, though, it's not so much the middle, it's t

i was interviewing pat toomey from pennsylvania.l and aluminum, we have so many more manufacturing jobs that rely on the price of steel and aluminum than the steel woerkers. he's against them as are other republican senators. >> i just spoke to a government official in south dakota who said we're worried about our farmers here. however, one number we haven't said this morning 4.1% -- >> said it at the beginning of the show. >> all right, at the beginning of the show. but in this conversation here. you know, i know it's only one quarter. we had the last such quarter in 2014. but the white house made the most of it when people hear 4.1% growth, maybe we're on target for 3% this year. people have a little more money in their pockets. consumer confidence is up. taxes are down slightly. when you've got all that, that's going to have an impact, too. >> it's a big bumper sticker. >> apart from tariffs, there is a certain amount of economic push up that's going on. >> perhaps wages have still flat lined. what's interesting to me is it's not

next senator pat toomey.he rain. [ horn honking ] [ engine revving ] what's that, girl? [ engine revving ] flo needs help?! [ engine revving ] take me to her! ♪ coming, flo! why aren't we taking roads?! flo. [ horn honking ] -oh. you made it. do you have change for a dollar? -this was the emergency? [ engine revving ] yes, i was busy! -24-hour roadside assistance. from america's number-one motorcycle insurer. -you know, i think you're my best friend. you don't have to say i'm your best friend. that's okay. >>> president trump is pushing forward with his trade agenda. meantime the senate just voted overwhelmingly in support of legislation that would let congress play a role in implementing national security designated tariffs. joining us now is pat toomey, one of the senators behind the tariff vote. it's not binding but you're still holding -- you and corker are holding out hope that it becomes binding. can you handicap whether that's a real possibility or not? >> yeah. >> is it a possibility >> i don't think

neil: i know this would originate in the senate, toomey, a host of others, orrin hatch, others, this tariffs whether we agree or disagree, we are the final arbiters on this, we decide whether you can do this or not, first of all, is that true? >> well, if you look at the constitution, yes, and tariffs are taxes and so absolutely the house and senate need to be looking at this issue and that's what we are going to be doing. that's what we are currently doing in the house. you saw the action that the senate took yesterday and we are looking closer but i think i want people to know that i applaud the president for taking action against china, taking action against in this example with china, country that had been dumping, had been involved in unfair trade practice, has been taking our intellectual property, i have concerns about tariffs, i have said all along they need to be targeted, they need to be targeted against the bad actors. i represent a lot of farmers in eastern washington. tariffs are causing a lot of uncertainty. there's a lot of concern about getting into a trade war and th

since 2011, working with senator toomey, we're on opposite sides of the aisle. we have confirmed, i guess it's 14 judges because we collaborate, and there is give and take and there is review and scrutiny. and then ultimately consensus to allow a candidate to go forward. no federal judge in those years would go forward without the signing of the blue slip that's been referred to tonight by both senators. it happened in the past when there were two republican senators, but now with a split delegation, that tradition continues in our state, and it's a good tradition. it's the right way to do it. that tradition prevailed until recently when it came to appellate court judges. in my case, the -- the united states court of appeals for the third circuit which includes pennsylvania, new jersey, delaware, and the virgin islands. even at the very end of the obama administration, my colleague from pennsylvania objected and would not return a blue slip. that nomination for the third circuit at that time did not go forward. i respected the blue slip that my colleague decided

charles: it is interesting because the bill has support from senator corker, senator toomey, and of courseknow that they don't have the best relationship with president trump and all of those gentlemen are going to be leaving washington dc. it seems tough because their goal is to tie the hands of president trump and i understand, congress gave up too much of its role particularly as the constitution probably saw it and the framers sought to get that part but i also wonder why these guys have never seen i try with president trump would tie hands as he bailed me washington. >> it is puzzling to me, too, charles. my understanding of the constitution is that if the chief executive role and responsibility to negotiate trade deals and i personally believe that our president needs to be able to negotiate from a position of strength. having to come back to congress and ask mother may i when the rest of the world leaders are sitting there at the table waiting for answers in the negotiating process seems to me to be counterproductive. it is been this way for some 50 odd years and granted republican

republican senator patrick toomey said that there are potential adverse impacts of the canadian tariffs on kraft heinze and at this ohio plant where we are here today kraft heinze has been under pressure the stock is down 27% over the past 12 months plus, it's facing rising competition from french's ketchup. canadian-made. it's positioned its product as a rival to u.s. branded kraft heinze ironically, ketchup, french's ketchup, is owned by mccormick and company, which is head quartered in baltimore, maryland guys, back to you. >> perfect example of how global trade works. thanks very much for that rundown. >>> as trade tensions escalate, what are president trump's priorities in the second half of 2018 what will he be able to accomplish let's bring in tony, founding partner of hamilton place strategies also a former white house deputy press secretary, and ben white chief economic correspondent for politico and a cnbc contributor. gentlemen, good to have you here tony, are we in a trade war? >> yeah, we're definitely in a trade war. i don't know what else you could call it. you have count

effect or try to put into effect this is on top of existing legislation that senators corker and toomey, two republicans, have put forward that essentially requires congress to put tariffs the executive branch puts in place on a national security basis there are now two efforts ongoing on the senate side of capitol hill to try to reestablish authority on trade for wro congress as many republicans can continuing to do with tariffs. >> kayla, thank you very much. you questioned how much authorities juncker has in his dealings with the tariffs. how much authority does the president have pushing back on the auto tariff possibilities, on the $12 billion for farmers and on and on >> he's very at odds with this particular issue we have a lot more to discuss oincluding are the yierniairanis about to cyber attack the occupation that's a discussion coming up. you always pay your insurance on time. tap one little bumper and up go your rates. what good is your insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise

toomey: thank you, mr. president. i want to reflect on some of the data coming in with respect to our economy on tax reform and deregulatory push. before i do, i want to commend my colleague from missouri and thank him for his leadership and work in this just incredible crisis that we're dealing with with opioids. it's not a uniformly national crisis. it's more concentrated regionally. my state of pennsylvania is affected as badly as anyplace in the country. i'm pleased we've been able to take a number of constructive measures, but we've got a lot of work left to do as we try to deal with this scourge. so i want to thank him for that. on the tax reform, before i get into some of the macro and statistics that are really, really incredibly encouraging, i just want to touch on a couple of constituent companies and their employees and how our tax reform is affecting them. one is a company called glass and sons collision center. they're located in reading, pennsylvania, which is in the eastern part of our state. and they r

. >> reporter: republican senator patrick toomey in a senate hearing last week expressing his concernmpact of those canadian tariffs on kraft heinz. experts now say that kraft heinz has to decide soon on how to respond to this 10% tariff on ketch ketchup. absorb the cost or pass it on to the consumer but this latter would be risky while heinz is the market leader in canada, it is facing rising competition from frenchs who is a made in canada alternative to kraft heinz which is imported from the united states overall, kraft heinz sees canada as a big market for all of its products making sellingover 2. billion products to canada last year back to you. >> yeah. frenchs has ketchup too. that was a weird hybrid there we heard. he said ka-chup. >> reporter: did he? >> did he say catsup >> i think he said catch-up. >> all right it doesn't matter. i do like it you know what? it's not a big calorie problem, really >> sugar >> it's true >> sugar >> and salt. sodium, too. >> but it's not like dressing. think mustard is like a zero and back to after a week -- you know, four of five days -- oh, j

senator toomey for my home state comment he is pushing with senator corker.the power of the president to unilaterally issue tariffs. it is it smart policy. i understand what the president is doing. it may turn out for the best. if i would advocate for the presidents permission, i would say, look at the imf. china is the tightest gdp, 59% of what the u.s. gdp but five years from now it is estimated to be 88%. equalize, continue to we do need to change the rules of the game as it relates to tariffs. my concern in the short term is do harm tod will small businesses in this country. and it will disrupt supply chains. so while i understand what the the-term processes, in short term there will be paying for the american worker and small business. host: from the california republican line, alfred. caller: thank you for taking my call. my question to you is this. terrorists, there tariffs-- in regards to , we are willing to take that decades, we for have been piggybacked. they take advantage of us. you want to believe that are trying to limit our president's hand in