no one was using-- no one was using washing machines, so i think whirlpool's out. famous for vacuum cleaners. again, i'm not sure that in 1880, people were, like, hoovering or swiffering up the place. that was old-school brooming. >> okay. >> so i feel a might be out. rca. rca, rca being the-- can i get an explanation, is that the... the video, rca? no, you can't just, no, zero. no help, chris. >> no help. >> and we're friends. >> now you know how all my friends--"you're no help." >> now, you press the button, we do the rest. i mean, cameras were big. people were taking pictures. kodak's been around

whirlpool. $5.1 million for beehive projectiles. of course, we know they also make kenmore appliances. a watch company, $2.6 million. metal parts for fuses for high explosives. board warner -- $15 million dollars. bomb bodies. honeywell, $268 million for eyes,d bombs, rock phosphorus, high personnel mines, and other anti-people weapons. motorola, $1.9 million -- fuses for 14 millimeter shells. -- --on wants company hamilton watch company -- $9.1 million for mechanical time fuses for artillery shells. , $1.16 million for torpedoes. million for, $16.9 poseidon launcher and handling equipment. i wouldn't be surprised if it carried on its steel belly, you can be sure it's westinghouse. [laughter] companiesof these spend millions on you. it is called consumer research. they want to know where you are at so they can sell you their latest product. well, let's tell them where we are really at. when we learned that thalidomide tookarmed our babies, we it out of the drug lines. now bbt is going, and next year, cigarette advertising will be of

clive, ohio, home of the big whirlpool factory. there's a university of chicago study that came out about the effect of the tariffs, and it breaks down the costs and benefits. prices for washing machines and dryers not affected by the tariffs, have gone up by a hundred bucks. we have seen about 1,800 new jobs added. some of that is foreign companies bringing their workers here or hiring in the u.s. some like whirlpool are hiring additional workers at their factory here. when you do the math, it works out to $800,000 that we as consumers are paying in extra costs to support those jobs, but in communities like this, they are in fact a lot of people very grateful for these tariffs because it is making businesses stronger. i talked to the ceo of a supplier to whirlpool yesterday, he told me this has been very good for his business and his workers. take a listen. >> since the tariff activities have kicked in, it has been a benefit for us. we've seen investments from our customers. we've also in terms of capacity enhancements and additio

did you see what whirlpool did the story here, whirlpool which got protection on tariffs, raised domestic prices on washers and dryers there was no tariff impact that used the incidents of the tariff to raise prices on dryers as well it gave them cover >> yes >> whatever it was >> i was going to say that's a tax. unless the consumer turns around and says i'm going to get 5% higher wages to pay for my dryer, it means they're paying for a more expensive dryer >> this would be one of the biggest tax increases if you think of it that way in a long time >> thank you >>> let's put it together. let's bring in chief investment strategist and principal senior investment strategist. thank you so much for joining us brian, i'll start off with you is your outlook for the markets changed if tariffs are increased and/or expanded on friday? >> no. two days in the tariff tantrum doesn't change a lot investors are ron reactive and nonfundamental what's happened with the stock market, we've built in a cushion for a potential even further tariff tantrum there's a 20% chance of nothing happening. there's --

another mother for peace calls upon whirlpool. get out of the war business. develop new disposable government. clean up our landscape. we call upon below to watch -- bulova wathc. we call upon hamilton watch that the time is now. rca,well, alcola, zenith, get out of the war business. make us the products they give quality to life. make us proud again of our american know-how. war profits are without honor in this desperate time. together of our coming must not be the culmination of this special effort, but the beginning of a stronger commitment, the beginning of working with each other, and with our young, to the end of war, to the end of killing, and for peace. [applause] [captions copyright national cable satellite corp. 2019] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] >> we are glad that through this film, you could be with us. >> 50 years ago, in the spring almost, there were 500,000 u.s. military personnel in south vietnam. year, a few that months after his inau

yesterday, i talked to the ceo of a company that is a supplier for whirlpool and he says these tariffsreat for his business. they have stabilized things and are helping him expand. take a listen. >> since the tariff activities have kicked in, it has been a benefit for us. we've seen investments from our customers. we've also -- in terms of capacity enhancements and additional volume which has helped stabilize and strengthen our workforce and we've seen opportunities arise with other companies moving to the u.s. as a result of some of this. >> let's dig down on this. what have the tariffs done for your business? >> so i would say again stability and predictability in terms of volume and continued investment for our future programs and growth within our business. >> reporter: if you want to do the complete real politic here, the help given to communities like clyde will be more important to these voters than that extra hundred bucks you paid for a washing money or dryer than folks in any other part of the country. >> this is uber's big day to make a splash on washington. but it comes as

rking there, making those whirlpool machines, making thoe washing machines? wouldn't that be a good idea? basically start making things here. we don't make things in this country anymore. and that's one of the things wrong with our economy. and that's why we've had our wages slip. we need to have manufacturing jobs hee. and this is one way to do it. if we make those products here, and we export them to other parts of the world, maybe not china, that will work. but the idea i can get itea r from china can't be the only determining factor with regard our relationship with china. >> woodruff: i know you have amstudied labor history,es hoffa. you know that in most instances what happens is that jobs... manufacturing is going to go to places that say, we will do a great job of making this item, but 're going to do it for less. peoplethon't wan pay more if they can get the same thing, a qualititem, but pay lfor it. >> that's what's been driving us for the past ten years, and look where we're. a we have trade deficits with everybody. yes, we get a few cheaper produc

so once you get into that whirlpool of comparing, it is a spiral into negative thinking, why am i not i not pretty enough? it is this constant question, why am i not enough, in order to get those triple digit likes, in certain situations. so for people who use the —— who do not use the platform, likes on instagram are central to the up. how did you find using it when that function was no longer a function that was part of your experience? basically, i have never been somebody to go for likes. i use instagram solely for posting pictures of my dog, posting pictures ofa pictures of my dog, posting pictures of a nice hike. i do have friends who post for their careers, and likes to matters, and the number of likes to matters, and the number of likes established they are. u nfortu nately, likes established they are. unfortunately, what they contribute to society, which doesn't seem like the most healthiest way... so, when you are part of the trial, and you will no longer making other people's pictures, didn't that fundamentally change your experience and motivation for being on the platform

the likes of caterpillar, dear, harley davidson, whirlpool, there'll down. -- they are all down.erpillar trading at its lowest since january. they did come out and say the global machine sales in april were up 7%. the market not paying attention to anything. david: that was april. this is made. emma chandra. coming up, we talk with former congressman joe crowley. from new york, this is bloomberg. ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. david: this is "balance of power" on bloomberg television. i'm david westin. for bloomberg first word news, we go to kailey leinz. kailey: mike pompeo made a surprise visit to brussels were talks about iran are taking place. eu fore

big lots -- big loss on nike, whirlpool, and ralph lauren. david: president trump is proud of what he has done with the economy. does the strength of that economy give him the right to risk trade negotiations? that is next. this is bloomberg. ♪ david: this is "balance of power." president trump came to power promising growth in the economy has performed well under his tenure. with his tweets threatening new tariffs on goods with china, he seems to be risking some of that growth. of clubme the president for growth, david mcintosh. good to have you here. m.: thanks for having me. david: i know you've been pleased with what the president has done. how you feel about the new threat of tariffs? we think the strong economy has been a result of those tax cuts. when you do look at this in two ways. americanse attacks on . there are a drag on the economy. they're probably what is keeping us below 4% gdp growth and if it is implemented as policy will have very negative consequences. then i stepped back and said there is a second way to look at this. th

. >> just this whirlpool of grievance. >> i met him more than ten years ago in london. poor, he had caited or not, extremism doesn't discriminate. he's a champion for chanterrori long before it happens and young muslims make the choice to become a terrorist. >> hey, jim. >> been a long time. >> and you, my friend. and you. >> do you have a sense of how many young people you helped during that time? >> we maid -- we made a huge amount of difference over the years and grew from a small organization to delivering into 11, 12, different parts of the country and abroad in pakistan. we helped people understand that they have a stake in society and in life to do things differently. >> i can't describe how much -- how grateful i am towards him. >> it took us a bit of time. but it was just about having a conversation with this guy about what would your father have wanted to you do. did your father really want to you go on this journey or did he want you to take care of the affairs of the family, help your mom, help your brothers and sisters and be a decent law-abiding citizen an

. >> he was just in this vicious whirlpool of grieving. >> i first met him more than ten years ago ineducated or not, extremism doesn't designate. >> everybody is one of them. >> he is a champion for change because he's trying to fight terrorism before it happens, long before it happens, before young kids, young muslims make the choice to become a terrorist. >> hanif. >> hey, jim. >> long time. >> good to see you. >> and you, my friend. >> do you have a sense of how many young people you helped during that time? >> we had a huge amount of difference over the years. we grew from a very small organization to delivering into 11, 12 different parts of the country and abroad in pakistan. we've helped people understand that they've got a stake in society and in life. to do things differently. >> i won't be able to describe how much -- how grateful i am towards him. >> it took us a bit of time, but it was just about having the conversation with this guy about what would your father have wanted you to do? did your father really want you to go on this journey or did your father want you to tak

if you own a whirlpool washing machine, it was probably made here. this is a relatively small town with a big factory. as goes the factory, so goes the town. a little over a year ago when the president placed tariffs on imported washing machines, they say that as a great thing here. in the domestic market it allowed them to be more competitive, make more hires here in clyde. some of their foreign competitors like samsung, a south korean company, actually opened up a facility in south carolina so creating more jobs here in the united states, as well. but that comes at a cost. consumers are paying about $100 manufacture if you bay a washing machine -- if you buy a washing machine or dryer, anywhere in the rest of the country. what that essentially means here is that everyone else is paying for the success of a town like this. and that includes folks like the retailers. i spoke to a man yesterday who operates an appliance shop and says he's getting squeezed on this, too. he is charging his customers more money but not making more himself and wonders whe

clyde is home to a whirlpool plant that that more employees at the plant than people who live in clydethey have seen here has been largely a net positive for this community. the university of chicago did a study about these washing machine tariffs. they found that they have raised prices not just on imported washers, but also on ones that are being made in the u.s. as u.s. companies have raised their prices too. between 85 and 90 bucks or so for washers and dryers which are not affected by the tariffs but companies raised their prices there too. we also found that they added more jobs in places like clyde, ohio as foreign manufacturers like samsung opened facilities in the u.s. to get around those tariffs. and we as consumers essentially paid around $800,000 to support each one of those jobs in the moechb we pay in those additional costs of the tariffs. how that plays out in a place like clyde is really interesting. on the one hand folks working at the plant or suppliers of the plant who say this is great for their business. and on the consumer side, folks who say this has made the pro

. >> at this point, it could happen >> washing machines, whirlpool raised the price of driers could be an excuse to raise prices but it is a single-time rise in the price. >> john, we'll give you the last word here. >> watch out for big events that come out of china. not because of the tariffs, but because there is $2 trillion worth of dollar debt in china held by corporations and a rising dollar and firm u.s. interest rates caused great damage also an enormous pool of chinese stock that is pledged as collateral to banks for bank loans for those same companies if you push the chinese market down far enough, you wind that thing down and forcing a credit crisis in china. >> can't the chinese get in there and buy up their own stocks as they have been known to do? >> they have been doing that like crazy since last november but we're talking about massive, massive amounts of money here pledged as collateral. >> all right those are some areas to watch. guys, thank you, all appreciate it. >>> coming up, apple is getting slammed as china retaliates with its own tariff hikes that stock is down

michigan's whirlpool estimated that the company would cut 39 million off of pensions. >> i'd be more than happy to look into that and get back to you. >> i would like to discuss one last issue. u.s. pension plans with assets in peruvian reform bonds. many workers and retirees in michigan have pension plans invested in these bonds and unfortunately the peruvian government has not paid the u.s. investors the debts they owe. this negatively impacts workers in michigan. in the 13th congressional district about 30,000 people are in danger of losing retirement fund with the government of peru owing them over $40 million. what action are you going to be taking in regards to solving this issue? >> this is not the only situation where pensions buy foreign government debt. there's other areas. we assist the pensions although it's not our obligation to pursue this. >> u.s. investors expect the peruvian government would uphold the agreement. as somebody that truly believes in the rule of law and is an attorney, i would advise you secretary to get personal legal advice because the coverup by this

ignore pain, and talk about how awful for steel, aluminum companies, how for some beneficiaries like whirlpoolbecause of retailers getting more wealth how does that play with base not getting wealthy. >> capitalism socialism. >> if p farmers getting a bailout how about me they see are important stories it is our top story this morning, u.s. targeting chinese telecom giant huawei blake metabolic at the white house with more on that good morning to you. >> good morning to you latest tit-for-tat between united states and china continuing latest action directly out ofoffal office in form of executive order allows the commerce department to ban transactions that pose a national security risk to the technology infrastructure of the united states. that has a direct implications own chinese telecommunications gianth he consumers department spell your name for the record huawei a company that potentially undermines national security interest rates of u.s. lawmakers top officials stoubding alarm on huawei for years last year the intelligence chief included the then cia director mike pompeo testified on

the white house with the 50%, up to 50% tariff on imported washing machines which was supposed to, whirlpooliff on import, they raised prices, they raised prices, double-digit in price increases on washing machines and they have 400% increase in profits in most recent quarters, that's what tariffs can do. don't think that somehow consumers benefit from a tariff. the manufacturers respond by raising prices. maria: 2,000-dollar phones here from am and samsung and if that goes higher, that's also going to impact people's ability to buy it. the circus continues around the mueller report, president trump took to twitter saying this, despite tremendous success that i've had as president, most successful economy in history, they have stolen 2 years of collusion-delusion that we will never get back. i spoke with campaign adviser george papadopoulos who a number of people within the fbi will say he was the predicate, they claim he's the reason that they started an investigation into donald trump. also house intel committee ranking member devin nunes spoke about the spying during 2016 campaign with me