and commerce secretary wilbur ross coming up right here. don't go away. you can't predict the market, but through good times and bad at t. rowe price we've helped our investors stay confident for over 80 years. call us or your advisor. t. rowe price. invest with confidence. retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. . liz: we need to check on the u.s. dollar. greenback right now is lower against most currencies. at the moment, i want you to looked at canadian dollar, it has pared losses after white house press secretary sarah sanders said canada and mexico will most likely be exempt from president trump's steel and aluminum tariffs. but there's this: on the heels of the u.

commerce secretary wilbur ross. secretary.u, mr. fantastic interview. we appreciate it. let's check how stocks are doing. there was movement right be for that interview. here is abigail doolittle. looking at mixed trading action. earlier, we had greater than 1% declines. s&p 500 down .2%. the nasdaq up almost .2 percent. off the lows, a little bit of a reversal. the question is whether or not it will hold. we have had lots of volatility with investors, dealing with two issues. first, look at rates. jay powell testified before congress, indicating that the economy is strong enough to handle rate hikes, and speaking to wilbur ross about potential proposed aluminum and steel tariffs and a possible trade war, what that could mean. investors not liking this. all of this taking a toll on a weekly basis. thee take a look inside bloomberg, a big increase in the s&p 500 over the year. weeke looking at the first in three weeks for the s&p 500. again, a bit of a return to volatility, and of course, the proposed tariffs, 10% on aluminum, 25 percent on steel, taking effect in differe

so he made his way over to wilbur ross who during the campaign peter navarro told me wilbur ross is an american hero. while wilbur ross might be a great american investor, we'll hold "hero" in another category. navarro has been pushing for tariffs all along. he called china a currency manipulator, which as you know is incorrect. nbc's kristen welker is at the white house. there has been quite a bit of reporting, while wilbur ross always shows up for photo opportunities, he falls asleep in meetings. >> reporter: right, he's been somewhat of a lightning rod, steph. as you point out, he's been in the president's corner when it comes to tariffs. i had a chance to speak with him a short while ago and pressed him on a number of topics including what republican leaders are saying, look, we oppose this idea of slapping new tariffs on steel and aluminum imports, we think it's going to cause a trade war, but if it has to happen, there should be carve-outs for our allies like canada and mexico. secretary ross leaned into the idea just a little bit today, steph, pretty significant. take a listen t

wilbur ross has no supporters for this idea, other than his side kick, peter navarro. clearly, the market disagrees with him. >> first of all, wilbur's explanation, or the way he down played it, was very odd. we've been having a tax cut debate. people look at the amount of money that people in the middle and lower quinn tiincome distri are getting, and it is a few hundred dollars on average. when democrats point that out, nancy pelosi says, crumbs for them, republicans say, hey, what are you talking about? any money we're putting in their pocket is valuable to them. well, some money is coming back out of their pocket. if you look at the steel tariffs based on our imports last year, it'll cost about $12 billion to apply a 25% tariff. that's about 10% of the value of the tax cuts in 2018. the administration is taking that back. the markets hate this. why? because every economist, except for those on the far fringe, will tell you that this is going to hurt the economy. former pu eer bush economic adv told me this increases the odds of recession in the next couple years. bo

wilbur ross made his way in.bur ross then says there's going to be a meeting at the white house tomorrow at 11:00 a.m. with steel executives. he did not divulge the name of who those executives were. john kelly didn't know the names whof those executives were. there wasn't time to vet them. no secret security clearance. just walk through this. a meeting that wilbur ross says is going to happen that has no approved remarks for the president for the meeting. there is no diplomatic strategy for how we're going to tell foreign partners. there's no legislative strategy for how you're going to alert congress. yet wilbur ross' department in the late hours of wednesday evening cobble together an e-mail to say this is what we're doing. and that then gets leaked out, to your point, that there's a meeting about to happen. it's really important to note, no one at the state department, the treasury department or the department of defense knew anything was going to happen. in fact, according to my source, the white house couns

wilbur ross perhaps having a nancy pelosi crumbs moment of his own.called 1000-dollar bonuses given to workers thanks to the tax cut crumbs. this morning you just saw wilbur ross state tax hikes from less than a penny on soup cans and hundreds of dollars on a car and $20000 for a boeing jet might be added to prices but that's no big deal. a number of republicans on capitol hill aren't having it. adam shapiro, breaking news on the republican governor speaking out. >> he says it is a big deal. this is scott walker from wisconsin. let's get what he said. he doesn't want tariffs. american companies. [inaudible] this scenario would lead to the exact opposite outcome of the administration stated objective which is to protect american jobs. i respectfully asked the president and his administration to reconsider. this is from a governor who is republican and a trump supporter. it's not just this republican governor who's worried, republicans on capitol hill, some of them in leadership are saying this is a bad idea. take a listen. >> in all honesty, it won't h

but wilbur ross is the commerce secretary, a member of the cabinet. >> without a doubt. and now peter navarro, gary cohn's said you are not here and steve munchin didn't want him and so he is wilbur ross's side kick. and he was on the outs with president trump and there is reporting about his snoozing off on wednesday. he wasn't on wednesday. the president was unhinged. an embarrassing day. the pressure of the russia investigation and the paul manafort indictments and being arraigned coming out this week. but wednesday specifically hope hicks resigns, john kelly downgrades the jared kushner substantial clearance. >> and john kelly said i must have done something bad in my last life why god punished me by making me chief of staff. >> and he doesn't have rob porter blocking him, guarding him from everyone slinking in. >> and john kelly was on the outs so he didn't have john kelly stopping people from getting into his office, guess who got in. wilbur ross. he was looking for a fight and he said i will deliver one to u. china on trade. he doesn't tell anyone else. wilbur ros

wilbur ross is obviously pushing for these tariffs. he along with peter navarro. they're the two main advisers to the president who support this decision. but on the other side, you have gary cone, for example, arguing against this, potentially leaving the white house if the president moves forward with this according to some reports and so it is -- there is a split. and the president is hearing, you know, both sides, and so who will be the last person he listens to? >> wilbur ross, even though he said that thing there which was whatever the president decides he will -- yes, of course. but he is, as you said, is leaning in favor of the tariffs. he doesn't think the president is going to change his mind. who really knows? is it really just the last person the president talks to, rebecca, who are the folks in the white house who really have his ear when it comes to influencing him on this? >> right, well, i think at the heart of this is, you know wilbur ross and peter navarro and they're lobbying the president, also the president himself. he believes that this is go

shery: that was wilbur ross. up next, the countdown, when you're from today the u.k.t from the eu. this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. kevin: this is bloomberg markets. the dow is gaining more than 250 points, up 1%. u.s. stocks are rallying today, on the last trading day of the week, ahead of the holiday week and the last trading day of the corridor. the s&p 500 is being led higher by tech and energy. take a look at bank stocks. amazon continues to fall for a third consecutive session, down more than 1%. president trump tweaking they pay little to no taxes. tweeting they pay little to no taxes. facebook is gaining ground up 4%. he settings for the company a

our special guest commerce secretary wilbur ross, president has tasked him with talks to europe raeuropean union about eg eu tariffs again u.s. product. >> and chris ferrel on house intelligence committee conclusion of no collusion. also joining us conservative come tate or michelle mall kin on president's push for the wall, joining us well brother of slain border patrol agent brian terry, kent terry joining us, calling on justice department to reopen its investigation of "fast and furious" department of justice lead gunrunning disan s. >> republicans today, ending investigative phase of the russia probe. 150 pain draft report, found no evidence of collusion. now coordination or conspiracy between trump campaign and the russians, respec report also demonstrating, and it addresses problem contacts between senior intelligence community officials and the left wing media in the country. congressman mike conaway, who has been leading russia probe, just discussed the committee's conclusions on special report. >> we have reached a point we interviewed all of the folks we need to, look at 300,000

with wilbur ross about the backlash against the president's tariff.julia: welcome to our radio listeners and tv viewers. the tariff imposed on steel and aluminum will help grow the u.s. economy. the administration argues duties will help the united states rebuild. we are now joined by wilbur ross, the u.s. commerce secretary. great to have you with us. to start by talking about the tariffs and the 15 day ago sheeting. described. countries prepared to negotiate exclusions to the tariffs in that short time? do. believe we conceivably it could take longer than that. they are ready. we had lots of testimony prior to concluding the report. we have a pretty good idea as to where people stand. what happens of negotiations take longer than 15 days? will you automatically apply the tariffs? >> that is the point i was trying to make. you notice the president said in the case of canada and mexico he would suspend the tariffs pending negotiations being successful. while the negotiations were underway he would suspend them. other what about countries like the euro

it's just not going to. >> wilbur ross. he and navarro the only members of the administration willing to push this narrative. he says no big deal. he also says 10%, 25% tariffs. maybe trump will. maybe he won't. i want to focus on maybe he won't. for people i speak to inside the white house, they have said to me this is classic donald trump playbook. he makes a massive policy announcement that's in line with this campaign narrative but completely out of step with process, procedure and any coordination with defense, state and treasury departments. and most importantly, out of step with white house counsel. the president then doubles down on twitter and then over the weekend he is met with resistance from republicans, his own administration and, again, white house lawyers, who have not signed off on this tariff plan. the tariff plan, saying it's a matter of national security. the white house counsel has not yet agreed to this. while wilbur ross says 25-10 and peter navarro says as early as this week, i suggest watch this spa

coming up, wilbur ross.: we turn to the wall street beat. first up, crypto countdown. multimillionaire this is hurdle as regulators crackdown on crypto. the maroonlacements, is hiring in favor of automation. --ide the trials, frederick are taking on leaks in washington. --ning us now, [laughter] this is for global television. fantastic to talk to you. >> we are so excited. julia: talk to me about crypto. huge growth in his company. now it is kind of unraveling. >> this seems like this is a nice read out on the terminal and getting a lot of attention. it feels like a story of our time. so the rise and fall. this guy is a coder turned crypto billionaire by zone description. -- by his own description. >> he doesn't have any traditional means of drawing is money. >> he doesn't have a home where he really lives. >> but he is a to be in dollar worth human being. just he is a $2 billion worth human being. >> you get into the whole idea of what is crypto? the big existential regulatory question because he's dealing

so wilbur ross makes his way in and president trump has had these views on trade as has wilbur ross foruite some time. but it's really just been wilbur ross and his side kick peter navarro. not john kelly or the defense department, the state department, the treasury department. no one knows about this. wilbur ross scheduled a meeting with ceos of steel companies and nobody knows who they are. nobody's been vetted. the white house said, well, these were people who have most been here before. yet no one knew their name. there was no legislative plan to tell congress. there was no diplomatic plan to tell other countries, other allies and the white house council's office was doing a review of possible tariffs on steel that's not going to be done for another two weeks. this came out of absolutely nowhere. >> so there's a sort of substance and a process question. put substance to the side. we debated this in a fascinating debate with leo and the steel workers and stephanie, but process-wise, like, this is really far a field of how something like this would normally work, right? >> well, absol

we're going to get reaction from commerce secretary wilbur ross in just a moment. but first, we're going to john roberts at the white house with the very latest. hi, john. >> trish, good afternoon. i'm sure wilbur ross will be on board with the tariffs that the president started the 15-day running clock on. it was the commerce department that did the study that the u.s. was being harmed by foreign steel being dumped into america. that's why the president signed that proclamation that he will put into place a 10% tariff on aluminum and 25% tariff on steel from countries outside the united states. let's listen to what the president said about the reasoning behind his decisions. >> industries have been targeted for years and years, decades in fact but infair foreign trade practices leading to the shuttered plants and mills. the laying off of millions of workers and the decimation of entire communities. that's going to stop. right? it's going to stop. this is not merely an economic disaster, but it's a security disaster. >> that last phrase the president uttered there,

we will talk to wilbur ross.f it's possible any way -- threw me for a loop >> it's a huge deal, but what else -- >> but the chaos in the white house, mcmaster, sessions, cohn. >> even john kelly being brought into this. >> they were supposedly talking about cohn taking over for john kelly as recently as last week that's good. so this should be 600 points if it was really about cohn. the chaos itself is worth at least 300 points >> some people have said this is the cast from the white house being felt in the markets. it's the market's problem on this overnight in asia, there was a pullback there as well we have gotten used in the last couple of months to seeing big swings up and down every morning. the nikkei down by three quarters of a percentage point the hang seng off by a percent the shanghai off by a half percent. and we heard those comments from pruch about t president trump about the e ushg and o eu and our trade relationship with them. the cac is down by a half percentage point getting to treasury yields,

i trust wilbur ross. very intelligent guy i have watched him work in the debt markets forever in places like cypress and ireland he's not an idiot. he knows he will totally dismantle the logistics of the automotive industry with steel at 25% it could never happen. it would destroy so many jobs on both sides of the border i'm waiting to see what the next shoe and where it is and where it's going to drop, because even just that industry, hundreds of thousands of jobs are at stake for both sides we can't have mutually assumed destruction. that's crazy but as an investor, i have to be cautious, and i sat with all my canadian companies yesterday in toronto, canada, and i said, guys, i want contingency plans i want to know what the plan is here if this happens, what are we doing? because i'm not paying 26.7% tax when i can pay 21% there's a lot of capital that's going to be leaving canada and it's a huge disappointment they brought the budget yesterday, i went to see it, what a disaster. there's lots of moving

melissa: i don't know if you heard wilbur ross? >> i did.issa: he is talking about the fact that tariffs on our cars going into other country. not tariffs coming into our country. they're not evenly balanced. there are a whole bunch of terrible deals, and trying to do a one off with one country doesn't work. then they route products through other countries be and that what he is trying to do is start the negotiation with something that gets everyone's attention, and rework all these various trade deals. is that a bad idea. >> that is not a bad idea. i didn't disagree with him. i'm right on track with him. if we're not careful, precise action taken, not a blanket action, not a broad action, what will happen we'll balance half the issue on current job owners and current employees. in my district in indiana, we are a large manufacturing state, this is about jobs. this isn't about nuances that need to be taken up here and there. i have no argument with that. this will affect jobs because he hasn't even signed an agreement. they have already rais

wilbur ross argue these tariffs are no big deal. he says they won't cause any noticeable rise in consumer goods prices. here he is, listen. >> first of all, let's put it in perspective. i just bought a can of campbell's soup today at the 7-eleven. it was $1.99 for the can. there is about 3 cents worth of tin plate steel in this can. so if it goes up 25%, that is tiny fraction of one penny. that is not a noticeable thing. trish: joining me right now, the president of united aluminum corporation. he was in that meeting yesterday with the president and other aluminum and steel executives. and john, you would stand to benefit, your company would stand to benefit from this, correct? >> well, thank you, trish. i am very interested in your discussion. it seems like you're covering a great many of the issues. i think the major issue for america is rebuilding our manufacturing infrastructure, making sure that there is investment to create the jobs and prevent underemployment of many of our middle class. and investment is critical for our man

charles: peter navarro, wilbur ross, president trump publicly criticized wilbur ross and now he's gone the behind him despite opposition from gary cohn. do you think that was the straw that broke the camel's back? >> gary counsel a smart guy. he likes differing opinions in the white house. i think gary cohn knows that and he knew what he was getting into when he went to the white house. i think it's a timing thing that is coincidental. charles: when the rumors were flying around, the thought was that market would pay a price. bannon talked about this a lot. it's part of the america first orthodoxy. it looks like it's winning out. >> the american people understand we have a $375 billion trade deficit with china. they said to themselves why are we work so hard to bite things that could be made in america and why are we willing to pay those foacts money when we could be make it here. when they carry their lunch box to work they know they are getting a good deal. charles: why are so many republicans pushing back? why do we hear from mcconnell and speaker ryan. even people talking about a b

. >> wilbur ross, it has been reported multiple times, fell asleep in meetings. jeff sessions has been off sides with the president for months and months paubecause he didn't recuse himself. a name not on here is john kelly. it's been widely reported there are some in the white house that want to push kelly out. if mcmaster is out, here's a question, who is going to replace these people? who is going to be confirmed? i talked to people in the white house last night. could it be john bolton? another name is kellogg, one of the deputies in the white house. someone said, if it was kellogg, there'd be mutiny inside the white house. to find people to remace tplace individuals on the outs, you didn't mention ben carson.

commerce secretary wilbur ross joins.lso with us to talk about the difficult thanks of draining the d.c. swamp, chris farrell and ed rollins, and pastor robert jeffress on the legacy of billy graham laid to rest today in north carolina. for to go long special interests have ruled the swamp in washington. now the president is putting the national interests first and that has the establishment quivering and cowering. john roberts with our report. reporter: lou, as you well know, president trump has never been one to shy away from a fight. he has a doozy on his hand when it comes to steel and aluminum. president trump in charlotte today paying last respects to the reverend billly graham. while across the nation his reaction to tariffs on steel and he aluminum are gathering steam. >> i'm very surprised. he had bad advice from somebody down there. these tariffs will hit america's citizens. we don't win by assessing tariffs that come back to bite us. reporter: the president tweeted trade wars are good and easy to win. the presi

help us live with commerce secretary wilbur ross who himself a former steel executive and in the wake of the deadly florida high school shooting spree are changes coming to u.s. gun laws former new york police commissioner ray kelly is with me live this morning as we look ahead on sunday morning futures.

so wilbur ross makes his way in and president trump has had these views on trade as has wilbur ross for quite some time. but it's really just been wilbur ross and his side kick peter navarro trying to push this initiative. no one else in the white house, not john kelly or the defense department, the state department, the treasury department. no one knows about this. wilbur ross scheduled a meeting with ceo's of steel companies and nobody knows who they are. nobody's been vetted. the white house said, well, these were people who have most been here before. yet no one knew their name. there was no legislative plan to tell congress. there was no diplomatic plan to tell other countries, other allies and the white house council's office was doing a review of possible tariffs on steel that's not going to be done for another two weeks. this came out of absolutely nowhere. >> so there's a sort of substance and a process question. put it to the side. we debated this in a fascinating debate with leo and the steel workers and stephanie, but process-wise, like, this is really far a field of how som

wilbur ross seems to think that the president is headed to sign it. we'll see how it plays out the next several days. >> we will indeed. thank you so much. joining me now, seema and jeff. your reaction to what secretary ross had said talking about the trading partners having a lot more to lose than the u.s. in a trade war. >> we are hearing in other countries that basically threatening retaliation. but we're also hearing domestically from companies saying that this will impact consumers and jobs. for example beer companies are saying that this will lead to job losses in the entire industry. so not only other countries talking about what they will do, but american businesses talking about how this could harm consumers and the job market. >> so jeff, you have the president who, yeah, he's been getting a lot of push back even from republicans. let's listen to lindsey graham. >> china is winning and we're losing with this tariff regime. you are letting china off the hook, you are punishing the american consumer and our allies. go after china, not the rest

eastern time. >>> when we come back, the secretary of commerce wilbur ross dow's bown 3.50. majority of steel led to a road after about 20 months we need to focus on what actually happens as opposed to speculating. that they expire early like back then >> either could occur. given what i've been reading in the brpress already getting pushback from trading partners the scope of the tariffs could, in fact, be narrowed over the next week or so. the more likely outcome in my opinion, the tariffs get enacted and we see something down the road, which reduces their overall impact. >> someone like the former ceo of nucor, dan dimicco says this is an overreaction in the market and stocks are screaming by. do you agree >> i do. we need to take a step back, realize that the u.s. economy is looking like it's going to grow at about 3% this year. profit growth somewhere between 15% and 20%. and we look at the forward pe ratio of the s&p down into the 16 times range now far more attractive than the 18.5 times trading begins of the year for at least the next 12 months, buy the dip. right? v

wilbur ross used the example of the $35,000 car. a lot of people in america have a hard time affording a $35,000 car. >> a tad tone deaf. humor was on the agenda for the president. for and against the president. let's start with alec baldwin on "saturday night live." he was called alex on friday. no clue if we have another twitter feud with the two. here is the joke on "saturday night live." >> i announced the steel and aluminum tariffs. i brought back the steel industry by destroying the auto industry. impressive. >> look at that. both sides hated it. i don't care. i said i was going to run this country like a business. that business is a waffle house at 2:00 a.m. >> the president didn't tweet about that and he did not make some interesting jokes saturday night in front of the d.c. media. including this one about melania. the gridiron dinner. so many people have been living the white house. it has been exciting because i like turnover. i like chaos. it is really good. now the question everybody keeps asking who is next to leave. st

wilbur ross thank you for being with us. we appreciate it. the best. >> thank you, lou. good to see you again. lou: up next, the $1.3 trillion spending bill passing the house. democrats declaring victory. republicans selling the american people out. i'll have a few thoughts about the sad state of affairs in my commentary here text. commentary here text. stay with i'm leaving the track behind, but i'm not standing still... commentary here text. stay with and with godaddy, i've made my ideas real. ♪ ♪ i made my own way, now it's time to make yours. ♪ ♪ everything is working, working, just like it should ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. oh hi sweetie,

you heard wilbur ross talk about the automobile tariffs. in europe they tax their cars at 10% and we taxpayers a 2.5%. i don't know anyone who would say that is free or fair trade. it's only free if it's fair. $9 billion worth of tax on steel, but the opening foray in what the markets are worried about more than anything is that it gets out of control and not sure it's going to get there. lea: that's the big question. the market was volatile even before the tariff controversy. where are they headed now? >> he makes a great point here that i don't see this getting out of control. u.s. imports as you look at that as the fifth-largest economy in the world goodbye would anyone want to get in any trade war with us? our economies on solid footing in with a much bigger stick a few bigger stick if you will than anyone else. the volatility made the headlines and has more to do with interest rates or inflation coming back. things we haven't seen in almost a decade. the reorganization of assets is causing more turmoil than his headlines. lea: the dow

back to you. >> i don't know about you, adam, wilbur ross allayed all my fierce about the campbell's soup prices. what the heck? thank you very much, adam shapiro. i don't know, guys. i don't know. again when you're hearing the commerce secretary say that and, of course, other members of the administration are concerned about all of this that it leads to bigger and worse things down the road. people like gary cohn, national economic council head, the defense secretary warning about the strategic concerns longer term from all of this, i guess it's refreshing to know that your campbell's soup can is going up less than a penny. well, i can continue my day. the president -- i want to get the read on all of this, because it seems like lunacy here to come out the gate and totally minimize the whole thing. it's a big deal when you are slapping tariffs on goods coming into this country, no matter what they are. maybe, there is the fear of reciprocity and the canadians are upset. we like the canadians. >> yeah. >> we have trudeau saying we can't let this fly on its own. we have capri cafaro a

wilbur ross knows the steel market well. he even knows the plants in my district. i was impressed with his granular knowledge of what is happening. i do have high hopes. host: let's go to ed joining us from the republican line. he is from lawrenceville, georgia. they queue for calling the program. good morning. from all of my observance, it seems like all of the people in the steel unions are actually quite glad with what trump has done. i would like to ask the representative, for the most part, the democratic party seems to be against everything that the republicans do and yet most republicans -- we are not hunter gatherers like your voters. 42% of americans haven't even saved $10,000 for their retirement. what would you like the congresswoman to address? caller: it like to say that if the steelworkers -- what i would like her to do is to be the first democrat to apologize for slavery. sue. let's go to good morning. caller: a quick question for you. i heard that gentlemen give you a hard time once about your name once andody called you called you a weird name out

does anyone think that wilbur ross is a compelling champion on this store? i would say probably no and the market said no that and that's why trump back tacked sphwh tac. david: maybe i could get a piece of this pie as well. there's a pile-on effect. once you offer tariffs to one group, other groups jump in. >> trump has said that free trade agreements have been a disaster for united states. now we're going to see the trump model of trade negotiations. he did say that the frayed rep would go out and negotiate individually with all of these countries in europe and asia about their imports. this is going to take a long time to wind through all of those negotiations. we're going way beyond the deadline before we get to the point when we understand. david: when we come back we turn from the economic to the trump tariffs to the politics of it. the fallout inside the white house was swift with a key adviser resigning. and many wondering if the move and many wondering if the move will ♪ you said you're not like me, ♪ never drop to your knees, ♪ look into the sky fo

does anyone think that wilbur ross is a compelling champion on this store?ould say probably no and the market said no that and that's why trump back tacked sphwh tac. david: maybe i could get a piece of this pie as well. there's a pile-on effect. once you offer tariffs to one group, other groups jump in. >> trump has said that free trade agreements have been a disaster for united states. now we're going to see the trump model of trade negotiations. he did say that the frayed rep would go out and negotiate individually with all of these countries in europe and asia about their imports. this is going to take a long time to wind through all of those negotiations. we're going way beyond the deadline before we get to the point when we understand. david: when we come back we turn from the economic to the trump tariffs to the politics of it. the fallout inside the white house was swift with a key adviser resigning. and many wondering if the move will help or hurt republicans in the midterms. i'm on the move all day long... and sometimes, i don't eat the way i shoul

how wilbur ross is defending the new steel and aluminum tariff.ake a look. >> in campbell soup there's 2.6 pennies worth of steel. if that goes up by 25% that's about six-tenths of one cent on the price of a can of campbell's soup. who in the world is going to be too bothered by .6 of a cent? >> alexis, you first. what's your reaction to the commerce secretary's defense there? >> it's probably always a bad idea to send a billionaire, as wilbur ross is, hey, it's not a big deal if prices go up. that's just not great appearance. trump says one thing and republican congress does another. this is essentially about helping american workers and too los angeles long there's been glut of steel and lup. does he know next week paul rmi will bring a bill to roll back rules on banks like deutsche and ubs? the whole thing is confusion to me. >> what do you think, steve? >> i told president trump i don't like tariffs on steel and aluminum. i told president trump that. he knows i disagree with it. dishwashers and solar panels, it's one thing to put a tariff on t

and commerce secretary wilbur ross indicated earlier today, a willingness to have carve-outs for canada and mexico. something that sanders reiterated during this briefing. >> it is not normal. sarah huckabee-sanders suggests that level of turnover is normal and that people should think about the -- concentrating on the presidentch it is not normal. thank you very much. >>> with the latest resignation in the white house, new questions are emerging over who is going to control a trump administration inside of the white house where the work has to be done. as politico puts it, cohn joined the long list of policy experts. a brain drain that leaves the president with fewer people around him who know how to get policy made and how to stop trump from moving ahead with unworkable ideas. i'm joined by someone who has written extensively on the people and the president's inner circle, chris whipple the author of the book "the gatekeepers." chris, sebastian gorka is not there any more but most people can relate to the fact he is off the reservation. it is a little weird. and steven miller is descr

let's not forget. >> wilbur ross is winning. won this one. >> the big picture here is that jared kushner part of the white house is slowly leaving. jared's there, right? he has a diminished role. we've seen one person after another that is tight with jared and ivanka. they are leaving. it's all those people. it's not just trade. it's climate, immigration, all these issues that the globalists wanted. >> the liberals such as you call them. they're not even nationalists. chris is, trump getting more trump. >> there's no question. it's not a simple right/left republican democrat issue. >> there's a damn well fight between this president and this speaker of the house. the speaker believes in free trade, doesn't believe in changing immigration law. >> the other side of where the president is going right now. that's an issue in if the 201 elections. >> it's ironic it was gary cohn enforcing the republican orthodoxy on free trade. he was a democrat. now he's gone. >> democrats largely in the big state -- tend to be protectionist right n

wilbur ross downplays that price hike. tariff on a $35,000 car, you pay 175 bucks more. he calls that no big deal. consider this, $175 is nearly 20% of that supposed 1,000 doctors tax cut the administration claims most americans will get from the new tax bill. will these trade policies start to chip away? >> that's a fair point. what is the retaliation. what is the cost of other goods. >> exactly. >> thank you for outlining for us as always. all right. so as we go to break here, some of president trump's former advisers are telling him to back off these tariffs. the white house has a new message for those people next. i'm just worried about the house and taking care of the boys. zach! talk to me. it's for the house. i got a job. it's okay. dad took care of us. almost $800 when we switched our auto and home insurance. with liberty, we could afford a real babysitter instead of your brother. hey! oh, that's my robe. is it? when you switch to liberty mutual, you could save $782 on auto and home insurance. and still get great c

wilbur ross is my guest. we'll tell you what he was thinking. >>> plus, the president's growing war with his own party. bundle and save big, but now it's time to find my dream abode. -right away, i could tell his priorities were a little unorthodox. -keep going. stop. a little bit down. stop. back up again. is this adequate sunlight for a komodo dragon? -yeah. -sure, i want that discount on car insurance just for owning a home, but i'm not compromising. -you're taking a shower? -water pressure's crucial, scott! it's like they say -- location, location, koi pond. -they don't say that. it's like they say -- location, location, koi pond. but he hasoke up wwork to do.in. so he took aleve. if he'd taken tylenol, he'd be stopping for more pills right now. only aleve has the strength to stop tough pain for up to 12 hours with just one pill. aleve. all day strong. it's a lot easier to make decisions when you know what comes next. if you move your old 401(k) to a fidelity ira, we make sure you're in the loop at every

commerce second wilbur ross joins me right now. good to see you secretary thanks very much for joining me. >> good to see you maria. maria: what so do you agree with that, trade wars are good? >> well i think what the president was saying was that because we have the big deficit and the other sides have big games from trade, they have much more to lose in the trade war than we do. maria: okay. i want to point your attention to that op ed out of the wall street journal on friday, secretary ross because the obvious title is trump's tariff and obviously the journal is against this move, writing this. this is going to punish american workers, invite retaliation that will harm u.s. exports divide political coalition at home, anger allies abroad and undermine his tax and regulatory reforms pointing of course to the market reaction when the dow was down 1.7% on this news what are people missing? >> well, let's go through the points that they made. europe has announced some retaliations in its own some $3 billion worth of product. that's a

wilbur ross thank you for being with us. we appreciate it.> thank you, lou. good to see you again. lou: up next, the $1.3 trillion spending bill passing the house. democrats declaring victory. republicans selling the american people out. i'll have a few thoughts about the sad state of affairs in my commentary here text. stay with us. they sent isn't enh to replace your totaled new car. the guy says they didn't make the mistake. you made the mistake. i beg your pardon? he says, you should have chosen full-car replacement. excuse me? let me be frank, he says: you picked the wrong insurance plan. 'no. i picked the wrong insurance company.' with liberty mutual new car replacement™, we'll replace the full value of your car plus depreciation. liberty stands with you™. liberty mutual insurance. show of hands. let's get started. who wants customizable options chains? ones that make it fast and easy to analyze and take action? how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, pric

david: that was wilbur ross addressing the president's announcement on tariffs.nd they are not that going on in mexico city and it makes it tricky with mexico and canada having done this. ambassador just resigned, and for more with the white house plans, we welcome -- then bureau chief congress secretary giving us plan,s on the tariff saying the present chose brought tariffs and products from all will be nond there exemptions, and allies will be happy. heard the congress secretary give the rationale, even though you can pick and choose countries -- whether they send it to vietnam, that is the white house argument. we are still looking for daylight with the steel manufacturers and trump has talked about the possibility of exemptions. ross doesn't think there will be donald has a few days to think about this so who knows, someone might get into his ear. we are looking for more details in the white house that will that trumphe tariffs talked about yesterday. markets nosedive after that announcement, but let's talk about president trump's reputation when it comes to