Transcripts For FBC Mornings With Maria Bartiromo 20240714

Joining the conversation Fox Business Network dagen mcdowell, daily caller editorinchief chris bedford, former republican candidate steve forbes, great to see you this morning. A lot to talk about, also on deck this morning former Senior Adviser for president george w. Bush, Fox News Contributor karl rove to preview democratic debate tonight. Also Peter Navarro is here this morning to talk u. S. China trade when we do have big news this morning on that and North Carolina attorney general josh to talk about perdue farm opioid settlement, big show coming up. Ii want to kick it off with u. S. China trade olive branch, if you will, President Trump delaying a 5 tariff increase on chinese goods, delay that by 2 weeks, the president tweeted this, at the request of the vice premier of china lou he, celebrating seventh anniversary on october 1st, weve agreed as gesture of good will to remove increased tariffs, 25 to 30 , prooctober 1st to october 15th, the president also spoke about china at the white house, watch. The supply chain of china which was unbreakable powerful tool that they had is breaking up like a toy because companies are moving out and china wants to make a deal, we will see what happens. We have to make the right deal for this country. Maria all right, so he delays the tariff increase, what do you think . I think we are taking the missouri attitude show me, weve had spurts before, we might get a negotiation and then something goes wrong and investments still really hasnt adjust today adjusted to uncertainty, we dont get the good growth in the future, the sooner they can get something the better, they hope this time Charlie Brown gets to kick the football as we go in trade negotiations cycles or at the end of the day we have nothing. Maria you know, dagen, on top of what china did last week, why exempting those 16 American Products including the Agricultural Products which was seen as another act of goo will on the china side. Right, this is an issue of timing because you dont want 5 percentage point increase to go into effect when youre trying to negotiate with the chinese because theyre on u. S. Soil, i will point out that on september 1st, u. S. Did impose tariffs on 100 billion on products including consumer goods, again, the fight isnt over, this is just a tip of the hat, make calm heads prevail during negotiations but doesnt say anything about how those negotiations might go in october. Maria it came close to celebrating the anniversary of the chinese, 70th year anniversary, chris, i dont know that the president should be celebrating that, we know what this party has meant, communist, dictatorship and tracking all their citizens. Responsible for more deaths than any person Human History ever, no comparison at all and the chinese, 70 years of being complete enemy of the west, enemy of the United States, enemy of christianity, its not Something Really to celebrate but i do understand that we are in negotiations and i want to push back and forth and give and take and gestures of good will, thats fine, i hope that we dont light up the Empire State Building in red like we have in the past. Dagen the president is going say what he is going to say, he does it all of the time and we can set our trousers on fire and it doesnt matter, its the results that matter. Maria doesnt mean hes necessarily celebrating this party, obviously, he did mention that in a tweet and sort [laughter] was aimed at china, hes focusing on that. Maria speaking directly to them. Markets are up this morning, take a look at future, markets are reacting to everything that comes out of the conversations, dow industrials up 60 points and nasdaq up 27 but this is also ahead of key meeting of ecb, we are waiting for decision under 3 hours, ecb to cut Interest Rates to stimulate the economy, you know, dagen, europe has had a hard time generating any growth, youre already talk about negative rates, what kind of wiggle rooms does ecb have . They are targeting the euro, its going to reignite tensions with the president , they are trying to weak tennessee euro to bolster the economy and lift inflation and i guaranty you as soon as this happens the president will be tweeting about it and there lies why President Trump keeps advocating for zero rates from the Federal Reserve, lower rates, we need a strong dollar in the country and we dont get into a currency war but this is directly targeting the Euro Currency and create greater tensions. Maria as soon as we see stimulus coming out of ecb expect the tweet from the president , jay powell, where are you . The whole thing the idea of manipulating Interest Rate will reduce economy, barack obama tried it for 8 years, didnt work out very well, in terms of the dollar, the dollar is stable, dollar is strong, thats a good thing, great countries have great currencies like europe currency continue to be in the muck of lack of economy growth. Maria good point, a strong dollar will cut into earnings, weaken the economy, go in 2020 election well, lets just call a stable dollar, theres never been a country that has had Sustainable Growth with stable currency, period. Ask argentina, zimbabwe. Maria candidates battling it out, front runners joe biden, Elizabeth Warren, sharing stage along with Bernie Sanders and Kamala Harris, what are you expecting tonight . Im excited to see warren versus biden, surprised me because they grew up in massachusetts and warren is not the kind of person that gets everyone excited but has the Democratic Base electrified and drawing bigger crowds and shes splitting the votes with sanders, folks on the harder left of the democrats, moderate wills go for biden, in between the two folks, we may see fireworks between them but if biden doesnt really differentiate himself and pull away then i think all trouble for campaign looking more like Hillary Clintons are there and he has a very good chance of being defeated, hes still ahead nationally, very hard ahead with black voters, but hes in trouble, no enthusiasm. They need enthusiasm to get a vote, in terms of Elizabeth Warren how good is she going to be to attract minority votes . Almost no minority support for sanders or warren. Dagen no nod rate standing on the stage, you hear attacks on the second amendment, you are going to hear unified message about Climate Change, theres not going to be any one standing up there you know what that will reduce the standard of living for americans, its going to hurt lower income americans than anybody, you will destroy millions of jobs with the Climate Change plans and youre going take insurance away from 180 million people. Thats a good question, how moderate really is joe biden . Thats a rumor. Maria hes not a moderate. Led Barack Obama Administration in some of the left policies, hes called moderate because hes a likable guy. Dagen hes a moderate compared to Elizabeth Warren and Bernie Sanders. [laughter] dagen she wants to confiscate wealth. Maria is there any chance Elizabeth Warren becomes the candidate for the Democratic Party come next year with this election . Dagen i predict that she will be the candidate. Shes been doing some things behind the scene, shes kept an open line of communications with Hillary Clinton, shes been reaching out to the people within the Democratic Party trying to position herself despite her very leftleaning policies, trying to position herself as party leader, im going to make sure that the democrats keep the house, i can run this party for you, i want to win back the senate, shes really trying to appease the entire leadership, having down tea in washington apparently. Maria or maybe a beer. Thatll be next. We will stop with that, Kamala Harris, its really hers to lose. Maria shes really fallen in the polls. Plenty of time to regroup and i just dont see Elizabeth Warren exciting, doesnt excite people, i just dont see it. Maria we will see, short break, when we come back a look at the bahamas, dozens of people still missing, crews working to clean up but the Weather Forecast may not agree, the damage is really heartbreaking, targeting vaping, the white house looking to ban flavorede cigarettes amid concerns, details coming up. Liberty. Liberty. Liberty. Liberty. To call yourself an explorer . Traveling to the darkest depths of the ocean. Pushing beyond the known horizon. Passing through. Hey mom, can we get froyo . , yeah, froyo. Yes. The allnew 2020 Ford Explorer st. With intelligent 4wd and terrain management system. Its the greatest exploration vehicle of all time. As a principal i can tell you this. When one student gets left behind, we all get left behind. This is a problem that affects each and every one of us. Together with ibm, we created a whole new kind of School Called ptech. 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From adding unique capabilities to your companys apps to bringing you loyalty programs, our technology and Financial Solutions are changing whats possible in all sorts of ways. So, how can we change whats possible for you . Maria welcome back, bahamas still trying to recover from devastating impact of hurricane dorian, Cheryl Casone with the details, so heartbreaking, cheryl. Cheryl sure s more news coming out of bahamas, at least 2500 people having registered as missing since massive storm, bahamas dealing with an oil spill from tanks that were damaged by that hurricane. Oil is spreading on the coast of grand bahama, officials are warning that the island chain is peak of hurricane system, heavy rains expected throughout the weekend there. Back here at home mark hurd, citing Health Reasons for the reason, executive chairman and coceo are going to be taking over hurds duties, shares of oracle fell after they missed estimates. This morning stock slightly lower. They boosted program by 15 billion, sad news to report, oil tycoon pikins has died, 91yearold selfmade mogul, longtime ceo, petroleum company, thats the company he found, largest oil and Gas Companies in the country, the company, he was hospitalized in july of 2017 after what was called texassize fall, a spokesperson said that pikins died surrounded by friends and family. Maria thank you, he was really a leading business guy, had chance to interview him a number of times, so did you, steve. Yes, good friend. Helped me out on my politics, i thought he was a genius in particular, he was also great entrepreneur, never hesitated to go against the giants, he might have been in the oval office today. Maria there he is joining us a number of times, we turned to Boone Pickens and we send condolences to his family. Dagen i was going to say that he was a real leader and gotten us where we are today in terms of reducing carbon omissions out of power plants by being huge advocate of natural gas and if he could have lived another 30 years, an era of where we do fight Climate Change through private business, always looking out for the stakeholders and shareholders and awesome dude. Maria he was, t. Boone pickens dead at 91, we will be right back. Devices are like doorways that could allow hackers into your home. And like all doors, theyre safer when locked. Thats why you need xfinity xfi. With the xfi gateway, devices connected to your homes wifi are protected. Which helps keep people outside from accessing your passwords, credit cards and cameras. And people inside from accidentally visiting sites that arent secure. And if someone trys well let you know. Xfi advanced security. If its connected, its protected. Call, click, or visit a store today. Maria welcome back, futures indicating higher opening for the broader averages, s p up 4, nasdaq up 25, we are awaiting the European Central bank meeting with decision on potential rate cut, many expecting stimulus measures in europe, perhaps broader stimulus package than rate cut, decision expected this morning at 7 45 a. M. Eastern, we are all over it this, joining right now to preview it Market Strategist michael lee, michael, good to see you . Good morning. Maria industrial banks across, what do you expect from the ecb . We will see if they launch tierdo depositing schedule there. I think worldwide, no central bank has ever been able to create inflation, what europe needs and what we got here in the u. S. Fiscal stimulus is deregulation and tax cuts, without that you will not see change the way weve had over here, just as a refinder for reminder the banks in europe never recapitalized after the crisis, when you keep the rates low can be hard to operate and the more of the rate cuts, just seems like, you know, you are the boy trying to stick fingers in the holes and after a while you will run out of fingers and turn to europe and japan. Maria we have negative rates in europe, i dont know where they are going to go with this, thats one reason that he told me ecb will stop buying equities, dagen. Dagen would that do anything at this point . How do you how do you stop this other than Structural Reforms in europe . I just worry and wonder about the Banking System because when you have negative rates like that it literally turns it upside down and i dont know long run what the impact would be on the entire continent because of that. Well, the problem with europe too its really what you might call antiquated Capital Markets unlike ours which are diverse real sources of capital, in europe its primarily the big banks, if you have a crippled banking sector, that means you will not get false capital in the economy in this country, you other sources, europe is dependent on the big banks. Maria the president tweeted this yesterday, hes calling on the fed to bring Interest Rates to zero or less. Could ecb force to fed to cut rates more than a quarter point . You know, the ecb is going to be one, you know, picture, the referral will focus on or dictate or at least push the fed to do more if we see Something Real aggressive, no, because Central Banks across the world are so low in terms of rates, what do you think, sit going to have influence on the Federal Reserve . Not for this meeting, they will do the 25, they want to show they are still in charge and so you wont get something probably till december. Okay, what i will say that monetary stimulus, Monetary Policy has limits, right, and you put those to the limits throughout the recovery from the great financial crisis, you know, on the high and low end, on the high end i will have you remember he jacked rates up near the 80s, once he got past 9 or 10 it did nothing and changed regulations, structural reform that got inflation under control, wasnt raising rates and so the way that that did damage to the economy in early 80s i think having rate this is ultra low is going to damage the european economy right now. Dagen go ahead, what were you saying, steve . The message is at the credit markets in the sense that businesses have a hard time getting access to capital, banks will be losing money with zero or the incentive to lend and so once you keep rates ultra low you actually pull growth down and inflation down wit because of that incentive to lend, you destroy the velocity of money, we have seen a little bit here, its a shame that the destroys it, i mean, so provers and yet they continue to believe inflation can cause economic growth. Maria we are talking about another gain this morning and its been quite the street, do you think markets move on the ecb, will we see another gain at the start of trading after the news that we get on ecb today . It depends on doveishness of statement, if we launch and i think they are more shortterm than longterm, they may give us shortterm balance but over the long run, more bad than good, im happy to see market go higher for whatever reason, how do you work your way out of this . Japan has had low greats and low growth for years. Maria having said this, the market is on track for seventh straight day of gains today, do you want to buy stocks here or do you want to send them to sidelines . I do and i will tell you why, theres a lot of talk within the last couple of weeks of yield curve recession, the key of recession is lack of liquidity, what we have seen has been recordbreaking, this Third Quarter was supposed to be armageddon because its all sorts of refinancing, if liquidity wasnt there, this could be the end of the cycle, not only is liquidity there, its there and last week it was recordbreaking. High yield jumped on issuance, last week, you know, 2019 year to date, past all of 2019 in first week of september, so what marks a recession is lack of liquidity. So i do, so you have this resilient consumer, store sales and inventories continuing to drop, at that point has to come to a head, the consumer has to follow the cliff or inventories have to rebuild, we could see massive gdp print in the Fourth Quarter to everyones surprise and run into run into 2020. Just really quick, i want to point out longerterm Interest Rates as the market has rallied, longerterm Interest Rates in 10 year and 30 year have gone up in the last week, so it puts the Federal Reserve in a position where they wont have to look at 2. 3 on 30year. Maria yeah. It will put it back more in line with the the entire yield curve, it would still keep lending rate a little bit of where the 10year is now, this is a positive sign for stocks and for quite frankly the entire u. S. Economy. It says that the economy is healthy and not going to hell and hand basket. Maria fed meets tuesday and wednesday, michael lee, good to see you. Rolling in a new service, what sets it apart, next, Hillary Clintons emails, now works of art in italy, more on the unique installation after the break, wait till you see what she did with it, back in a minute. Open. [upbeat action music] open. pilot were going to be on the tarmac for another 45 minutes or so. My body is truly powerful. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Trulicity is for people with type 2 diabetes. Its not insulin. I take it once a week. It starts acting in my body from the first dose. Trulicity isnt for people with type 1 diabetes or diabetic ketoacidosis. Dont take trulicity if youre allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. Stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, or severe stomach pain. 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On the east coast, possible trade truce, President Trump delaying a planned tariff increase by two weeks, show of goo will ahead of next months face to face talks with u. S. And china officials, we are on countdown mode for European Central Bank Decision, investors expecting major stimulus rate plan, markets are higher, take a look at futures, indicating gain of better than 50 points in dow industrials, s p up 4 and a quarter and nasdaq up 23, quarter percent higher on nasdaq as well on top of gain as cross the board yesterday, the dow closing higher for sixth session in a row yesterday was up 227 points at the close, almost 1 , s p was up 21 and nasdaq was up better than 1 at 4 00 oclock on wall street yesterday. In Europe Markets near flat line ahead of ecb decision, all eyes on ecb waiting to hear in about an hour we will get news. Japan and china up 3 quarters and 1 , victory for President Trump on his immigration policies, the Supreme Court is backing the administrations plan to deny asylu to Central Americans, certain steal certain Central Americans should they want to, how much it will set you back and Hillary Clintons emails now work of art apparently, clinton went to visit them herself, she stepped into the whole installation looking at her emails, first half an hour, dangers of vaping, President Trump announcing that the u. S. Would move to ban the sale of most flavored ecigarettes to try to curve teenage vaping this coming after rash of lung illnesses across the country and deaths that deaths are linking with ecig use. The president weighing in yesterday, watch. Giant business in short period of time, but we cant allow people to get sick and we cant have our youth be so affected, people are dying with vaping, so we are looking at it very closely, a lot of people think vape asking wonderful, its great, its really not wonderful, thats one thing we can say definitely, its not a wonderful thing, has big problems. Maria joining right now emergency and family family doctor, dr. Janet good to see you this morning. How serious in terms of vaping . Very serious, people are dying, we have previously very healthy young patients, teenager who is are great one day and the next day they are showing up in the emergency room with severe shortness of breath, they cant breathe, the lungs have collapsed an we have seen 6 people have died and hundreds have been hospitalized, its a very serious issue that we have to tackle because these young kids, you know, a lot of them they dont know any better and purchasing illegal cartridges and smoking and vaping marijuana, artificial flavors, chemicals, getting them off the streets they dont really know exactly what they are inhaling what and we do know, part of that is artificial flavors that have chemicals in it that can cause damage in the lungs. Maria hold on, chris is here and youre a skeptic on some of this, right . Yeah, to your point, these are pirated thc products that the kids are smoking, its like drinking moon shine or smoking fake cigarettes, why would you hold an entire industry to account for people selling drugs . This isnt holding the entire industry, we dont know the cause of whats causing kids to be hospitalized on ventilators on the icu, we think it could be illegal marijuana, maybe traced with vitamin e, artificial flavors and chemicals, its not natural to inhale strawberry and mango and watermelon, cotton candy, flavors that they use to get kids hooked on nicotine at young age, causes developmental brain add abnormalities in the kids and will become addicts at young age. Maria the president plan to go pull most vaping products from the market citing the concerns. Dagen yeah, this is government overreach, period, because again we think it might be does not justify the government coming in and basically wiping products off store shelfs as much of a problem it might be, to chris point many links are to thc, psycho active ingredient to marijuana, these are not the products, ecigarettes that you would buy at a convenient store, many of them contain significant amount of vitamin e, oil used as thickening agent for the vaping liquid, this is according to both the new York State Health department and food and drug administration, my point is that the timing of it its not even curious, the first lady clearly has a big say, she was at the announcement and on monday she tweeted about the dangers of ecigarettes, its pretty clear its not just the president of the United States making decisions about this, yes, we need to look into the illnesses, yes, we need to crack down on the sale of mick teen nicotine devices to children, a lot can be done through federal trade commission and cracking down through advertisement and availability through products and not universal ban for illnesses that we didnt necessarily track to ecigarettes. Its not a universal ban, hes keeping some of the flavors like tobacco flavor that is would be appealing to adult bus trying to minimize children being lured in and enticed by cotton candy. Dagen where is the parent in all of this . Why is it the governments problem and not the parents problem. [inaudible conversations] they are citing addiction. I cant think of anything, nothing natural about inhaling the strawberryflavored things. We have fake meat being tushed, what happened to red meat and cigarettes, the oldAmerican Products. Dagen cigarettes cause it cancer, my mother is dying from cancer so lets tone it down a little bit. Affects Brain Development and causes addlike behavior and mood swings, behavioral problems, changes with the sleep, with their studies and down the road half of them will become regular cigarette smokers. You have the same problem with maria go ahead, steve. A lot of problem with cannabis as well but yet push to legalize it and make it more available and in terms of vaping for reason industry has been against vaping even know a lot of adults have been able to give up cigarettes, vape asking not good but heck a lot better than cigarette smoking. Dagen do i want to add because ive said this on the program before that this is dangerous because the companies have targeted its very clear that theyve targeted teenagers to get them addicted potentially. Maria growth story. Dagen correct, there has to be regulation but this is a blanket ban on a lot of different ecigarettes and does look like government overreach. Maria i get you. Great to see you, thank you so much. We will keep talking about this, we will have insights back soon, thank you, the Supreme Court delivering a major win meanwhile for the Trump Administration, we have Cheryl Casone on details right now in headlines, cheryl. Cheryl maria, the Supreme Court green lighting restrictions on Asylum Seekers trying to enter the u. S. By traveling to third country, first seek safe haven, now California District Court judge had issued injunction blocking that rule later it was killed by the ninth circuit, the Supreme Court ruling for rules to take effect. Well, walmart has added unlimited grocery delivery. Pay 98dollar annual fee or 12. 95 for the service, you can pay per delivery if you dont want to subscribe. Planning to roll out and expands by the end of the year, this is going after amazon on this one. Then theres this, maria, unique art exhibit in italy named hillary, the Hillary Clinton emails, features thousands of pages of correspondents, her emails, look at, this she did, Hillary Clinton herself, there she is. Former candidate for president even sat in a replica of the oval office, filed through some of the pages, pictures of her visit saying she spent about an hour at the exhibit. Sense of humor about the whole thing now at least. There you have that. Maria didnt she use a hammer and bleach bit to get rid of emails, to sit there and mick a joke about it, i dont know, what do you think . She ran emails on a server that was not certify and company that wasnt allowed to have those emails, the orders were given to destroy those emails, to use bleach, to use whatever, those werent specific in any order, but to get rid of these and pretend wipe it clean with a cloth, but, i guess, if you can get over a little bit of the bitterness a few years after the election and try to move on, then might be god for the health i wonder if she got copies from the nsa . [laughter] dagen if a democrat winds up in the white house do you think she ends up in the administration . Yes, if Elizabeth Warren wins. Dagen open communications with Hillary Clinton. Maria great point, Hillary Clinton. Dagen i have no idea, im raising the issue. Maria breaking news, guys, new developments on the china trade story, wall street journal this morning has new report on what china is looking for in the negotiations, get this, the journal is reporting that china is looking to narrow the scope of the talks to focus only on trade, put National Security issues on separate track. Can we do that . Can you put National Security issues on a separate track and just focus on china buying more stuff from the United States, steve . Well, we had such an agreement about a year and a half ago, secretary mnuchin went to china and came back and the president said no, not good enough and the chinese were shocked, mnuchin, treasury secretary was shocked, im not sure how far this is going to go. Maria where does the intellectual theft property stand, dagen, is that a National Security issue or is that trade, are they ever going to admit that they have been stealing from the United States for decades . They we need to get a deal thats comprehensive in one way, shape or form, you have hammered this for literally years now and if you dont get those protections for intellectual property and basically stopping some of the espionage, then what was this fight for . You go ahead. Play into chinas hands. Maria thats what china wants. Like the United States used to and to separate the two and say, well, not Pay Attention to what we are doing to hurt you, lets talk about money, thats what they want. Maria load of money, thats why they are acquiring all companies in Silicon Valley and trying to get ahead of us on ai and forcing transfer of technology, so i dont see how the president can accept that but he wants a deal, the chinese want a deal. Dagen guess who Maria Bartiromo will be interviewing. Maria we will talk to pete navarro coming up in about an hour. First crisis, mypillow ceo will be here. We will finally meet mike lindell in person, stay with us. I get it all the time. 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Maria welcome back, headlines across america this morning, la times reports california would allow College Athletes to profit from endorsements under bill sent to governor, controversial legislation gets lots of National Attention this morning with supporters praising it for giving athletes cash wind fall, they help bring to universities and ncaa but the ncaa is calling the legislation unconstitutional and harmful, miami harold, to curve pollution miami beach bans Plastic Straws and stirs city wide, the goal to slash plastic pollution in city storm draining and famous beaches, give businesses time to adjust, full enforcement begins next july, connecticut post says connecticut couple finds 100,000dollar Powerball Ticket under the car, connecticut saying there was a Winning Ticket sold, one they tuck away, turns out it was the golden ticket, they said timing could not be better and need new car and boat could use a motor as well, good for them. We all stuck somewhere in car or homes . [laughter] yes. [laughter] dagen Maria Bartiromo, you would never ever misplace money even in the form of lottery ticket. Maria short break, we want to look at Opioid Crisis next, Perdue Pharma agreed deal, ceo of mike pillow will weigh in on that, wait till you hear opinion, tesla new model s test, going faster than before, we will tell you about it. Kevin Kevin Kevin Kevin Kevin Kevin Kevin kevin trusted advice for life. Kevin, hows your mom . Life well planned. See what a Raymond James Financial Advisor can do for you. Maria welcome back, drug addiction in america, Perdue Pharma, maker of oxycodone, called for perdue to call for bankruptcy, my next guest, what are the odds, from crack addict to ceo, detailing journey from drug addiction to owning his own company, familiar face on the network, the inventor and ceo of my pillow, mike lindell, thank you so much for being here. Thanks for having me on. We are fan of your commercial, we watch it all of the time, the book that youve written is really an honest and severe look at what youve gone through, can you tell us your story . Yeah, i was, you know, i was cocaine addict, functioning cocaine addict for about 20 years and then that turned to crack cocaine and i was all the stuff, i learned a lot about addiction, where it came from, you know, addiction comes from wounds, childhood, fatherlessness, mine was divorce, Different Things that happened during childhood and trauma and manifest, pain manifests in addiction, on january 16th, 2009 god freed me of desires and i went to faithbase Treatment Center to find out why i was addicted in the first place and planted so many seeds of hope for me and and i i just for myself now where im at is i want to just do everything i can, i actually had drug dealers do intervention on me in 2008 and i had been up for 14 days and they said, we are cutting you off in downtown minneapolis, youre not getting anymore crack and two of them left and one of them fell asleep but i went down the streets of minneapolis and couldnt find crack anywhere and i came back upstairs and the dealer says, how did that work out, give me your phone, i want to take a picture of you, youve been telling us for years that this my pillow is a platform for god and youre going to come back and help us all some day and we are not going to let you die on us and i will always tell the guys that i would come back some day and help them, two of the guys work for me and their free of drugs and giving people second chances, addicts are hard workers if they get their hearts restored and its amazing. Maria wow. Steve forbes here, theres been talk you might run for governor of minnesota, the state badly needs somebody that knows what they are doing in that chair. [laughter] were well, if god would have me do it, i would do it, i give the same answer. Right now im all in for president and everything hes been doing and and thats where im putting all my energies into getting, you know, sort of switched to when i came out of crack addiction i didnt know anything about politics and boy, i learn how much they affect our everyday lives and ive become very much involved in it. Chris bedford, a lot of policy folks say in private or sometimes in public that a lot of the country cant be saved, the americans wont do jobs, drug addiction, people wont work, theres theres laziness, how would you deal with it, how would you respond from criticism from folks on cocktail circles in dc . Well, thats fake news. [laughter] right now right now we are in the best Consumer Confidence in history that ive seen and and, you know, entrepreneurs and and people are taking chances and starting businesses and taking chances on products because they have safety net because everybody is employed, its absolutely amazing and i have a thing im doing thats called the lindell recovery network, im going the take im hope for a lot of addicts out there but to have common hope, their age and addiction, its going to be online thing, all the people that have been set free and im going get them help with the addiction, with the faithbase recovery centers. Maria we send you our best, mike lindell, we will be right back. Thank you. Well. If you run a business, it means a lot. For starters, we provide you with Financing Options for your customers. That way, you can help them buy the things they love instantly and pay over time. And that turns them into serious fans. Hang on, theres more. Want Customer Insights . Weve got those, too. We use data to show you what your shoppers have already bought so we can tell you what they might consider buying next. And you can offer them the perfect products. That ceo gets it. From adding unique capabilities to your companys apps to bringing you loyalty programs, our technology and Financial Solutions are changing whats possible in all sorts of ways. So, how can we change whats possible for you . So, how can we change. Award winning design. Award winning engine. The volvo xc90. Our most awarded luxury suv. Thats where i feel normal. Having an annuity tells me my retirement is protected. Learn more at retire your risk dot org. 2,000 fence posts. 900 acres. 48 bales. All before lunch, which we caught last saturday. We earn our scars. We wear our work ethic. We work until the works done. And when it is, a few hours of shuteye to rest up for tomorrow, the day well finally get something done. Liberty Mutual customizes your car insurance, the day well finally gethmm. Exactly. Ne. So you only pay for what you need. Nice. But, uh. Whats up with your. Partner . Not again. Limu thats your reflection. Only pay for what you need. Liberty, liberty, liberty, Liberty Maria welcome back. Good thursday morning, everybody. Thanks so much for joining us. Im Maria Bartiromo. It is thursday, september 12t september 12th. Your top stories right now. Countdown the European Central Bank Decision, investors are expecting a major stimulus out of europe this morning including a cut in in Interest Rates. Wit ill be enough for investors . Will it move markets . Well look at that. The fed meets on tuesday and wednesday. Well get the ecb news in about 30 minutes. U. S. China trade tensions easing a bit. The wall street journal is now reporting that china is looking to narrow negotiations to only trade matters. Putting the National Security issues on a separate track. This after President Trump announced he is delaying a planned tariff increase by two weeks as a show of goodwill to the chinese, ahead of next months facetoface talks in dc early october. Markets are higher on all of this. A gain of 50 points on the dow industrials, the s p is up 3 andahalf and nasdaq right now up 25. Thats a third of a percent. This on top of gains across the board on wall street yesterday, the dow closing higher for a sixth day in a row yesterday with a gain of 227 points, almost 1 , s p and nasdaq higher by three quarters of a percent and better than 1 . Looking at glows bal global , european indices hovering above the flat line ahead of the cb decision. The dax is higher by 15 points. The others are in negative territory. Mixed performances in asian markets, japan and a china were off three quarters of 1 . The state of retail this morning, bankruptcies and store closings are rising in the first half of the year. A look at why and the road ahead for retail. Then tesla teasing an updated model s, find out whats new for the electric vehicle. All those stories coming up this morning. Joining the conversation this morning, the director of office and trade and Manufacturing Policy, Peter Navarro is here live on u. S. China trade negotiations. Well talk about the new elements to the trade deal this morning with Peter Navarro. Also with us North Carolina attorney general josh stein on the Perdue Pharma deal. Weve got a big two hours coming up. Our top stor story this hour, te democratic debate, as the top 102020 democratic contenders will share the debate stage tonight. Our next guest is former Senior Advisor to president george w bush, karl rove. Great to see you. Thanks for letting me in the sacred precinct. Maria you have now arrived, youre on the mornings with maria set. You just published a new op ed in the joint venture nail, the tie tell of your op ed, the only democrat was a chance, you say its down to former Vice President joe biden, and senators Elizabeth Warren and Bernie Sanders. Writing this, many candidates will crowd thursdays democratic debate stage but only three, two of whom are radically left wing can realistically cour cross the finish line. These candidates have been out there for a while. Most got in the race early in the year. Theyve had eight months to get their act together and over the last summer, in the summer, only three candidates in the have busted 10 theres the real clear politics average, biden, sanders, warren and through early august, Kamala Harris. But since the first of august, since early august, there are only three who have more than 10 . Twothirds of the support among democrats goes to those three candidates, onethird goes to 17 other candidates, plus undecided. And i dont see anything thats going to change, theres not going to be some dray dramatic breakthrough that is going to vault somebody people have looked democrats have looked at all these people and had they find them maybe entertaining, maybe worthy, but they dont find them worthy of their support. Maria i feel thats the democratic leadership feels theres three viable candidates. What do you think . Dagen as the other candidates fall away, who of those three get the support that, say, a booker or buttigieg, you name it, have garnered. Maria are they vp candidates . They could be king makers. But we dont know. I mean, because i think thats whats going to happen is, were going to get to a moment where somebody collapses and who has the mojo at that moment . And this tension that is inside the Democratic Party between do we want to win or do we want somebody who shares my yellow dog democratic views. And the problem is, the longer it goes on, the greater the likelihood that we could have people saying well, you know what, the people who thinks most like me is the person who has the best shot of winning, this is the stacy abrams view, that the way for democrats to win is to be as far left as they possibly can so they can bring out the untold multitudes of people who share their left wing views but are not motivated by traditional democrats. Are you seeing the media going far left, doing to biden what they did to howard dean 15 years ago . Maria it feels that way. I think thats happening right now. We had two stories, New York Times, washington post, both saying basically weve got to look deeply, the guy may have fundamental problems that he cant overcome. A lot of folks in the media are dismissing outright Bernie Sanders. You put him in the top three. In iowa and a New Hampshire hes drawing crowds. Its reflected in the polls. Do you think theyre wrong and Bernie Sanders could win the democratic nomination . I subtlely put in my column, weve got were having a fascination right now with Elizabeth Warren and everybodys shes got the mojo. She and bernie are essentially decide. Shes a scootch ahead of him. The only reason shes ahead of him is she led him since the first of august in eight polls, hes led her in 17. Her lead in the eight is slightly better than his lead in the 17. I find something to be we need to Pay Attention to the fact that hes actually among the polls, he leads her more often than she leads. And hell never quit. Hell never quit. Among democratic primary voters, ive heard that 55, 60 are women. And a lot of them are not going to he vote for a man. So why wouldnt Kamala Harris have a chance to come back again, especially against you get one chance to introduce yourself and she i think failed in her she had a good announcement speech but the debate where she was going to strike the moment, you know, turned out to be two cubed by half and she had no followthrough. Shes been evasive. Youre not going to get the heart of the democrat when you say yes, im in favor for medicare for all, oh, i didnt understand the question. Maria then, theyre in disarray over what they want to do. Look whats happening with jerry nadler, sending mixed messages on impeachment, the House Judiciary Committee chair wants to go forward. Theyre going to today on a criteria for the impeachment probe as dems remain divided on the process. Theres a lot of conversation, i wonder what you think about thatthat, that Jerry Nadlers gg forward with this because hes got a challenger in new york, shes giving him some real challenges in terms of taking him out and he feels like maybe he has to push forward on this because hes got this primary challenger. What do you think . I think that may be an impulse but i think its a small impulse. He wants to impeach trump. He said that from the beginning. In addition, hes a chairman and hes on his committee, 24 democrats, 17 of whom are openly in favor of impeachment, if youre a chairman, kind of like the mayor curly, wheres the parade, ive got to lead my people. He is on the road to impeachment and without the formal process we formally have. Normally the house of representatives votes a resolution and then the Judiciary Committee moves forward. Now the Judiciary Committee says we aint waiting for the overall house. So hes sitting there looking at a vast majority of his democrat members, Committee Members in favor of impeachment, a majority of democrats favoring impeachment proceedings and the difficulty for nancy pelosi is all the centrist democrats who gave them control of the house by taking republican seats who do not want to be seen on record as impeachment, theyll be drowned out by what jerry nadler does and nadler is not only putting the democrats in a bad position with regard to impeachment, hes drowning out any possibility of people understanding what else are they doing. Maria i feel this is a lot of look, this is noise so people think there is Something Really here and yet hes never going to get this a vote in the house. Never going to happen. Still, hes making all of this noise so the public thinks theres actual things to impeach. Im not certain they do there are actual things to impeach. Polls are showing the number of people who oppose impeachment of President Trump is growing. For a lot of them the issue was settled by Robert Mueller recall mueller didnt find anything of impeachment. Lets stop it. Lets get to the peoples business. Dagen muellers performance was horrible for the democrats. But lets connect this, the imachment proceedings and the far left policies of the democratic president ial candidates, warren and sanders. Basically that would destroy our way of life and our standard of living in this country. You look at A Dan Mccready who lost in North Carolina, where people are looking at what the democrat doing on the National Stage and that tainted him. Will it taint candidates for the house, senate next year and even the president ial candidate for the dems . It could taint it could have a de deleterious effect, y. It could he create a problem inside the democrats. Think of the centr democrats, if they dont come out with impeachment they inflame the passion of people on the left. Thats 1 or 2 who say i wont vote for the democrat, ill throw away my vote or vote for a third party candidate. Does it give the republicans a great chance of controlling the house . Im not certain yet. I doubt it. It does give them a chance to pick up seats incrementally. The more seats the republicans pick up, the more difficult it becomes if democrats retain control of the house for nancy pelosi to govern because the am oc and the squad will be a bigger percentage of the remaining democrats. Quick question. Can Elizabeth Warren appeal to minority voters, South Carolina and elsewhere . Is that going to she hasnt thus far. Look, dont shes the least popular statewide elected official in massachusetts. Why . And were not paying attention to the fact that professor warren is not a very nice person and dagen she was a republican until 96. Well, she was a chickisau or cherokee before that. Maria who do you think will be the democrat nominee . I have no idea. Im waiting for steve forbes to opine and ill tell you. Maria come on. Biden . I have no idea you have to have 15 of the vote in any state to get delegates. Well have a vote divided up between the big three and occasionally, like amy clock chaklobucharmight get candidaten minnesota. A broke heer convention . A convention that goes to a second ballot. On the second ballot, 775 super delegates who are not allowed to vote on the first ballot get to come on the field and they can come roaring on and whoeveif e three candidates with similar numbers and on come the super delegates, there are going to be a lot of angry people. Dagen do you know who will parachute in if its a broker convention . Barack obama, president [], and his wife who is selling out arenas. You know what, that may be they may sell out arenas, but on the floor of the Democratic Convention i was there last time around. The Bernie Sanders people who are em blah ma particula thed up to give a speech. Of before he said one r word, they started booing him. Barack obama is a sellout in their view, the man who failed to take advantage of the moment. Maria all right, great insights as always. Thank you. Coming up, eyeing retail, forever 21 reportedly planning for bankruptcy as a new study sheds light on the cost of tariffs. We take a look. Taking tesla to another level, elon musk hinting a future model s would break current speed limits. What he said coming up. Stay with us. We can go crashing down. We come back every time. We never go out of style. We never go out of when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. Of the value youll find at fidelity. To call yourself an explorer . Traveling to the darkest depths of the ocean. Pushing beyond the known horizon. Passing through. Hey mom, can we get froyo . , yeah, froyo. Yes. The allnew 2020 Ford Explorer st. With intelligent 4wd and terrain management system. Its the greatest exploration vehicle of all time. Audreys on it. Eating right and staying active . On it audrey thinks shes doing all she can to manage her type 2 diabetes and heart disease, but is her treatment doing enough to lower her heart risk . [sfx crash of Football Players colliding offcamera. ] maybe not. Jardiance can reduce the risk of cardiovascular death for adults who also have known heart disease. So it could help save your life from a heart attack or stroke. And it lowers a1c. Jardiance can cause serious side effects including dehydration, genital yeast or urinary tract infections, and sudden kidney problems. Ketoacidosis is a serious side effect that may be fatal. A rare, but lifethreatening bacterial infection in the skin of the perineum could occur. Stop taking jardiance and call your doctor right away if you have symptoms of this bacterial infection, ketoacidosis, or an allergic reaction. Do not take jardiance if you are on dialysis or have severe kidney problems. Taking jardiance with a sulfonylurea or insulin may cause low blood sugar. Lower a1c and lower risk of a fatal heart attack . On it. With jardiance. Ask your doctor about jance. Fun fact 1 in 4 of us millennials have debt we might die with. And most of that debt is actually from credit cards. Its just not right. But with sofi, you can get your credit cards right by consolidating your Credit Card Debt into one monthly payment. You can get your Interest Rate right by locking in a fixed low rate today. And you can get your money right. With sofi. Check your rate in 2 minutes or less. Get a nofee personal loan up to 100k. Maria welcome back. A preliminary report expected in the fatal boat fire in california. Cheryls on headlines. Cheryl the National Transportation safety board is planning to release the initial report today after divers recovered the bodies of the last victims. 34 people died in that fire. Investigators have been looking at how Battery Electronics were stand charged as well as how the crew was trained on the boat. Five crew members did survive the disaster. The ceos of 145 u. S. Companies calling on the federal government to do something about gun violence in america. The New York Times reports leaders of companies that include airbnb, the gap, pinterest, lyft, the Brookfield Property group and Royal Caribbean have sent a letter to the senate urging expanded background checks and stronger red flag laws. Walmart you may remember announced last week it was removing certain ammunition and guns from its stores and they changed the open cry policy as well. Kroger, cvs, walgreens and wegmans also changed their policy following the lead of walmart. Teslas ceo elon musk channeling his inner baseball fan. My brains are going into my feet. Cheryl cheryl musk said the companys prototype model s with its new powertrain, calle called plaid o faster than the speeds the companys cars can currently hit. Musk said it made the speed in 96 seconds. Maria quick break and then the tariffs and the consumer, how much are americans feeling the tariffs, were going to take a look when we come back. Were waiting on the European Central bank this morning, the announcement on Interest Rates coming in 30 minutes. Stay with us for that, march he get impact news. That Market Impact news. That dont impress me much. So you got the looks but have you got the touch. Now, dont get me wrong, yeah, i think youre all right. But that wont keep me warm in the middle of the night. So. Lets talk. Were built for hearing whats important to you, one to one. Edward jones. Its time for investing to feel individual. At comcast, we didnt build the nations largest gigspeed 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. Maria welcome back. The state of retail, according to a report from bdo, highlighted in the wall street journal, store closings in the First Six Months of the year are already ahead of the total number of brick and mortar closings during all of last year and then theres the new report from the journal that says the latest bankruptcy filing from teen he Clothing Brand forever 21 is coming but the chain is denying it. Joining us right now to discuss the state of retail is the president of badgely mihka, christine current. How would you characterize the backdrop for business and retail . Well, i think its always changing. Its an everchanging business. Right now were in this period of flux, not knowing where its going with obviously everybody talking about the tariffs. You were talking about forever 21 bankruptcy with stores closings. Its a challenging time. Maria theres uncertainty out there. Is that impacting consumers buying goods from your company . I dont think so. We have always been known for luxury, timeless fashion and so i think they keep coming to us for their special moments or special occasions, that were going to deliver, were going to make them look fabulous. Maria have you seen an increase in your own costs as a result . Where do you manufacture your clothing . So, were fortunate enough to be quite diverse with our manufacturing, whether it be china, india, europe, canada, the United States, so weve been lucky with that. But we still do have a big business in china and factories weve been working with for dozens of years. And so trying to switch supply chain is it requires such specialized lay. Maria will you change and take your supply chain out of china and go somewhere else . I think its difficult to answer that right now, just because o none of us know how lg this will last, what the future of this is. So to abort those relationships and Specialized Labor that he weve had for so long, its not a commodity business, its not something where you can pick up and go to vietnam or cambodia or bangladesh. Its something that really takes time and skill. Maria you were looking at your spring and summer 2020 collection, it debuted yesterday at new york fashion week. Tell us about the new he designs and how its resonating. Thank you. Weve been getting amazing reviews so far. So thats spectacular. The clothing is chic. Mark and james had this inspiration of caribbean glamour, white sandy beaches, turquoise water, taking take hollywood glamour to the caribbean. Maria what trends do you see in fashion that you can share with us . Our runway show was very print head to toe with shoes matching. Maria a lot of prints. A lot of prints. Again, its always embellished and beaded and overthetop and statement pieces. Maria now you dont have stores. We have one Flagship Stores in california. We have around 30 stores in china. Maria thats interesting that you have stores in china. Have you seen any difference in terms of business in china . Because the economy there has slowed down. Yes, yes. Its definitely slowing down there. Were noticin noticing that, feg that. But i think longterm i think its a good opportunity. Maria youre looking at the tariff situation as an uncertainty, but so far it hasnt hit the bottom line. Is that what youre saying . Correct. Maria you have all your stores in china, thats interesting. Whats your reaction to whats going on between the u. S. And china . I mean, its awful and i think everybodys just trying to navigate it and the uncertainty is the piece. Its not something where you can move your business in a matter of months. I mean, it takes years and years to try to switch gears. So maria are there badgely mishkas that arent yours in china, you know how they steal certain or try to mimic certain designers, do you see that in china as well . We not. We have not. We have not. Maria its great to have you on the show. Thank you so much. Maria coming up, where it started, washington and beijing at odds over trade. Theres a long history, beginning decades ago. We take a look at where it started and where its going. The president is weighing in on the central bank as investors wait for a key decision from the ecb. Thats next. Stay with us. Will you ever win. Will you ever win. At synchrony, were changing whats possible every single day. But what does changing whats possible mean anyway . Well. If you run a business, it means a lot. For starters, we provide you with Financing Options for your customers. That way, you can help them buy the things they love instantly and pay over time. And that turns them into serious fans. Hang on, theres more. Want Customer Insights . Weve got those, too. We use data to show you what your shoppers have already bought so we can tell you what they might consider buying next. And you can offer them the perfect products. That ceo gets it. From adding unique capabilities to your companys apps to bringing you loyalty programs, our technology and Financial Solutions are changing whats possible in all sorts of ways. So, how can we change whats possible for you . [upbeat action music]e pilot were going to be on the tarmac for another 45 minutes or so. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. 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Maria welcome back. Good thursday morning, everybody. Thanks so much for joining us. Im Maria Bartiromo. It is thursday, september 12t september 12th. Your top stories right now, 7 30 on the east coast. Countdown to the European Central Bank Decision, due out in 15 minutes. Stay with us, as well get the news and see if markets are getting impacted. Investors expecting a maj stimulus plan out of the ecb including a cut in Interest Rates. Will it be enough for investors . Well look at that and plus what it means for the Federal Reserves meeting on september and 18th. The wall street journal is reporting that china is looking to narrow negotiations to look at only trade matters, putting National Security issues on a separate track. This after President Trump delayed a planned tariff increase by two weeks as a show of goodwill to the chinese ahead of next months facetoface talks in early october in dc. Markets are higher on all of that news. Futures indicate a gain, about 50 points higher on the dow industrials. This on top of gains across the board yesterday, the dow closing higher for a sixth session in a row yesterday, the dow and s p less than 1 away from alltime highs this morning. Global markets this morning are mixed, european markets hovering around the flat line ahead of the ecb decision that may change in about 15 minutes time. The dax index is up 11 points, the others are fractional hey negative. In asia overnight, mixed moves there as well. Korea is closed due to a national holiday. The others mixed as you can see. Our top story this half hour, u. S. China trade, it is very much in focus right now but the countries have had a complicated relationship for decades. How did we get this recent impasse . Jackie deangeles is looking at the history and how it has shaped the current state of affairs. Good morning. Good morning. I want to start with a tweet you referenced in materials of trade negotiations with the president delaying the increase in tariffs. He said at the request of the vice he premier of china, and due to the fact that the peoples republic of china will celebrate their 70t 70th anniversary on october 1st we agreed as a gesture of goodwill to move the increased tariffs on 250 billion worth of goods, 25 to 30 , from october 1st to october 15th. This trade war keeps going back and forth and that use of the term goodwill so important when youre negotiating with china. So we wanted to take a step back. People forget that this is relatively recent. We didnt start having conversations with the peoples republic of china until 1972 when president nixon made his historic trip there. It ended 25 years of ceased communications, started the process of d diplomatic normalizations. There was preparation for nixons trip, making more than 100 trips to china. I sat down and had a conversation about what it was like to talk to the chinese, to negotiate with them. We were starting from square one. I never could have imagined then that the relationship would blossom to such an intense trade and financial and investment relationship of the kind weve seen, that took a building process first of knowledge and then of getting to know who the Major Players were and then building some level of confidence in one another. What was so interesting was that he went on to tell me how china was so focused on selling labor intensive goods, how that would be very beneficial to the u. S. And to them but what they didnt see at that time was technology and how big of a piece of the picture it would be and how competitive china would become. Later were going to talk about the 80s and 90s and how trade relations developed and how goods start todd be manufactured and sold there. Maria little by little the chinese saw the relationship and the technology it was learning about as an easy way to adopt that technology, in effect stealing it. They have learned so much from us over the decades and that is why we are in this titfortat back and forth and culturally speaking bob will talk about what its like to make a deal and if its possible. Maria the Chinese Commerce ministry is saying we welcome goodwill from the u. S. Side. Jackie, thank you so much. Well be watching your reporting all day. Markets are higher this morning on some of the headlines. Dow industrials up 53 points, s p up 4 and nasdaq up 30. Were awaiting the European Central Bank Decision on a potential rate cut, many expecting stimulus measures in europe this morning, that decision expected in about 10 minutes time. Joining with more on that is John Hilsenrath in dc. Always great to see you. What are you expecting from the ecb . Were expecting a few things. Their benchmark Interest Rate is at negative 0. 4 . I think the consensus in the market is they put it down by onetenth of 1 , so down to negative 0. 5 . They might relaunch their kiwi programs, is the other thing that we have to look for. Do they relaunch it and how do they do it. Do they get into exotic things like stocks and Corporate Bonds or do they stick with Government Debt . What do they think is going to be accomplished by this . Theyve been doing this for years. It didnt do very much, this zero Interest Rates, it harms banks in terms of going out and making loans. What you is the real goal of this what is the rea real gof this . Thats a good question. Some would argue the real goal is to depreciate the euro, depreciate the currency. If that is the objective, thats fighting words for the president of the United States. He feels like the fed is getting outmaneuvered by other Central Banks who are lowering their Interest Rates to really depreciate their corn you sighs and get an currencies and get an advantage in trade relations. Do you think that will spill over in the dispute we have with germany and others on autos from europe. I think it has the potential to do that. I think it has the potential to affect the dynamics of u. S. China trade negotiations. A lot of people have argued that the president should keep his focus squarely on china and not bring American Allies like germany and others into his trade fights. But i think if he thinks that the ecb is trying to depreciate the euro, it kind of reinforces this idea in the president s head that the europeans arent playing fairly either and that he needs to go after them. Maria and he has said a long time that europe is potentially even worse than china. He actually has said that he said that to me in a couple of my interviews. The president on twitter yesterday is calling for the fed to bring rates to zero or less. The ecb move today, you wonder if thats actually going to move the fed as well. You said not this meeting. What do you think, dagen . Dagen john said the expectation is for a point 0. 1 cut, i mean, reduction on the downside to the negative side. If its 20 basis points, that could be a signal that the ecb is targeting the currency, trying to weaken the euro and that could be the thing that tips the president over to call for something more dramatic from our own Federal Reserve but also, again, raise the prospect of tariffs on imports of autos and auto parts from europe. Thats something to watch out for. Maria that would be quite significant. John, real quick and then were going to take a break because the ecb is coming up. When the president says he wants negative Interest Rates, you have to remember, negative Interest Rates in places like japan and europe are a sign of weakness, theyre not a sign of strength its because their economies are so week theyre forced to do this. I would say be careful what you wish for on that front. The fed seems pretty locked in on Interest Rate cut at the next meeting but not an aggressive one. Theyll probably cut rates by more than the europeans but theyre still in positive territory. Maria the journal, you reported just this week its going to be 125 basis points 25 basis points next week for the fed. Were awaiting the ecb decision, we want to get your comments and opinion after it happens. We are waiting on the europe mean central bank news, the ecb aannouncement on Interest Rates is next. Back in a minute with that. I get it all the time. Have you lost weight . Of course i have ever since i started renting from national. 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We have heard from turkey this morning, the Turkish Central Bank cut rates by 325 points in its second easing move. This was expected. But its just more signals that we are looking at a Stimulus Program across the world. Back with us is the wall street journal senior writer, John Hilsenrath. Also joining us is Senior Market analyst, craig erlam. What are you expecting from the ecb . Im expecting there is going to be stimulus. The question is just how much. The Interest Rate cut is fully priced in. I think quantitative easing may be likely as well. Whether mario draghi will bring the full bazooka to this meeting or whether hell leave some, well have to wait and see. Market expectations are extremely high. Maria it sure is. German gdp, they cut the 2019 growth forecast for germany saying a recession would hit in the Third Quarter. Europe has been really hardpressed to show any growth, steve, in terms of the eurozone p. Well, because they wont make the structural change they need to make in terms of deregulation, changes in taxation, so they rely on Monetary Policy and weve seen Monetary Policy doesnt work, didnt work for europe and it didnt work in the u. S. When we tried it under barack obama for eight years. Maria part of it is they need structural change with labor laws, right . Labor laws, making it easier to hire and fire and having the ability to be easier to start businesses. The key thing is, europe is crushed by crazy pay control taxes. I think in france, its over 50 . Its insane. Maria that is insane. John, any thoughts on that in terms of whether or not we are going to see fundamental change in terms of some of these labor laws and taxes . This is really a fiscal situation, not necessarily anything the ecb can do. I think thats a very long and slow process thats playing out in europe and in some ways they have deregulated. If you fly around europe right now, they have a lot of discount airlines. Theyve opened up that market. Its cheaper to fly around europe than it is the u. S. So thats an area where deregulation is helpful a bit. But things like the labor laws, its a very slowmoving process, its not going to happen h overnight. Maria dagen, your thoughts, as we await the ecb. We have markets that are flat waiting for a stimulus. They will need something large but theyre already negative. Dagen anything the ecb does may not help the economy. If theyre trying to juice inflation by driving down the euro, there doesnt seem to be as much of a connection or correlation between those two very things. And the ecb runs the risk of igniting or reigniting the ire of the president of the United States in terms of a currency war with europe and you have to be careful about what his reaction will be, im not just talking about twitter. And negative Interest Rates hurt the banks and european banks are not in as good of shape as american banks. Europe is more dependent on bank lending for their economies. What the ecb is doing is hurting the economy, not helping it. Dagenthe. Dagen the negative rt hurt bank profits could cause banks to charge more for the loans which has the opposite bank. Maria the European Central bank is cutting Interest Rates right now. We are getting the headlines as theyre happening now. Ashley webster is with us now. Ashley here we go. The rate on deposits down 10 basis points, down to 0. 5 as opposed to 0. 4 . That was expected. The rate of refi staying at zero percent which is where it is right now. As we go through this, lets not forget the ecb has done a lot. They stopped qe back in december. Were waiting to see whether they get back into that game as john was saying earlier, what kind of things are they going to buy, Government Debt or does it get more exotic. The other point i want to make is the ecb can do whatever it wants. It can bring out ba bazookas to. Part of the problem is the fiscal policy, what will governments do to increase government spending. We know germany refuses to get into government spending. Theyre running a surplus, yet theyre not doing anything to help spur their own economy. That is part of the problem. Asset purchases, to resume asset purchases, im getting the headlines as they come down, theyre going to resum asset purchases in november. That is interesting. And buy 20 billion euros in bond, so its Government Debt per month, for as long as necessary. So there you go. It was speculated, in fact theyd get back into qe, quantitative easing, and they are indeed, 20 billion euros in bonds per month. So thats another development from the ecb. Maria more asset purchases and a cut in the deposit rate. John hilsenrath, your reaction to what the ecb is doing as we see markets reacting, european indices are higher across the board on this news and the euro is also moving. Right. So i think its about as expected. I dont know if the markets are going to crazy on this. We expected that tenth of a percent cut in the deposit rate. They didnt do something more aggressive as dagen said, if they had gone to twotenths of a percent or more, that would have signaled an aggressive move. They resumed the qe program but they didnt get into exotic stuff like stocks or etfs which is what the japanese are doing. Mario draghi faced resistance to going aggressive. Sounds like you chose the Straight Line path, what the market was expecting. Again, coming back to what this means in the United States, i think this is going to be evidence to the president that the u. S. Central bank, the Federal Reserve isnt being aggressive enough and needs to do even more. Maria yeah. Weve got a rally in u. S. Futures as well. Dow futures have doubled right now, up 91 points on the dow, subpoena is up 9 and nasdaq is up 48 on this ecb cut. Craig is with us as well. Your reaction to what markets are doing on this ecb news, craig . Yeah, i mean, i think this falls shy of expectations for me. I thought wed see more bond buying. Ive got to agree with everything your guests are saying. Whats the point in all of this . Whats it going to achieve . Id say very little. Banks are under enough pressure, going further into negative territory is not going to help that. We need more he details on the structure of this are they going to change how much bonds they can buy, particularly for germany. Will it rise to 50 . Will there be changes to the capital key. What proportions different countries, bonds theyll have to buy and what adjustments are there going to be on the negative deposit rates to try to insulate the banks. All of these technical questions are key to whether the quantity testif quantitative easing prm could be successful. Fiscal stimulus is going to be far more important for the year over year economy and there is resistance. Was mario draghi trying to have a big fireworks before he left and couldnt get much fireworks . [ laughter ] legacy thing. I think he certainly likes to bring the fireworks. Can i say one thing on the fiscal policy front. So it is the case, all eyes should be on germany right now and i think the question is why arent they cutting taxes . Theres a possibility of them spending more but the germans are in a very strong fiscal position. They have surpluses. They could be in a position to cut taxes and spur growth in spending from that front and they just dont seem inclined to do it. Is the problem with germany the coalition . Youve got the conservatives, the socalled conservatives might be aamenable to tax cuts. Merkel one point liked the flat tax. Theyve got a partner that would be anathema wouldnt it. Its the politics. I also think its the mindset of the germans to be very you prudent fiscally. They want to run they see surplus as signs of longterm strength. They dont want to be running big deficits and building up a lot of Government Debt which is kind of contrary to the rest of the world. It seems a little crazy right now in europe because the government is getting paid to issue debt. Maria the ebb changes the guidance on Interest Rate policy, cuts the deposit rate and says as oat asset purchases continue. Craig, john, ashley, thank you gentlemen. Coming up, a jury rules against j. Pjohnson johnson and talc products. More on the expensive verdict, coming up. Here, it all starts with a simple. Hello hi how can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone [ camera clicking ] wifi up there . Ahhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your xfinity store today. Maria welcome back. Johnson and johnson hit with a multi Million Dollar verdict in a talcum powder. Cheryl a jury awarded more than 37 million to four people who claim the talcum Powder Products caused their illness. Thju voted that the Company Exposed each plaintiff to asbestos and failed to warn about dangers of its products. Johnsojohnson and johnson faces0 talc related lawsuits nationwide. Boeings ceo speaking out against the 737 max saying that it is still expected to fly again later this year but government regulators may not bring the plane back at the same time he said. He spoke at at an Investor Conference yesterday. The max has been grounded since march. Shares of boeing slightly higher in the premarket. There is this groupon is looking to acquisition as shareholders is showing worries over the financfinancials and the stock. They could be targeting yelp, it could create synergies, creating a company with earnings of 900 million to 1 billion. Thats according to sources that are talking to the journal. I decided if i go to yell b and yelp and iget a restaurant revio to groupon. Maria well talk with Peter Navarro weighing in on negotiations coming you up next hour, mornings with maria. Stay with us. Its my chance for romance tonight. Oh, i need you by me. Beside me, to guide me. Cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. Of the value youll find at fidelity. My body is truly powerful. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Trulicity is for people with type 2 diabetes. Its not insulin. I take it once a week. It starts acting in my body from the first dose. 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And it all starts with our gigspeed network. So give us 10 minutes. If we cant offer you faster speed or better savings than your current internet service, well give you 300 dollars for your time. Call now to get your comcast business 10 minute advantage. Comcast business. Beyond fast. Liberty mutual customizes your car insurance, so you only pay for what you need. I wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Maria welcome back. Good thursday morning. Im Maria Bartiromo. It is thursday, september 12 top stories just before km a. M. On the east coast European Central bank cut Interest Rates 10 basis points announcing will restart bondbuying program, it will the buy 20 billion dollars in euros worth of bonds im sorry 20 billion your oz worth of bonds month what it means for Federal Reserve meeting next week tuesday and wednesday u. S. China trade sepgs easing the wall street journal reports china wants to narrow negotiations to focus on trade matters put National Security on separate track this after President Trump delayed a planned tariff increase two weeks said it was a show of good will ahead of next months facetoface meetings in washington in early october futures higher opening this morning as things have accelerated post ecb meeting dow industrials right now up 81 s p up 8, nasdaq up 45. On top of gains across the board yesterday, the dow higher 6th session in a row dow s p 500 just about less than away from alltime highs. Dow industrials up 227 points yesterday, Global Markets picked up union indices reacting to ecb decision positive ft 100 up 13, cac quarante in paris up 32 dax in germany up 71 in asia overnight mixed south korea closed to national headlined but japan up threequarters of a as China Shanghai composite up threequarters of a percent victory for President Trump on immigration this morning sproelt backing the Administration Plan to asylum to some Central Americans depending on situation smile direct club to go public the only dent i have theory startup pricing ipo 23 dollars a share nearly ninebilliondollar valuation all storz this thursday morning top story u. S. China trade talks the wall street journal is reporting that china is trying to narrow the scope of negotiations, to focus only on trade, putting National Security issues only separate track, after President Trump i had there a percent tariff increase on chinese goods, he is delaying by two weeks, sign of good faith joining me office of trade Manufacturing Policy director Peter Navarro great to see you. Thank you so much for joining us allotted to talk about this morning i want to get to your reaction to the ecb about, of course, also your oped this morning in Financial Times first lets talk about china, why is the president delaying the tariffs from october 1 to october 15. Request from chinese side given that october 1st is anniversary of the peoples republic of china there was just a nice goodfaith effort, by President Trump. All right, now, the chinese apparently want to separate these tracks they want to focus only on trade, and put National Security issues on another separate track the the wall street journal is reporting this, this morning poort can you do that . Can you takeaway the National Security frshz trade conversation . Let me refresh our memory as on your show sunday about the lighthizer rule that all negotiations on take place behind closed doors we do not leak i have no comment we need to negotiate behind closed doors the big news for me today this morning the futures are going up, is this move by ecb i think something that i predicted and said if ecb did this, it is aggressive because not just a rate cut it is quantitative easing increase probability fed would cut 50 basis points great for economy the global economy. You did i want to tick get your take on that peter you have talked about the seven sins china does all the time you talked about, the i am not biting on this maria no way that i am going to talk about this morning, i have been very clear. You said in the past. You can talk about it is real important as forced transfer of technology manipulation of the currency. Stop being you are educated. You you educated us, so the questions that chinese are trying to do, and politico you said politico report yesterday the politico team i dont sit on my phone watching politico things come cross no idea what politico says, maria. Politico yesterday reported that chinese said to light youre team whatever, and they said that look, we will apply more stuff we will buy more grill products lay off huawei. Can you lay off huawei. Again, the lighthizer rule we are negotiating, this issue behind closed doors, full stop you are not going to be negotiating this through politico or the wall street journal, or bloomberg. You are on fox business right now, by the way,. Listen in terms of the issues, that you have highlighted they see are por you educated the country about it great job people understand National Security. The president has been beautiful on this united this country around china raised awareness about the scope of the issues. I think that what is important for investors though is that these about negotiations take ace behind closed doors rule two inactivo rule if it doesnt come from lighthizer himself or named source it is probably fake news i would love to talk about what i am going to be doing today. If you considered to put National Security issues to the side. I am not going there i am not going there. You tell me not important,r they important or not important . Maria i am not the lead negotiate here doing this behind closed doors the right way this president has been beautiful negotiating this deal we have the seven structural issues including fentanyl will be negotiated full stop lets wait see what hatches in october meantime today really important day for mrn people this is a little breaking news for you later on i am going to be at blair hours outside the white house with, a group of foreign ambassadors representatives from state department, i am going to negotiating team to talk about about very important issue, about how are universal pollster union has a system in which americans are getting clocks cleaned under antiquated rules universal postalnion usps, postal system has to heavily subsidize incoming mail of a number of countries to tune of hundreds of Million Dollars a year puts manufactureers workers out of business president said enough is enough directed our team to tell them we are getting out in a year we sent a notice to them, takes a year for that clock to toll but meantime, the good news is that joint interagos team has done a really good job working with the upu, i will be going to gn eva september 23 for what is called a Third Extraordinary Congress going to have whole team there, two issues on the ballot. Maria right. If we get a favorable vote we will be able to end this nonsense forever say in upu a great example of a diplomatic victory for the president if we dont get those votes we will be out a great victory for the president undermine of leadership, of not having american publicss exploited it is crazy that. You told me you can send a package cheaper from from shanghai composite to u. S. It is cheaper to do that than from chicago to new york. Yeah, and therein lies the tell a american manufacturers workers cant compete with it shippers cant compete the worse part usps has to foot the bill worse part a lot of traffic we are subsidizing is counterfeit pushing her own products fentanyl, opioids fake lipitor whatever in shanghai they stuffy in pacts bottom barred with us that i dont foe if you know might be fun for your team to go to the airport watch millionth package trying to sort through that get cant baontraband we a doing this right state department relts doing great job working with ambassadors around the world canada Finland Sweden behind this National Association manufactures chamber of commerce solidly behind this, about this would be a real victory for the American People for President Trump, were going to try to bring this o home for president when we go to geneva as oped in ft states today, change the unfair international pols to rate system now i find it fascinating that all packages are coming from china, has chinese admitted that they send in the event send fentanyl in u. S. Seem in denial about whole fentanyl issue in last several week a ship was interdicked from mexican navy from hang shy had 23,000 kilograms fentanyl that is enough to kill the state of florida. Goodness. It is just this is the fentanyl issue is just out of control, and i was in by an buenos aires 2018 chinese said promised they would put an end to this we havent anything slow down at all, by the end of today another 100 americans will die from made in china fentanyl other opioids by the end of the week another thousand americans over 50,000 in a year so this is one of the seven deadly sins that we need to deal with but, meantime, this issue i have been working object this almost a year now with great team, the postmaster general she is one of the coolest he people i ever met so come competent so Good State Department i cant say more about team the process we have been running lets see if we can bring this home for america bring it home for the president but either way were going off to fair rates after that congress in geneva we are either out of upu, or we will have fair rule. S is this going to affect talks coming up in october in any way going to come up early october when youve got facetoface talks between u. S. And china in washington. No. This is on a totally straight, straight track has nothing to do with any of that nothing. What about the entity list in terms of huawei, and where that stands right now i know there is a lot of pressure coming from the chinese, to to lift any pushback on huawei. So our policy on huawei has been firm and clear. There will be no purchase of any huawei products by the government. At the the department of commerce, there is an entities list were not selling things to huawei, and that is what that is the thing, there are back doors in these products, we know that. And there was a backdoor in products in italy a vodafone infrastructure europeans have huawei infrastructure all over huawei zone do you see any indication from friends in europe they are going to reverse take huawei equipment out secretary pompeo was in this studio months ago said to be look if europe keeps huawei products the way they are we will share less information with them because it is a National Security issue. I think you probably should get secretary pompeo back in the studio ask him that, that one is a little outside my lane but what i can tell you is certainly, there is problems with huawei, both on software end because it is a matter of send agnew pat of o compromising things also where had the hardware this government this president well aware of the dangers of huawei and we have very firm policy on that, and that is all i can say about that. Maria which is why it just seems to me who has been a student of this last year it is impossible to straight trade from National Security issues. Peter. You come back to that maria. Look. Again, we have the best president in if modern history having best u. S. Trade representative lighthizer. Can he do a deal without looking at National Security. Lighthizer is in charge of this he will go behind closed doors and negotiating this. You cant we cant put me in this this is not a hot seat i keep telling same thing negotiations behind closed doors lighthizer rule inactivo rule if you read stories. Weve got to make a productive thank youh interview European Central bank cuts 10 basis points markets rallying if fed cuts rates next week 25 basis points as journal reported is that going dooeb enough to move the immediately on economic growth. Move the needle but not enough this is a chess match. Fed is playing checkers in a chess world you got to look at what europeans just did match that the president wants ratesing to to zero the president zero ratings, peter, that is indicative of weak economies you are saying the economy is strong do you really want fed to go to zero . You are you going to let me answer. Go ahead, sorry. The problem is that we have a large Interest Rate spread between what we have and what europe has that is driving up the dollar through trade higher the dollar goes that hurts our exports we saw in q2, that we lost twothirds of a point, alone to reduce exports the fed is costing us a point of are getting the fed differs difference between 2 rate growth strong trump economy and 3 zmie what about uncertainty around tariffs. Stay on fed he though. Both important. The market just went up, on ecb news, rallied strongly on ecb the question what did fed funds futures did probability 50 basis points go up the other big thing that has to happen 30 to 60 days, usmca that is another point of growth lets make this economy great this president has economy that is strong we need to make it even better the fed can help congress the fed, do your job. He peter thank you so much. Mean anyway . Well. If you run a business, it means a lot. For starters, we provide you with Financing Options for your customers. That way, you can help them buy the things they love instantly and pay over time. And that turns them into serious fans. Hang on, theres more. Want Customer Insights . Weve got those, too. We use data to show you what your shoppers have already bought so we can tell you what they might consider buying next. And you can offer them the perfect products. That ceo gets it. 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Maria President Trump tweeted own ecb what he just said European Central bank acting quickly cuts rates 10 basis points trying succeeding in dpleeshing the euro the fed sittings and sits paid to borrow money we are paying interest writes the president the Supreme Court, reinstating the Trump Administration asylum restrictions Cheryl Casone. The high court okaying rules on asylumseekers trying to enter u. S. By traveling through a third country such as mexico without first seeking protection there, the court said that restrictions could take effect even as it faces we should say lower Court Challenges on merits of that case. The ipo market heating up smile direct club raising 1. 35 billion dollars fifth biggest ipo ipo this year 8. 9 billion priced at 23 dollars above the expected range we should say. Those are your headlines, maria back over to you. Maria cheryl thank you so much chris i want your take on victory for the Trump Administration, on asylum, how do you see it. Part of a larger trend i think bill barr is behind this the Supreme Court is behind it as well i think, that lower courts are getting ahead of issued in national injune junction beyond scope, texas knew mexico from stopping immigration laws part of a broader trend have not made ruling yet saying no, no, no, you cant a judge sitting in california cannot just unilaterally stop executive from enforcing. What about the ninth circuit what will we hear from them. I think i am not sure what exactly they have to do now before this gets to Supreme Court. It has been kicked back, to them, before, and the ninth circuit what white house is working on with them trying to make deals with california to do we put one conservative leaning judge for every one or two liberal leaning judges try to actually add a few more conservatives to the ninth circuit but that is going to be a problem for Trump Administration next one to five years. All right. Is there big case coming along with the Supreme Court . Do you know that really clear this once and for. Not the problem of National Injunctions we have some rumors department of justice working on guidance they can issue, we know the administration is more careful this is something bill barrs crosshairs for sure. We leave it there we will come back check on americas opiod crisis back in a minute. With sofi, get your credit cards right by consolidating your Credit Card Debt into one monthly payment. And get your Interest Rate right. So you can save big. Get a nofee personal loan up to 100k. I thats the retirement plan. E, with my annuity, i know there is a guarantee. Its for my family, its for my self, its for my future. Annuities can provide protected income for life. Learn more at retire your risk dot org. Every curve, every innovation, every feeling. A product of mastery. Lease the 2019 es 350 for 379 a month for 36 months. Experience amazing at your lexus dealer. That could allow hackers devices into your home. Ys and like all doors, theyre safer when locked. Thats why you need xfinity xfi. With the xfi gateway, devices connected to your homes wifi are protected. Which helps keep people outside from accessing your passwords, credit cards and cameras. And people inside from accidentally visiting sites that arent secure. And if someone trys well let you know. Xfi advanced security. If its connected, its protected. Call, click, or visit a store today. Maria well welcome want is to show shares of kroger this morning set to report Second Quarter earnings gerri willis expecting a good opening upside. Not for kroger it doesnt look good for them they need a great quarter here, to meet their full year comp what is going on expecting 41 cents a share on eps revenue 28. 36 billion activist investors could step in if they dont the improvement walmart eating lunch in terms of sales growth 3 versus krogers 2 last night oracle a day earlier than expected, earnings tame in in line 81 cents a share revenue at 9. 22 billion a disappointment the forecast disappointed as well we have been talking about ceo taking medical leave, and mary ellison will be running that company i want to get to apple here, stock continuing to trade higher premarket, here, the company hitting a one trilliondollar market cap for the first time largely on announcement three inside iphones apple watch ipad service for content 4. 99 a month undercuting disney a lot going on we get set to open looks pretty positive back to you. Maria gerri thanks very much futures indicating a gain about 90 points on dow coming up we have Consumer Price index up back to before ecb news we will look at markets as well as cpi when we come back america Opioid Crisis Purdue Pharma reaching a tentative deal he with several states the attorney general josh stein with us saying good riddance to the Company Approximately he will jo that one . no what about that . no what about now . no that do it . [ buffer stops ] still not working how bout now . no i just dont know. I mean, i dont know who labeled this thing. Yeah . no expecting increase to mnuchin treasury secretary is speaking. Foreign minister they understood they need waivers from u. S. To do that, and that is not something we are contemplating at the moment. Is there a sea change with no sea change i have been perfectly fair secretary pompeo and i have been executing the president s maximum pressure, campaign president r said he would sit down with rouhani no conditions that is not planned at the moment. The president said that he delayed next round of tariffs on china. I dont think there was anything specifically in return this was an issue that october 1 had a big sighing against to them anniversary asked to delay it president agreed would i hope china reciprocates this was a goodwillesture to the chinese. A major theme of debate will you be watching what watching for. I dont know i will watch parts i am sure will see news clips after it is perfectly clear there are two different approaches to the economy i think it is clear what our approach has been, it worked. Whether it is our tax tax cuts rrg release or trade u. S. Economy out performing Everything Else in the world i think if you listen to the Elizabeth Warren plan, you know, it is a one hundred percent recession if not worse. There was a lot in that interview if you dont mind a different thing on china, huawei do you the trade team the Administration Believe huawei is National Security issue . Or a trade issue . Or both . And secondly, you talked about the possibility of a 50 year bond in a prior interview talked about possibility 50 of 50 and 100 can you fell out what is are in consideration fo. For what we talked huawei there are National Security issues with huawei not things we are discussing i think you know department of commerce is looking at waivers for certain issues that are not National Security. So huawei there are two sides to that. And bonds, focus right now is on 50 year bond, that is something we are actively considering for next year and we will consider, a hundred year bond at appropriate time. Mr. Secretary the effective negotiating strategy a set of delaying that. When you say continuously delay we have tariffs on we have tariffs on 550 billion of goods i wouldnt exactly call that a delay, and and and any negotiation first of all, there is no question the only reason why china is seriously negotiating with us is because of the tariffs. And this president is dealing with that issues should have been dealt with the last 20 or 30 years. So tariffs do work it is what brought them to the table. No different on that sanctions work. And the president , of course, is a negotiator this delay was a good will gesture nothing he more than that. Spoke with chinese, can you guarantee the i spoke to the chinese i believe a week ago, there is a deputy level meeting that is set up i believe either next week or following week, they are coming here, we expect they will be active work done ambassador and i have a date in the beginning of october, i think you know with some logistics issues, ambassador is very focused getting usmca done now that congress is back in session, so that is the number one priority, we have ungo coming up ambassador working on japanese Deal Logistics issues about my expectation is they will be here in october unless something changes. France say said should not be developed in europe your response to what im sorry what should not about be. Libra i think we have been very clear i have had very direct discussions with the consortium that before we approve this in United States, and the u. S. Dollar which is around the world, we would make sure there are very serious conditions put in to make sure that it is not used for terrorist financing not used for money launderinging. They have not met those conditions they dont have a plan to meet those conditions, so i think it is a long way away if ever, thank you, everybody. Thank you, mr. Secretary. All right treasury secretary mnuchin talking to reports that gaggle just there we heard him say that we are going to hear from the chinese, and deputy level next week. And then, of course, the facetoface meetings, on october, what do you guys expect . I think, they are going to get a response the chinese to the idea that they can separate trade and National Security. You think they will separate National Security and trade. Chinese are going to push for that, and administration probably why navratilovaro i can say so awful this morning not answering that question is because they dont have an answer yet. I mean i find it impossible to separate the two things, given the focus that we have had. They are the ones who put it together you could have had it separated. Exactly, but now after all of this conversation. It is impossible to unscramble it now now the public understands the issues. Public does understands i dont think they are interested american mindset changed dramatically not just that they have stolen from us, even worse is that a lot of americas american ceos have popped chinese, Business Practices whole idea if we pump billions of dollars get rich in the Chinese Communist economy they become more free largely turned out falsely i dont think United States and china relationship is ever going to turn back to purely not for a long time the purely economic relationship that we enjoyed with them or thought we were in 2000s. Big Statement Like no looking back. I think we are looking down the barrel i think that with china they need to understand the rules of the game, and one of the things that the marines and navy are looking at facilities on islands or make they to block about potentially block Oil Shipments to china if we ever came to a confrontation. They are putting military bases . Put aside military thing that tells allies in asia were not positive moving out not going book to america only, good thing. If you only get financial agreement with china on trade why did you inflict pain on American Farmers and on american manufacturers to an extent in order to just get china to apply more it was trade deficit the manufacturings u. S. Manufacturers praikt in china they are shifting production, but in many cases not shipping back to United States they are moving it to other low cost countries doesnt doesnt benefit overall in term of trying to bring jobs. Navarro was wrong when he dismissed how complicated supply chains are. Manufacturing con traktd last month. We look at Opioid Crisis attorney general jeff stein is here. He said good riddance to the company. He will join us. Can i get some help. Watch his head. Im so happy. Whatever they went through, they went through together. Welcome guys. Life well planned. See what a Raymond James Financial Advisor can do for you. [upbeat action music] pilot were going to be on the tarmac for another 45 minutes or so. All right brad, once again i have revolutionized the songwriting process. Oh, here we go. I know i cant play an instrument, but this. This is my forte. Obviously, for auto insurance, weve got the wheel route. Obviously. Retirement, were going with a longterm play. Makes sense. Pet insurance, wait, let me guess. Flea flicker. Yes howd you know . Studying my playbook . Yeah, actually. America eshPurdue Pharma maker of the oxy contin reaching settlement with 23 states over accusations it helped because prolong Opioid Crisis, the settlement enables the sockler family to exit company paying billions to avoid purdue bankruptcy joins us attorney general josh stein thank you very much for being here. Thanks pleasure to be with you tell me what you see in terms of culpability for this crisis on purdue . Extreme. This is the deadliest drug epidemic in nations history we have had declining life expectation in the United States in each of the last three years something that has not happened in over 100 years world war i, flu epidemic last time it happened it is almost directly trouble to opioid Overdose Deaths we lose five people every day in my state the are as responsible or more responsible. This was allowed to do it where is fda i recognize the sefrt but can you put all blame on purdue when this is a regulated industry . We didnt put all blame on purdue other distributors made billions as well what purdue did misrepresent addict nervous to prescribe rz there is a valid medical use no one wants to ban opioids people with chronic pain need to have pain treated should not give up willynilly like what happened two decades in the United States. Purdue didnt just give out drugs or let doctors prescribe them the revolutionized the way american doctors looks at opioids patients who have injuries not fatal have a right to not feel pain too high dosage targeted veterans seniors your lawsuits against purdue got to that i worry the message is getting loss that the people just look at this and say arent you just blaming the company when they did not really mean to do this . Didnt they do morehan make drugs they twashthd people tried to change culture. Rewarding doctors who prescribed more wanted more and more sold very aggressive with Sales Marketing team, about they refused to accept responsibility sackler one of the singlefamily members involved said once clear millions addicted to pill said we have to make these people they are addicts the wrongdoers put the blame on them, then a few years ago came up with project tango a new Business Opportunity because they created these millions of people with addictions wanted to sell the Addiction Treatment drugs they wanted money coming and going, they have sucked billions out of Purdue Pharma over the last decade now frankly company is a shelf the pharmaceutical company. Steve forbes here why didnt local Law Enforcement do more gen pill mills you is a you in california around the country where you get to some all prescriptions going, get all pills. Nothing to do with pain or anything, why wasnt there more of a local crackdown on something clearly abusive . Have is it it was abusive, there are crackdowns used to be many in florida, florida aggressively put that industry out of business, North Carolina i led effort to pass a bill the stop acting would reduce over prescribing and help turn the dial back on any precyber medical board held those many accountable this is a complex problem, there are many elements we have to work on prevention work on treatment inform against drug tradition of i caners bringing street drugs into america we have to hold accountable the corporation that helped fuel this epidemic. Has there been a drug company before that behaved like about this to your knowled knowledge . I dont have that vast ab historic knowledge but what they have done is absolutely aegregious u. S. I dont believe this proposed framework announced only a minority of states have embraced it the majority of states remain in the camp that believe that the sacklers need to make a more certain substantial finance commitment to pay for the damage they have inflicted on our nation lord knows they have money they have extraktd billions and billions of dollars we want them to guarantee financial commitment before we get onboard. When will you sue sacklers directly then . Today, tomorrow, monday any day. Maria . It is dagen mcdowell. You have to prove personal would you have to prove some personal knowledge what have they were doing right do you have evidence of that . We absolutely do, the sacklers executives are directors of the company, were personally being instructing sales and marketing teaming to out there, and sell more drugs. No matter what the cost was. It would be very nice to see sackler name on some clinics for getting people free from this drug as opposed to most department of agriculture blg about art museums in the planet. That goes to the point how money from settlements about extracted not just from interest Purdue Pharma but other manufactures that it is put to best use you have seen in past Tobacco Settlement where did that go. Some very good use some to phil potholes i share your concern one hundred percent. Whatever money we get from Purdue Pharma from the Sackler Family distributors, manufactures must go to abate the crisis, because there are literally millions of people struggling with opioid addiction in our nation. Let me switch gestures ask about plan president announced yesterday about vaping products here is what the president said watch. So we cant allow people to get sick and we cant have our youth be so affected people are dying. With vaping, so we are looking at it very closely if nothing else this is a conference that is going to let people ne about it people are going to watch when a were saying parents are going to be a lot loufr with respect to children a lot of people think vaping is wonderful it is great. It is really not wonderful. Attorney general, the administration pulling most vaping products from the market, about what do you want to see done in North Carolina . So a well, i want to compliment the Trump Administration, for its actions, to take flavor out of the marketplace, fda commissioner has been a big leader on this, i see juul dominate, dominate ecigarette company 80 High Schoolers who vape use juul, ask children why are you doing this they say 86 because they like flavorors manning go cream boulet it can goem from two naifrz i have asserted adults want to do this should feel free to do that companies designed marketed sold to target children unconscionable unlawful in North Carolina why i sued sewell 8 other ecigarette companies. That is growth plan i guess getting teenagers to smoke it is good to see you this morning thanks very much josh stein joining us President Trump tweeted on china said it is expected that china will be buying large amounts of our Agricultural Products. No comment about National Security. Well be right back. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. 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The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. 40 minutes from the opening bell futures to gain start of trading we are shy of the high, 0 points p after ecb came out dow industrials up 68, s p up 8 nasdaq up 53 European Central bank in morning announced cutting Interest Rates by 10 basis points cut deposit rated said going to be buying more assets, more bonds, the ecb university o deposit rate to negative 5 10 from negative 4 10 refy rate unchanged also talking about mitigation measures in tiered system saying going to be buying more assets anybodys reaction here in terms of the ecb do you want to see central change steve forbes i want to see taxes go down labor laws if i could. Absolutely. You are getting europe to grow again what ecb is doing itself actually going to make the situation worse banks more reluctant to lend going to diskort credit markets, result is europe in if worse off position, didnt work under obama here zero Interest Rates not to mention negative Interest Rates, hasnt worked in europe since 2008 this is capital of insanity doesnt work keep going it marrow draghi ecb president said there continues Downside Risks dagen in economy. The economy stinks there, germany for example, is contract being it if a 20 base poins potentially currency devaluation would not have gone well for europe or United States in terms of how President Trump might have reacted to that he is still reacting you read the tweet earlier i cant, he is talking about europe just paid to borrow money were paying interest you dont want about the zero rates in the United States you dont want negative rates would be a sign the economy is lousy our economy is not lousy. I look to this Consumer Price index core, up more than a year since july of 2018, was up 2. 4 , core rate, that is a sign of health a sign that our Federal Reserve doesnt need to be in other aggressive than maybe a quarter point cut next or quarter point cut next week. Dollar strong as it is president doesnt like a strong dollar made that clear. I is upside down to this economy stink for lower Interest Rates is that what we are talking about. Great countries have great currencies. Lets break final thoughts from allstar panel when when we come back. A lot of news this morning stay with us. Is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. Every day, invesco combines ideas with technology, data with inspiration, investors with solutions. Because the possibilities of life and investing are greater when we come together. Have you lost weight . Of course i have ever since i started renting from national. Because national lets me lose the wait at the counter. And choose any car in the aisle. And i dont wait when i return, thanks to drop go. At national, i can lose the wait. And keep it off. Looking good, patrick. I know. vo go national. Go like a pro. Award winning interface. Award winning design. Award winning engine. The volvo xc90. Our most awarded luxury suv. Maria all right. Time for final thoughts from this allstar panel. Steve forbes . Watch the china trade talks, not the Federal Reserve. What happens with chinas going to matter. If they get a deal, watch for a good market and the economy will get better next year. Maria chris . Absolutely. Its good to see maybe somethings good coming for agriculture. If the president separates the trade from National Security, then we are making a deal with the devil. Maria not good. Dagen . From a trump supporter on twitter, tennessee garden girl, President Trump seems to forget that a lot of seniors rely on savings. Low Interest Rates means less to live on. During the obama years, seniors suffered the most. Remember that. Your voting bloc. Zero Interest Rates, not good. Punishing people who have done the right thing and saved their money. Maria wow. We have been faced with that for years now. Great to see everybody. Good show today. Thank you so much. Always a pleasure to see you. Come back soon. Have a great day, everybody. Varney Company Begins right now. Stu, take it away. Stuart good morning, maria. Good morning, everyone. Question, what do you get when theres favorable china trade news . The near certainty of a fed rate cut soon. Virtually no inflation, no yield curve inversion, full employment and a Top Performing economy. What do you get . Answer, this. A stock market rally within a few points of alltime record highs, up six days in a row. The dow will be up again at the open. Its only a couple hundred points, 200 points away from its alltime high. The s p, very close. 20 points away. It too will be up in the early going. Same story with the nasdaq. This could be a recordsetting day. Quick point here. The rally mns