Transcripts For FBC Varney Company 20240713

Tough. In a few minutes, mr. Trump meets face to face with e man yale Marrone Emanuel macron, the president of france. Later he meets the queen at Buckingham Palace. Oh, to be a fly on the wall. The president s negotiating from a position of economic strength. We can wait, chinas in trouble, but investors do not like it. The dows going to be down another 250, 260, maybe 280 points. That would be better than 1 . Same loss or almost the same loss on the s p, down about 27. Nasdaq taking it on the chin to a tune of a 1. 1 . Big deal, big selloff. Another big show on its way. Varney company is about to begin. Well see what happens, but im doing very well if i want to make a deal. I dont know that i want to make it, youre going to find out pretty soon. In some ways its better to wait until after the election with china. But im not going to say that, i just think that. I just tell you in some ways i like the idea of waiting til a after the election for the china deal. But they want to make a deal now, and well see whether or not the deals going to be right. Its got to be right. Stuart the president talking china trade. Futures still pointing sharply lower, and when he said made those comments, the market really took a turn to the south. Later today the president s going to meet with frances president macron. Thats in a couple of minutes, actually. Blake burmans covering it for us. It looks like a big fights coming. Reporter quite the backdrop in london, stuart, and quite the backdrop heading into this meeting between President Trump and emanuel macron, youre right. A fight could be one way to put it here, but leading into this, remember, it was the u. S. Trade Representatives Office yesterday who announced there could be 2. 4 billion worth of tariffs being slapped against france because of the Digital Services tax that france is planning on putting against American Companies. U. S. Trade Representatives Office has described that as discriminatory. We heard from President Trump earlier today saying that he is not going to let Foreign Countries take advantage of American Companies. So that is just one facet between the meeting. Also remember leading up to this as well, macron has said that nato was experiencing, quote, brain death. President trump described that as very insulting, so that is part of whats leading into this meeting. Remember, the very first state dinner at the white house was for macron. Fast forward a few years later, were talking about tariffs and brain death. Cant wait to see stuart yes, we do, blake. Good setup, young man. That was very good. Blake burman in london. Now, i keep using the expression hard 46 line trump hardline trump because he really doesnt back off. Hes putting america first, what a concept. James freeman, wall street Journal Editorial Board guy, is with us now. I think its a winning strategy, play hardball. Youre humming and hawing, you tonight think its a good strategy. I think when hes drawing a hard line against the communist government in china, theres a reasonable case there. Whether or not he gets what he wants out of the trade deal, who knows . But when hes drawing a hard line all around the world with new tariffs or tariff threats, hes also drawing a hard line with u. S. Consumers and the u. S. Economy. He is 100 right. The president in saying this french digital tax is wrong, hes right, because thats targeted at u. S. Tech companies, very unfair. But i think maybe the better solution is to say businesses around the world, isnt the United States a better place to do business . Look how weve cut rates here. France, are there things we could do to lower our trade barriers, to lower taxes here that would encourage you to reduce that tax . Stuart but go on. He confronts. He is confronting. Stuart thats the way he gets things moving. Well, well see if they move. Hes again, this is a bad tax, but it also exists in other european countries. Are we going to impose taxes on everywhere . That would end up being a lot of taxes on American Consumers when we buy things from overseas. So i think his tax reforms are great, and that should be the model to make the u. S. The magnet for capital, for where people want to do business instead of saying were going to add new taxes every time someone overseas does something dumb. Then we end up i paying more. Stuart its a shame to see the markets sell off on that comment. 250 down yesterday, maybe down 300 this morning. Give me 20 seconds, do you think thats justified . I think it is because we had a sense maybe that we were heading, we had peaked in terms of the trade fighting. And think what hes made clear is, no, this is a longterm deal. But if he wants to play this out with china even beyond the next election, hes going to make it much easier for himself if he has trade peace elsewhere because it is going to create a bigger incentive for people to know that the rest of the world is a good place to invest. Lets move out of china, lets go there. So i dont understand the strategy if you want to pressure china to also have these trade fights with other countries. Stuart okay. We have a difference of opinion. Yeah, i guess so. But, look, the part about standing up for american interests, i dont see how anyone could argue with that part. Its the costs, and were seeing that in terms of investment in the United States in these trade wars. Stuart all right, james, you made your point. The dow is down close to 300 points. Okay. The strength of americas economy sensational, actually record cyber monday sales. 9. 2 billion sent online yesterday alone. It was the amazons single biggest shopping day in its history. Ash, they bought a lot of those amazon echoes. They certainly did. The echo dot was the top seller among the devices, and they sold millions more the year than compared to last year. The tens of millions of toys, a banner, banner year for amazon on toys. Best seller, by the way, was the Lego Star Wars darth vadar castle. Monopoly game, he bought two. Disney frozennen ii limited. It was the biggest shopping for Amazon Fashion worldwide, and, you know, four malibuty products. Million beauty products. Stuart susan does not buy her fashion on amazon, do you . I have looked. But personal care [laughter] stuart okay. I want to thank you, susan. Im got getting at you. Maybe too much information, sorry. Stuart doug stevens, welcome to the show, good to see you. My position is i think this year is a turning point for online selling. You think that online takes over anytime soon . Yeah, i do, stuart. In fact, you know, we see a lot of numbers coming out on shopping occasions like this. You mentioned 9. 2 billion yesterday on cyber monday. Thats about a 20 increase. But, look, weve seen this movie before. On singles day alibaba. Com sold 38 billion in one day, 13 billion in the first hour of that sales day alone. So that was a 26 increase year on year. So were seeing these inordinate increases in online are shopping. Meanwhile, shopper track says on black friday traffic to stores went down about 6. 2 . So its becoming very, very clear that if a retailer doesnt have a sufficient online game, its an existential threat. And when you just run the math of it, by 2033 just based on the math we know today, it is entirely likely that more of what we buy will be coming to us from online than well be going to stores to get. Stuart thats fascinating. It occurs to me its just so easy. I can go on to instagram, look at something, like it, click on it and ive got it the next morning. I mean, its so easy. Yeah, thats exactly it. And, you know, fundamentally whats happening is stores are being, in essence, replaced by online because if we think about why a store was built 30 or 40 years ago, it was essentially to merchandise products, convey product information and transact those purchases. Well, online can do all of that now and more. So retailers have to do two things, get your online game in order if you hope to make it into the next decade and, secondly, they have to give consumers new reasons to go to physical stores. They need to amp up the experience in those physical stores. Stuart theyre trying. Its very interesting to see what theyre up to, but its a tough fight, isnt it . Doug, thanks for joining us. Come back and see us soon, please, because this is an extraordinary story. Youve got it. Stuart thank you. Futures, please, were going to be down. Were heading south across the board, look at that. Happening soon, the president meets with frances e emanuel macron. When the president speaks, you will see and hear exactly what he has got to say. Well be back after this. What if numbers tell only half the story . At t. Rowe price, hundreds of our experts go beyond the numbers to examine Investment Opportunities firsthand. Like a biotech firm that engineers a patients own cells to fight cancer. This is strategic investing. Because your investments deserve the full story. T. Rowe price. Invest with confidence. 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. Serious side effects may include pancreatitis. Taking trulicity with a sulfonylurea or insulin increases low blood sugar risk. Side effects include nausea, diarrhea, vomiting, belly pain, and decreased appetite, which lead to dehydration and may worsen kidney problems. I have it within me to lower my a1c. Ask your doctor about trulicity. brakes screeching okay. So, today youre going to leave your phone with a guy named flip. ding but its more than your phone, its your business, your customer data, your sales figures. And who can forget, those happy hour selfies . Not flip. honking, gasping this isnt working. Introducing samsung Business Security solutions, with knox software. With the galaxy note10, you can remotely wipe data or lock phones, so your business is secure even when your phone isnt. Samsung business solutions. Even when your phone isnt. shaq chime magenta . I hate cartridges not magenta not magenta. Im not going back to the store. Magenta cartridges are so. buzzer vo the Epson Ecotank. No more cartridges. It comes with an incredible amount of ink that can save you a lot of frustration. The Epson Ecotank. Just fill and chill available at. Stuart overall, the market is sharply lore, but some stocks are moving higher. Look at this one, lands end giving a rosy forecast, and the stock is up 4. 5 . Not bad. Look at the california utility, pg e. An investigation found it failed to maintain power lines. The stock is down 70 since last december, down a bit more this morning. And now this one, favorite story of the day, peloton catching some heat over one of its christmas ads. Christina parts nevilleless is here with us Kristina Partsinevelos is with us. A man giving his wife a peloton for christmas is a sexist act. Tell me why. Well, you could put into the category a man giving a woman elastic bands to stretch her thighs or a broom to clean her house, thats the arguments theyre a making online. Heres a woman who is nervous to try this bike, and shes filming it. Its supposed to represent the instagram stories, and i have instagram, you do little selfies and stuff like that. But really she goes through this whole experience and thanks her husband. And the criticisms ive seen online is because shes looking at her husband for almost approval like a dog does, you know . [laughter] thank you so much. And so thats participant of the criticism. And youve got this really thin, attractive woman, and she goes through this yearlong process and kind of looks exactly the same, to me. But people are saying, well, what transformation . How did this change her, you know . Other than maybe handing him a divorce paper. Stuart that was a very nice explanation of this sexism thing. [laughter] that was very good, actually. I dont think ill ever get elastic bands or a peloton bike for christmas, even though i would love them. Thats, like, 2200. Stuart Holly Shimkus is with us, what do you think of this . I think the ad is cringeworthy. It is. I am a sucker for stuart cringeworthy . Why . Super cheesy. I remember the first time i saw it, i actually turned to my husband and said, you know, this is a little bit too much emotion for a workout bike commercial. [laughter] right . Stuart what . Youre not supposed to express thanks . It is not here. It is a cringeworthy ad, it is cheesy, but it is not sexist at all. Im going to two on record and say anybody can buy me a peloton bike because these things cost 2,250, and its a very generous gift. Why opportunity the wife give the man doesnt the wife give the man, the husband [inaudible conversations] you know whats funny is i saw this spot again on tv this morning, and theyve taken out the front part with the gift, and its just the woman saying, oh, here i go and ends with at the end but doesnt have the husband in there at all. Which is interesting. Stuart look. Hold on a second, because ive got a somewhat similar story which is worthy of discussion. Look at this headline from the Washington Post. Melania trumps Christmas Decorations are lovely. But that coat looks are ridiculous. Can you believe that, carly . Yes, i can, because her last name is trump. But the decorations are beautiful. They are classic. There was nothing to criticize there, so this Washington Post fashion critic called the coat a distraction, ridiculous and said it made the first lady look cold, dismissive and aloof. And im sure that a lot of people are, this is ringing a lot of bells to the criticism that she received for the red Christmas Trees or the criticism she received for wearing high heeled shoes while boarding a plan to visit Harvey Victims even though she had sneakers in her bag, or the criticism she receives overall for her fashion sense when people say its out of touch. The point is this isnt about her fashion sense or the decorations, its just that these people dont like the administration. And it is clear. The Washington Post fashion critic posted this article on twitter, and shes receiving criticism from it. People saying that it actually undermines actual, legitimate criticism. Stuart good. They said in this article she resemble ld a woman whos paid a visit to someones home and refuses a seat because she thinks it might be spoiled. In general to walk around with a coat draped over your shoulders, ive tried to do it [inaudible conversations] she looks great. It falls off every time i walk, so i dont know how she does it. You should get fashion cues from the hallmark movie actors, because they a always do it this these really cold scenes. Victoria beckham. We are now on the view. [laughter] stuart ladies and gentlemen, i will absolutely guarantee even though the dow is going to be down close to 300 points at the opening bell, even though our president is laying down the law to the europeans overseas, i bet that segment that we just did is the best rated segment there you go. Stuart guaranteed. Probably. Stuart the rise and fall of wework and its founder, adam newman if, the inspiration for a new movie. Weve got too story for you weve got that story and a whole lot more on varney after this. the enchanted disney fine jewelry collection. With exclusive bridal styles at zales. Most people think as a reliable phone company. But to businesses, were a reliable partner. We Keep Companies ready for whats next. man we weave security into their business. second man virtualize their operations. woman and build ai customer experiences. second woman we also keep them ready for the next big opportunity. Like 5g. Almost all of the fortune 500 partner with us. woman when it comes to digital transformation. Verizon keeps business ready. Stuart checking futures right now, way, way down. This is a selloff. President trump says that maybe its better to wait until after the 2020 election for a china trade deal. The market does not like that. Look at big tech. Frances president calls for a digital tax on our Tech Companies like facebook, amazon and google. They are down along with most of the rest of the market. Speaking of big tech, two items for you. First on youtube, the another one on facebook. This is about political ads as we head into the election year. Joining us now, mike murphy if, susan lee, ashley webster. Susan, start with you and youtube. We watched 60 minutes on sunday and you heard the ceo basically defending the fact they havent taken down some of the Trump Campaign ads, although they have taken down 300 of the Reelection Campaign advertisements without giving a whole lot of explanation as to why. But it looks like theres still a lot of controversy brewing over whether you should put, i guess, the campaign ads that only have facts within them. Stuart id like to know what im allowed to say, simple as that. How about facebook . Whats that in. Facebook is standing firm, we heard from Mark Zuckerberg on cbs, the morning show yesterday, reaffirming they will continue to play all political advertisements on the web site because you should judge for yourself, as we heard yesterday, and you can define your opinion on the character of the politicians. Stuart now, we also have the Trump Campaign saying its not going to allow Bloomberg News reporters at Campaign Events or rallies. They are out. Why are they doing that . Well, because Bloomberg News announced last month that they would not investigate democratic president ial candidates after Mike Bloomberg says hes jumping in the race. But they said they will continue to investigate the Trump Administration, quote, as the government of the day. And that, of course, upset the administration. Now weve been told that they will not be allowed into Campaign Rallies and Campaign Events. And the administration saying since theyve declared their bias openly, the Trump Campaign will no longer credential representatives of Bloomberg News for rallies or other campaign stuart lets goat to that wework story. Actually, a movie reportedly in the news about adam newman and dont you think its worth a movie . Stuart oh, yeah. Ill watch. The implosion that comes within it. Superstar producer jason bloom stuart hold on. President trump is speaking. Lets listen in, please. Maybe we can work it out. But we have a big trade relationship, and im sure that within a short period of time, things will be looking very rosy, we hope. Thats usually the case with the two of us. We get it worked out. Weve had a lot of good things, weve done a lot of good things together as partners. Our countries have been partners in many Good Ventures including some having to do with radical islam and others. And its always worked out. So i look forward to our discussion. We made a lot of progress in our first 25 minutes, and we intend to make a lot of progress in our next hour, maybe hour and a half. So thank you very much. [speaking french] [speaking french] [speaking french] [speaking french] stuart now, were just going to be coming out of this this for a second because we dont have direct translace of what frances translation of what frances president is saying. The important thing is what President Trump said one moment ago. Hes talking about the trade dispute with france. He says it is a minor dispute, but we will work it out. Things will look rosy within a short period of time. Now, before he said that the dow futures down 325 points. Now hes said it, a minor dispute, well work it out, were down 296. Its still a broadbased selloff and only coming back a fraction. When we find out what frances president macron has had to say, well listen in. But right now heres trump with a q a. What im liking about nato is that a lot of countries have stepped up. I think really at my behest and also yourself, youre close to the [inaudible] but theyve stepped up, and theyve put up a lot of money. I told you it was 130 billion. And thats a lot. And theyre now stepping up again. Its going to be 400 billion. We have commitments for 400 billion. And we just left the secretary general, and he, hes got some things that are very important. I discussed with him the flexibility so that we have it not just with one area of the world. You and i discuss this all the time. We have all areas of the world, because natos a lot different than it was, and now its simply a lot different over the last three years. So we have a lot of countries stepping up and putting up a lot of money. The number as of this moment is exactly 131 billion. Thats a year. If and thats a tremendous amount of money but its not enough. And they also raise and have commitments for 400 billion. So nato, which was really heading in the wrong direction three years ago, was heading down. If you look at a graph, it was to a point where i dont think they could have gone on much longer. Now its actually very strong and getting stronger or. Many people are committed to that 2 and, ultimately, i think the 2 will be raised. And the president and i, i think, feel that we need more flexibility, and i think we both agree on that so that we can use it for other things, not just looking at one specific country. You know, a lot of people say it was meant to look at originally the soviet union, now russia, but we also have other things to look at whether its radical islamic terrorism, whether its the tremendous growth of china, there are a lot of other things. So natos becoming different than it was, much bigger than it was and much stronger than it was because people are now fulfilling their commitments. There are some countries that arent fulfilling their commitment, and those countries are going to be dealt with. Maybe ill deal with them from a trade standpoint, maybe in a different way. Ill work something out where they have to pay. But, you know, we dont want to have people delinquent. I dont think its fair for us to be involved, including france, by the way, and you have people that arent paying their way. You have a couple that are less than 1 . Not fair. So natos made a lot of progress over the last three years. And the word flexibility is very important. Theyre not just looking at one area now, theyre looking at the world, and thats very important. To me, its very important. I know that my statement created some, a little bit. Stuart the market has opened. Were almost two minutes into the trading session. We have opened sharply lower, and i doubt there is any there is no doubt here that it is the trade friction which has created this big selloff at the opening bell. We were down 250 yesterday, down 327 as of right now. So youre looking at close to a 600point drop between yesterday and the first few minutes today. The mike murphys with us. What how do you as a guy who invests and trades, how do you react to all these constant ups and downs in headlines about china trade . You try not to, stuart, because the market overall when you take a step back, a large upswing in the overall market. The economy in the u. S. Looks good, not great, but looks good. Theres no way i can claim to have an edge on the next headline thats going to come out. We are down 600 over the last two days, fine. I sit back. I dont panic and sell. I think a lot of whats happening is psychological. Investors remember last december, we were down can almost 10 in the market. We had a big end of year selloff. A lot of people thinking right now, im going to sell into this in case it gets worse. China headlines can start that. But as i said to you all year, if things get oversold, ill be looking to buy, ill be looking for opportunities to buy. Stuart dont panic, in other words. Do not pan ebb. Stuart all right. Take a look at the big boardment i want to show the dow 30, if we can, please, because that gives you a sense of the market. Were off 340 for the dow, 36 for the s p, 317 down for the nasdaq. Thats a better than 1 loss all across the board. And look at that, top lefthand corner of the screen, thats the dow 30. 29 are in the red. There is one verizon. Tiewfort stuart verizon, thats the only win or on the dow 30. Were within a whisper of global records, and we are coming aft best month of november, since june of this year. So taking a little bit of money off the table heading into the years end. Were down 300 points, thats not a whole lot. Stuart thats true. You have a terrific runup, september, october, november, what a great runup it was. You can expect a little pullback when yo you get a negative headline like that. Look at amazon. Best single shopping day in the companys history. [laughter] you know, that was a big day for amazon. It was a huge day. Heres one for you, stuart. In the last year, 365 days, amazons stock price, basically flat. Uhhuh. Stuart thats true. Flat. Even though you can say big tech has moved, amazon hasnt taken part in that. Stuart and despite all the talk about online taking over in the near future, amazon staying flat there. It never went back to 2,000 a share. Why not, mike . I think theres at one point over 2,000, it was probably overpriced. Easy to say now. I own amazon stock, so Im Still Holding it. I think theres a lot of upside, but you saw something about a month ago where nike said they were going to pull their products from amazon. They want to sell directly to you, they dont want to sell true amazon through amazon, and i think some people are concerned about that. Also the overhang of costs as well to get the oneday shipping has impacted profit margins, so people are thinking about the wars to get your box to you sooner. Stuart didnt they spend 35 billion getting to next day delivery Something Like that. Stuart Something Like that . It was close to a billion or so, but also they had physical stores, sales down 1 in the last quarter as well, so there are some concerns. Stuart okay. Im going to listen to the president again, please. Very much involved there, more than most, and thats been fantastic. I appreciate you saying the United States for decades has been paying really way, way disproportionately too much for nato. And you have other countries paying far too little that are very directly benefited by it and by the United States involvement. And were changing that around somewhat. And its very important. But were a very important player. I think without us, nato certainly is not the same thing, as we discussed and discussed it at length this morning. We discussed it with secretarygeneral suggest ten berg subtlen burg. But were behind you, and all of these countries that are suddenly putting up money, its a great thing to see. But we do have a great we really have a different objective, i think, right now. Were looking at a much bigger picture, and that includes, well, it includes finish you mentioned iraq, but it really includes iran too, i think, that if you look at whats going on in iran, they have massive riots. Theyre having protests all over the country, and theyre killing a lot of people. Everybody knows that. Thats why they turned off their internet system, so nobody can find out. But if the media would go there and its, i think, very important to go there right now, but theyre killing a lot of people. But nato has come a long way in three years, and its something that were very proud of because were with them. Nato serves a fantastic function. If everybodys involved. If theyre not involved and i really believe that the president is very much involved and likes the idea of nato, but he wants it also to be utilized properly. If its not utilized properly, we all agree thats no good. So weve had a very good discussion. A lot of people, and were meeting with a lot of countries hater, as you know, and later, as you know, and theyre really stepping up. For the most part, theyre all stepping up. We have one or two that arent, and as i said, well deal with them on trade. We have a lot of power with respect to trade. They make a fortune with the United States and then they dont pay their bills, thats no good. But natos come a long way in three years, and its become very powerful. I think very, very powerful. And its become, i think, a much fairer statement in terms of the United States, because were able to go down a little bit. We were paying 44. 3 of the largest gdp ever. Nobodys ever had a gdp like we have right now. And nobodys come close. And other people were paying 1 , some people were paying less than 1 of a very small gdp. Not father. And if they get not fair. And if they get attacked, we protect them. But its not fair. So a lot of changes have been made. Phil . Mr. President , your message to president macron about american Tech Companies, what will your process [inaudible] additional products from france [inaudible] right. Well, were working on that right now. We have discussed it. I think well be able to work something out, i hope. And maybe not. Maybe well do it through taxing. You know, we could work it out easily through taxing. But, you know, theyre American Companies, Tech Companies youre talking about. Theyre not my favorite people because theyre not exactly for me, but thats okay, i dont care. Theyre American Companies. And we want to tax American Companies. Thats important. We want to tax them. Its not for somebody else to tax them. And as the president knows, we tax wine, we have other taxes scheduled. But wed rather not do that, but thats the way it would work. Its either going to work out, or well work out some mutually beneficial tax. And the tax will be substantial. And im not sure its going to come to that, but it might. Mr. President , has france [inaudible] well, i havent asked that of the president today. We have a tremendous amount of captured fighters, isis fighters over in syria, and theyre all under lock and key, but many are from france, many are from germany, many are from u. K. Theyre mostly from europe. And some of the countries are i have not spoken to the president about that. Would you like some nice isis fighters . [inaudible] i can give them to you. You can take the every one you want. A very large number of fighters we have on the ground are fighters tooth suiter now, were just going to come out of this for a moment, well come back when our president s speaking again. He just said, referring to this digital tax that france wants to impose on our highTech Companies, the president said these american Tech Companies, theyre not my favorite people, not my favorite companies. We want to tax them. We want to tax them, not the french. But we will work out a mutually beneficial tax. The president there [laughter] absolutely. But i think his message kind of consistent, stuart. He wants fair. He doesnt want someone else taxing u. S. , he wants people to live up to the promises that they made, the agreement they made with nato. I dont think hes looking for too much, just committed to something. Now back it up. Stuart what were waiting for in this News Conference here is some word from our president about china trade. Finish now, that is the elephant in the trade room at this moment. He has not yet referred to it, not in this press contact with frances macron. But thats what we are waiting for. Meanwhile, that market keeps on going down, now were off 345 points. Now swept up in this downside move, just about every Major Corporation thats quoted out there, including apple. Theyve got new products coming out in the new year. Some of them are rather exciting products, but nonetheless, that stock is down about 6 as we speak. Susan, 7, im sorry. Can you tell us about these new products real fast . Well, this is all coming from one of the most renowned apple analysts on the market right now, and basically hes saying theres going to be a bigger, we talked about this, iphone being released next year. So instead of 6. 5 inches, which is the pro 31 max right now 31 max, were looking at 6. 7 inches. By the way, a new ipad pro coming, according to him and also a mac book pro in the fourth quarter, 16inch screen stuart just bigger screens, is that it . Also new technology, mini led which is sharper than the current led screens and cheaper to make them, the oleds stuart oh, back to trump, please. We sent a small contingent in, and we wiped out another portion of isis. We dont want to happen to me what happened with president obama where it reformed and then it became stronger than it was in the first place. We dont want that to happen. And as i said before, weve taken the oil. We have the oil. So we have total control of the oil so that theyre not going to be able to use that. They use that oil to really, to fuel up their wealth, to fuel opportunity their money. That was their primary source of income. And they get contributions. So we have now lists of where these contributions come from, which is very important. You have people contributing, if you can believe it. Some of these people are wealthy people that mix contributions. Can make contributions. And we have lists. Weve learned a lot. You know, when we got albaghdadi, that was a great get. And when we killed him, we have have a lot of information that im reviewing now for the first time. But we also got a lot of good information. So a lot of things are happening. And france has been very helpful, i have to say that. Theyve been very, very helpful, okay . Go ahead. Any other questions . [speaking french] speak french. Stuart okay. Now, when youre book a best for a tv news show and the guest is a really spectacular guest, kind of a big hitter, you say that was a good get. Well, the president just used that expression, referring to getting albaghdadi. [laughter] the terrorist leader who was offed. I think last month. Or before. And the president said that was a great get. You know [laughter] its fascinating to listen to this president. Youll never, ever hear a president like this again. No. Stuart ever. This is unique in american history, in my more opinion. Particular opinion. Anybody got anything to e say still waiting for a china question. Maybe we can help reverse this market if he can sound a little more optimistic about getting it done until after the election. One other thing, to see these two men together, it doesnt look like theres a lot of animosity between the two. I know theyre in front of the cameras, but it looks as if theyre two leaders of industry or two World Leaders looking to Work Together stuart hold on a second. Weve got Edward Lawrence coming in to us now. Youve got new trade headlines coming to you from the white house. What have you got, edward in. Reporter i dont know if this is going to help. December 15th is setting up as sort of a deadline. Two trade sources were saying that those tariffs on december 15th are still on. Theyre planning on putting those tariffs, with one caveat, that if a phase one trade deal does get on paper, then the president could decide to change his mind with those tariffs. But right now the Administration Still planning to go forward with those 15 tariffs on basically Everything Else china imports into the United States. Were talking about 160 billion worth of items there. So that is something that is not changing at the moment. As we stand today. But, again, could change, im told the caveat from both folks that if a phase one trade deal gets on paper or something positive happens, the president could then change his mind. Stuart okay. Thats an Interesting Development not a great one. Stuart kind of the status quo remains in place, i guess. And the dow industrials are still down over 300 close to 350 points. Were waiting for some kind of conciliatory word on china trade from the president. We havent gotten it yet. Surprisingly, all those reporters there have yet to ask the president a china trade question. Yeah. Stuart and it is the china trade statement from earlier this morning which has really sent this market to the downside. Right, that hes willing to wait until after the 2020 elections. Dont forget, weve got axios reporting yesterday that, you know, china says repeal back the tariffs, and then well have some sort of phase one trade deal. But then the u. S. Says, well, how can we enforce what youve promised to because theyve been doing that for many years, so i think theres a bit of a sticking point. Stuart lets listen to the president. The European Union was making anywhere from 100 150 billion a year in deficits to the United States. They were making it, we were losing it. And so we had to do manager that is fair to do something that is fair. Were losing tremendous amounts of money. As you know, the European Union is very strong on barriers, barriers meaning certain of our products cant come in including agricultural product. It just cant come in. We cant sell it. And yet the European Union sells openly to the United States and generally untaxed or taxed at a low level. So these are problems that were talking about. These are problems that were working out. And, you know, the digital tax is the least of it. I inherited a situation where the European Union which was formed partially for this reason. I guess for a lot of reasons, it was formed, but partially to make better or take advantage of the United States. And theyve done that very brilliantly. And, frankly, its not right. So ive exposed it. A lot of people didnt know it, and were doing things about it. Because the United States cant continue to lose the kind of money that theyve lost over the last literally since the formation of the European Union. And i think well work something out. They want to talk, as you know. The new head wants to talk, whos supposed to be a very respected woman, very highly respected, and i look forward to meeting her. They want to meet. But we have a very unfair trade situation where the u. S. Loses a lot of money for many, many years with the European Union, billions and billions of dollars. I mean, to be specific, over 150 billion a year. So we dont want to be doing that. And we can make a deal, we can make a harsh approach. We could solve that problem instantaneously if we wanted to, but i dont want to do that. These are friends of ours, these are people that weve had very extraordinary relationships with and i do personally, and im sure we can work something out. You mentioned earlier the iran are protests. Does the united United States st these protesters in iran . I dont want to comment on that. The answer is no, but i dont want to comment on that. Do you want the United States to do more in the standing up to erdogan and clarifying the terms of that relationship, are you supportive of [inaudible] well, i can only say we have a very Good Relationship with turkey and with president erdogan. I do. I cant speak for the president of france. I mean, i we have a very Good Relationship. We pulled our soldiers out and said you can patrol your own border now. I dont care who you do it with, but were not going to have soldiers controlling the border thats been fought over for 2,000 years. But we took our soldiers occupant. We put some of the soldiers around the oil where weve captureed the oil and taken the oil, and we have the oil. But and weve brought some home, and we will be bringing some home, and weve sent some to other areas, okay . But we have a very Good Relationship with turkey. Mr. President , just on turkey to be clear, we have lost [inaudible] security, trade, migration, the European Union and france. I do respect leaders, whatever they can say even bad things about [inaudible] but now the question for this nato setting, i think we need clarification from the turkish side. [inaudible] how is this possible to be a member of the alliance, to work with all of us to buy [inaudible] technically, it is not possible. To be provided by the turkish [inaudible] second, i understand from turkey that they want to block all the [inaudible] if we do not agree about their definition of terrorist organizations. [inaudible] which is not our decision. [inaudible] if they want to be a [inaudible] [inaudible conversations] this is really why were having meetings, those are our points, and well be discussing that with the president today. Yes. Mr. President , will you issue sanctions on turkey over their purchase of the s400 Missile System . Were looking at it now, and were talking about it now. As you know, turkey wanted to buy our patriot system, and the obama administering if wouldnt administration wouldnt let them. And they only let them when they were ready to buy another system. Which is not the same system. But turkey, for a long period of time, wanted very much to buy the patriot system which is our system. Which is what nato uses, which is a great system. Which is the best system. But they wouldnt sell it to turkey. So, you know, there are two sides of the story. I have to say this. But we will be discussing that with turkey in a little while. Well be meeting with turkey in a little while and also tomorrow. [inaudible] with europeans on and we accept [inaudible] by the refusal of two years ago, the americans not to sell the patriot. Even having the european offshoot, totally compliant with nato. So they decided not to be compliant with nato. Sir, mr. President , Prime Minister johnson, i believe, is organizing some sort of discussion later today about the syrian conflict. Are you going to take part in that and meet with him . If not, why . You talking about ambassador johnson . Boris johnson, the Prime Minister oh. I thought you meant woody johnson. I thought, boy, hes really risen rapidly. What, is he here . Hes not here. This is his house, i cant believe hes not here. Yes, well be meeting with Prime Minister johnson in a little while. Ill be seeing him later on. Were going over to number 10, which is a very exciting place to be, as you know. And well be discussing a lot of different things, yes. And one other related question, the London Bridge attack that occurred a few days ago, do you have any comments your first day . No, i dont have a comment on the London Bridge attack other than to say i was very proud of those people that grabbed him and did such a good job between the fire extinguishers and whatever else. It was an amazing job they did. He was very violent. You could see that. This was captured very much on tape. I think the way, i think they were british citizens, the way they stepped up was incredible. That was really great. So a terrible thing, terrible attack. A lot of people very badly hurt. I believe three or four killed, is it four now today . So its terrible. Its a terrible thing, and i know its an act of terrorism. Its been declared an act of terrorism, radical islamic terrorism, by the way, and its very bad, very bad. But i think the way they stepped up, to me, that was something very special. Okay . Mr. Trump, a question on russia. [inaudible] russia should be designated as an adversary of nato, do you agree with that . [inaudible] i dont think he does know that. I think we get along with russia. I think we can get along with russia. I think you feel we can get along with russia. Weve discussed that before. But certainly, we have to be prepared. Whether its russia or somebody else, we have to be prepared. But he and i have a pretty similar view on that. I think that we feel that we can get along with russia, and i think its a good thing to get along with russia. And i campaigned on it. Ive gone to big stadiums. People like it. I think the russian people would like to see it too. A lot of good can come out of it. But the purpose of nato is that, but the purpose of nato can be much more, and thats where were showing the flexibility over the last period of two years. [speaking french] stuart now, weve been following this very closely, of course, and were stilt still waiting for a china trade question which has yet to materialize from those reporters in that room. The dow at one point was down 411 points, it really hasnt come back much more. Let me pose this question to mike murphy, market watcher, still with us. Lets suppose that these tariffs on china are imposed on december the 15th, that the tariffs on the french Luxury Products are imposed early next year and that we do not get a usmca. Thats all negative stuff on trade. Is that why the market is down so much . I think that concern is out there. Heres the thing. What you are saying is the entire Foreign Policy basically on trade falls apart, that you picked three different negatives. If those three things come into play, which are far from a certainty but if they do, that would be negative for the stock market. I think then the focus comes back to u. S. , it comes back to our markets internally. So far, the u. S. Economy has been able to withstand it. So to answer your question, yes, its a negative. Everything that the president s been working on falls off and fails, its a negative. Yes. But i dont see that happening. Stuart that is a longer term view. I mean, we dont find out these negatives until sometime into the early part of the new year. What you got . Ashley i just feel this market has been wanting to sell off. I know it sounds weird but we have been melting up for so long, and we havent seen a dramatic shift on a head line like this. We have become a little numb to it on the markets. This was a big shift, 300, 400 points on the fact that wait a minute, this trade deal may not get signed until after the election next year. Its a jolt. Stuart some possible negative impact on economies around the world, i think you can see that in this decline of the tenyear treasury yield. I hate getting technical but we are down to 1. 73 . Ashley 1. 74 . Stuart 1. 74 . Thats way down in terms of the yield on it. That means money is pouring into american treasuries. Thats a flight to safety, because theres concern about trade and economies around the world. Susan might also be an expectation that if there are all these trade fights around the world, maybe the fed will step in and cut Interest Rates once again. Stuart yes. Susan which will backstop the u. S. Economy. By the way, we have also seen inflationary improvement in china with the latest manufacturing numbers this week as well. If china comes back, maybe things wont be as bad for the u. S. On china, earlier this year we had a february deadline for a china trade deal and we said if this doesnt happen by february, its going to be very bad for the market. Here we are in december, we are up 25 and talking about if this doesnt happen by this date, i think you have to kind of look past that. As an investor, dont try to trade around china headlines because its a losing proposition. Stuart if this trade situation had a serious negative effect on americas economy, then you would see a serious negative effect on the stock market. Exactly. Stuart i think thats the way it is. Yes. Stuart at the moment, our economy is very very strong. I can use that expression, very strong. Ashley look at the Holiday Spending so far. Stuart right. It would be serious disruption of trade to move our economy down a couple of pegs. Susan right. Stuart so the market right now, down 367 points for the Dow Jones Industrial average. We are fast approaching the 10 00 hour. This press conference, by the way, running on a lot longer than scheduled. It started a little late. Its going to run on very late. Its still not over. I find it fascinating, this kind of press conference would never have taken place before President Trump was the president of the United States. Never. You would never see this. Look at macron. Hes animated, hes saying what he thinks, hes going headtohead with the president of the United States. Ashley almost a freeing experience. Transparency. Ashley transparency. Thats it. Stuart for the first time, the political elites are opening up and we can actually see what they are talking about. Ashley yeah. Stuart dont you love it . Susan dont you love President Trumps quip at one point . Stuart thats right. Bang. 10 00 eastern time on the button. 10 00 in new york, 7 00 in california. President trumps in london. Still speaking with the french president macron. The two said that minor trade dispute over digital tax and tariffs will be worked out. President trump says if anyone is going to tax american Tech Companies, its going to be the United States. This hour, hes going to meet with canadas Prime Minister Justin Trudeau. We will bring that to you when we get it. As for the market, the selloff continues. We are down 363. President trumps comments earlier this morning on china trade, that was the catalyst for this selloff we are still seeing as we speak. The trade deal wasnt done until after the election 2020, thats what the president said. Okay. Bill mcgurne is with us, wall street Journal Editorial Board guy. Right . Thats right. Stuart you been listening to this . Yes. Stuart what do you make of it . Interesting, i was also watching it without the sound on. Mr. Macron gesticulating and emphasizing his points. Wasnt it donald trump who was thought to be the threat to nato and now hes the one defending nato and of course, the french traditionally cause nato all sorts of problems. Stuart the president did say nato has made progress financially. Right. Well, its big progress. One of his key platforms was we are paying too much and they are paying too little. Thats always been a problem. I remember being in europe in the cold war and i think even mrs. Thatcher didnt meet her commitment percentage of gdp to pay for nato. Stuart sorry, have to go back to President Trump. Very big progress getting made. Its very important for ukraine. I think its very important from the standpoint of russia, also, that they work out a treaty, they work out peace because they have been fighting a long time. Too long. And i think theres a really good chance that that will happen. Also, with respect to nuclear weapons, i have spoken to president putin and communicated with him and we are he very much wants to and so do we, work out a treaty of some kind on nuclear weapons. That will probably then include china at some point and yourselves, by the way, but it will include china, and some other countries, but we intend to see if we can work something out to stop the proliferation, to stop whats happening, because we are making a lot and we are renovating a lot, and frankly, the whole situation with nuclear is not a good its not a good situation. We ended the treaty because it wasnt being adhered to by the other side, but they want to make a treaty and so do we, and i think it would be a great thing. I think its one of the most important things we can do, frankly. So whether we are dealing with russia on a treaty where we really and we are focused on nuclear and nuclear weapons, missiles, but nuclear weapons, and we think something can be worked out. We think they want to do it. We know they want to do it and we want to do it also. I spoke to china about it. They during one of our trade negotiations, they were extremely excited about getting involved in that. So some very good things could happen with respect to that. I think its very important. The whole nuclear situation, very very important. Thank you all very much. Thank you. Stuart there you have it. I called that a News Conference. It wasnt supposed to be a News Conference, it was a statement by the two leaders. Ashley photo opportunity. Thats what its supposed to be. Stuart thats right. Photo opportunity that turned into a very Revealing Press conference. The one thing missing, if i may say so, was a china trade question. The president earlier this morning said i have no deadline on the china trade deal, maybe its best to wait until after the next election. When he said that, and that was very very early this morning, the dow industrials just fell off a cliff and went straight down and never recovered. We are still down 375 points. But no reporter asked a question about china trade. We have Scott Shellady with us. I will call it a press conference, because thats what it really was. It seems to me the whole point here is trade. Hes made statements on china trade, statements on trade with france and europe, and we still dont have a usmca and that lack of progress, lack of anything nice to be said about trade, i think thats whats pushing this market down. What do you say, scott . Actually, i said something earlier about maybe the market wants to kind of back off here and take a breather. I agree with that. Lets remind ourselves, as we came in this morning, the dow was up 19 , s p up 24 , nasdaq up 29 . So if we take a percent or two off of that, its still been a fantastic year, number one. Number two, yes, we still have the opportunity for usmca to get done. By the way, brexit, that can be another big good thing out there for the markets. So look, once again, tomorrow morning if we get up and all of a sudden its going to be close to a phase one deal being done, boom, we are up 400 points. I mean, thats just the way this is. If we are going to try to get upset about the details of the daytoday trade you will lose money and drive yourself crazy. Take a step back and let it play out and take advantage of things when they get really really overdone. Right now, the year has been good, there has been nice big gains on all those indices. You cant have fairies all the time. Theres got to be negatives every now and then. Stuart what are you saying . Ashley fairy cakes and tea. Yeah, whatever. Stuart i sincerely apologize. You know what i mean. Stuart i really do know what you mean. Okay. Dow jones industrial average down 382 points. Trade in focus. Now this. Watch out, europe. Trumps in town. Be careful, china. You are negotiating with trump. Watch out, iran. Trumps in power. On all fronts, this is a hard line president. He does not back off and our competitors, rivals and enemies are feeling the heat. This president has a very different view of americas place in the world. Now, im going to start with iran, because whats going on there has not been fully reported. Irans economy is collapsing. The people are in revolt. Hundreds of unarmed protesters have been shot dead in the street. The interior minister said, get this, 50 military bases have been attacked. Trump pushed the iranians to the brink. For 40 years the Islamic Republic has been killing americans. Now they are killing each other and they are bankrupt. Watch out, iran. Trumps in power. In europe, well, they dont know what to make of him. They just dont know what to make of President Trump. He arrived in london monday night and this morning, promptly laid down the law. I dont want france taxing American Companies, he said. Emanuel macron has proposed that digital tax which would be paid largely by our dominant Tech Companies. If they go through with it, mr. Trump will slap a 100 tariff on french cheese, wine, handbags and champagne. With germany, President Trump complained loudly about their defense spending. A measly 1 of gdp compared to 4 for america. They quote, have to shape up or things are going to get very tough, he said. Meanwhile, trump critic Angela Merkel is on her way out of power. On china, the president said he had no deadline for a trade deal. In some ways, maybe its best to wait until after the next election. Thats what he said. Thats the negotiator in chief. He can wait. Its china thats in trouble. Yet again, our president dominates the headlines. He runs the news cycle. The democrats are left out in the cold. While trump lays down the law to europe, china, iran, among others, the democrats assemble a group of lawyers to shout impeachment about a phone call with ukraine. Speaker pelosi famously said the president quote, is in over his head. I dont think so. Hes putting america first. What a concept. Bill has graciously decided to stay with us and listen to my little rant. Hes a hardline president. I think im going to take a cue from mr. Macron and say yes, absolutely right. Stuart there you go. Look, i think the more important thing is, its not just that its a hard line. Hes sort of doing what he says. Hes always complained that other countries dont pay for their own defense and he has a point on that. I think nato announced that quite a few more members this year will be paying what they are obliged to pay and by next year, they are going to get i think at least half of natos members to pony up what they should. Germany is the big outlier on that. In germany, sort of the most vulnerable is closer to russia, ukraine, its further east so it has more to lose. Stuart do you think americans like to see our president on the world stage laying down the law as i put it . I think as a general principle, yes. I dont have quite as benign a view of tariffs as the president does. To me, thats always a high wire act. And i think the uncertainty about trade means that we have growth at 2 instead of maybe 3 , if we had a china deal, and we had the replacement nafta deal, which we may get. I mean, the democrats, you mentioned the impeachment. They are in a fix now because they realize that they are vulnerable to accusations that they are doing nothing but impeachment and they have this deal that has a lot of things they wanted in it. Its not a typically republican deal. Yet they wont vote it through. Stuart ive got two market watchers still with us. I will ask them both the same question. First of all, mike murphy, do you approve of what im calling the hard line trump . I do absolutely. You hit the nail on the head. Hes putting america and americas interests first, and as a u. S. Citizen, thats what you want your president to do. Stuart scott, same question. Do you approve of what im calling hard line trump . Im going to take it a step further. Absolutely, but you know what, i approve of him being a leader. The world needs more leaders. Thats the problem we have millenials, right, parents are friends with their children. Then you go to university and they let the inmates run the asylum. We dont have leaders left in this world. Our other president s have acquiesced to everybody abroad and apologizing for american exceptionalism. This is the first guy that stepped up and has been a leader. Im not sure i would have liked general patton but hes a leader and he won. Im not sure i would have liked general macumby but hes a leader and he won. President trump is a leader and thats why the world doesnt like him because hes a leader. Stuart next up for President Trump, canadas Prime Minister Justin Trudeau. Thats happening later this hour. This will be all about usmca. When that happens, the meeting with trudeau, you will see it. Promise. Also, actor mark ruffalo slammed capitalism on social media, calling for a revolution, but hes a big hollywood actor. Didnt capitalism help him . Brian kilmeade sounds off about that later this hour. Next, its giving tuesday. Did you know that . A new report found that Charitable Giving is down in america. Next, we have the ceo of the Christopher Reeve foundation. We will ask him what he thinks about that, giving less. This is the Epson Ecotank color printer. No more buying cartridges. Big ink tanks. Lots of ink. Print about. This many pages. The Epson Ecotank. Just fill and chill. Nationwide hso you can plan for your futfor retirement and save for college. Oh, that explains this. The nationwide dome. Stateoftheart venue. 80yard screen. Fantasy sports lounge. Climate controlled seats. Sushi bar. Club level pool. Really . Lastly. Retractable roof. Whoa. Touchdown peytonville just runnin away with this one. Go peytons. pop kind of lackluster. Eh, still working out some kinks. Who they playing . The brads. Worst team in the league. Of course. At chevy, were all about bringing families together. This time of year, thats really important. So were making it easier than ever to become part of our family. Thats why our chevy employee discount is now available to everyone. The chevy price you pay is what we pay. Not a cent more. Family is important to us. And we want you to be part of ours. So happy holidays. And welcome to the family. All the chevy family get the chevy employee discount for everyone today. Stuart very close to the low of the day, down 419 points 420 points on the dow. Thats better than minus 1. 5 . It is a selloff and its all across the board. The Trump Campaign says its not going to allow Bloomberg News reporters at Campaign Events and rallies. Why are they doing that . Ashley because bloomberg, the News Organization, says it would not be doing any investigating into the democratic president ial candidates since mr. Bloomberg has jumped into that field. But they say they will continue to investigate the Trump Administration, as quote, the government of the day. In response to that, the Trump Administration says since they have declared their bias openly, the Trump Campaign will no longer credential representatives for Bloomberg News for rallies or other Campaign Events. Bloomberg firing back, the company itself saying that saying we are biased couldnt be further from the truth. Stuart we will have that story covered for you with trump 2020 Communications Director tim murtaugh in our next hour. Did you know that today is giving tuesday . We have a related story for you. This is a good one. The christopher and Dana Reeve Foundation partnered with google nest, they gave away 100,000 of these Google Home Mini devices, the nest, to what they call the paralysis community. I think its a wonderful thing. A representative of the Reeve Foundation joins us this morning. Okay. You have given away 100,000 of these nest things and you have given them to people who are paralyzed. Whats that do for them . Today, actually in addition to giving tuesday, its the 27th anniversary of the u. N. S International day of disabilities, and the future is about accessibility. Stuart okay. What does that do for them . What this does is enable them to control the temperature of their house, to call someone, to live independently. Stuart you have given these . 100,000 . We have given them out through our Paralysis Resource Center which was founded by dana reeve in 2002. This summer, we actually helped our 100,000th person living with paralysis. There are over five Million People living with paralysis. Stuart google delivered these nests . Google delivered, they handled everything from their shop and it was the response we have gotten from the people we serve has been extraordinary. Stuart that is a remarkable story. Hold on for a second. Ive got a related story here about americans giving less to charity. 20 million fewer households donated than they did a couple decading ago . Jackie thats right. There are a couple reasons for it. First, people are saying they are busier, they dont have a connection to religion. Remember thats the main reason people give. Also, they are saying higher costs of living, Higher Health care costs, housing, food, another reason. They just dont have as much money to give. But whats interesting to note is that the most recent statistic that we have shows that the top 1 , remember bernie sanders, Elizabeth Warren say they are not giving, they account for a third of charitable donations. Thats really interesting to note, when you look at the juxtaposition. Now, the white house is also touting giving tuesday and in their statement they said it doesnt all have to be about money. You can give of your time as well. Theres an impact value there. Stuart but the bottom line is fewer households are giving jackie that is true. Stuart and the 1 account for a large amount, volume, of these charitable gifts. I find that fascinating. You are still with us. Im still with you. Stuart when i came to america, i was astonished at how generous this country is. Does it surprise you to hear fewer households are giving . Yeah, but i think thats changing. I think giving tuesday is only eight years old. It comes after all this consumption, the consumption of thanksgiving, black friday, cybermonday, and it was started eight years ago, and the giving has increased significantly. Last year it was up 37 . Stuart this is giving tuesday. Giving tuesday. So at the Reeve Foundation, we have actually seen all our fall campaigns having increases. I think thats part of what i alluded to earlier, how many people we are helping, plus the promise that a cure is possible for spinal cord injury. Stuart fascinating. I think you are doing great work. I really do. Thanks for joining us. Thank you for having me. Stuart sure thing. Giving tuesday. I didnt know, actually. Now i do know. Hes a good man. The president just met with Frances Emanuel macron. The two side this minor trade dispute over the digital tax and tariffs will be worked out. Later this hour, the president meets with canadas Justin Trudeau. We will bring you that when it happens. Quick check of that big board. Sharp selloff across the board. The market is down on President Trumps trade comments, especially about china. More varney after this. What shines forever . Diamonds. What is as rare as true love . Diamonds. What lights up every room . Diamonds. Beautiful diamond styles for the diamond in your life. Get 25 off everything, including these oneofakind deals at the winter jewelry sale. Exclusively at zales, the diamond store. At the winter jewelry sale. Whether youre out or here on a wifi hotspot. Xfinity mobile has more coverage to keep you connected to what matters most. Thats because its the only Wireless Network that automatically connects you to millions of secure wifi hotspots and the best lte everywhere else. And now get 250 off when you buy a new Samsung Phone during Xfinity Mobile beyond black friday. Plus, you can save up to 400 a year. Click, call or visit a store today. Song by song i try and make it easier for anxiety. O get help. Depression. Panic attacks. People dont want to talk about it. So i share it. The struggle and the joy with my mental health. I bare it on a stage, under a spotlight, and invite everyone to join me. Whats your mission . Use godaddy to help make it happen. Make the world you want. Stuart if i want to say the market has come back a bit, it would really be just a tiny fraction. We were down 420. Now were down 386. Bottom line, its a selloff all across the board. Later this hour, President Trump meets canadas Justin Trudeau. This will be about usmca, the new nafta. Edward lawrence, come on in, please. What do you have to tell us . Set up this meeting. Reporter yeah, stu, this is going to be a big meeting between the president and the Prime Minister of canada, who is really pushing for usmca to be ratified in the u. S. Congress. Hes had phone conversations with House Speaker nancy pelosi as well as richard neil, chairman of the ways and Means Committee on the house side. I have heard that no final language of usmca has been put on paper, but near final language has been shown to both House Democrats and House Republicans to get the ratification process moving. I have heard mexico is a little bit of a hurdle in terms of tweaking the enforcement in usmca, but ultimately, all sides agree that this will ultimately be ratified. They believe mexico will ultimately sign off on it. Yesterday, senator Chuck Grassley took to the senate floor urging democrats in the next six days to take up ratification of usmca so the senate can then ratify it this year. So theres a push to get it done this year. He says that they are very close. Senator Chuck Grassley says very close to ratification being done this year. Stuart okay. Got it. It would seem to me that mr. Trudeau will put some will join with President Trump and put some pressure on speaker pelosi, get a vote. Go on. Get a vote. Everythings ready. Just get a vote. Scott is still with us. This is important for the economy and the market, isnt it . Get a vote, get usmca done. We trade so much with those two partners. Yes, its absolutely one of the things, one of the three things thats going to help this market at least underpin where its at now Going Forward. Remember, usmca, brexit and something done with china. Now, again, we can wake up tomorrow morning and President Trump can say what he wants about a phase one deal almost being done and this market is going to take back all of its losses but there is something very simple sitting on somebodys desk that we can do right now to really help everything out across the board, and that is that usmca. For who knows why, except for the fact that she doesnt want to give or they dont want to give trump a win, its not getting done. So its only making them look bad. Its in her lap. Let her deal with it. Stuart all right, scott, thank you very much indeed for todays performance. In the right place at the right time, id say. Thank you, scott. All right. As we said, the president is in london meeting with nato leaders and next, he will meet canadas Justin Trudeau. We will bring it to you live when it happens. More varney after this. Stuart i think its a good idea to have a lively upbeat song when the dow is down 400 points. I want to do some counterprogramming here. I need your love, babe. Its true. The election, britains election nine days away. President trumps in london for the nato summit today. He spoke about it. What did he say about the election . Ashley he said look, he said in true trump stuart go on. Ashley he said he was asked about interfering in the december election, the 12th of december, just around the corner. He said i dont want to complicate it but i have won a lot of elections for a lot of people. He said im a fan of brexit, i predicted it. He said he thought Boris Johnson was quote, very capable, but he said im staying out of it. He will be meeting with Boris Johnson. Boris johnson is the standing Prime Minister but i dont think it will be a lot of hoopla and he wont have any comments about the upcoming election. Stuart i dont think they want a picture. Ashley no. Stuart President Trump with Prime Minister johnson on the grounds that President Trump is not wildly popular in britain and with an election nine days away ashley probably best. Stuart you dont want that photo op, do you. They will meet but i bet you theres not going to be a bunch of cameras from different angles. Susan i think the meeting was a bit of a surprise because going into this trip to london, everyone says they werent going to have any oneonones but apparently they are, just outside of the cameras. Stuart we should say the president will meet with Queen Elizabeth at Buckingham Palace this afternoon. I guess that would be their time opposed to our time. Not sure of the precise timing. Anyway, look at the market. You cant say its come back. Only, what, 30 points. Ashley less worse. Stuart nothing to laugh about there. Ashley not at all. Susan that follows mondays selloff, the worst in two months. Stuart if you add it up, down 250 yesterday, down 380 today, 600 points plus on the downside. Susan dont forget, a year ago, sorry, just to show you what happened a year ago, we were heading into a great end of year but then you had the tariff man tweet and the dow lost 2,000 points in just one month. Stuart okay. Can we see big tech, please . Because i suspect everythings down and big tech in particular is down today. I was looking at the nasdaq composite. Thats down over 100 points, i think it is. There you have big tech. Look at that. All of them sharply lower. Weve got apple back to 257. A sixpoint drop. Thats 2. 5 down. Google, down seven bucks. Amazon is pulling back by 25 a share. Even though they had a terrific cybermonday, best ever. Ashley getting caught in the downdraft here. Stuart facebook now at 196. Microsoft on the chin, down just over 1 . Now, President Trump is about to meet canadas Prime Minister trudeau. Blake burman is there. Blake, come on in, please. Because look, it seems to me that that meeting is surely going to be all about usmca and i would love to see our president get hold of mr. Trudeau and say pressure speaker pelosi, lets get this thing done. Are we going to see that . Reporter probably what we are going to see here when these two leaders meet momentarily here in london, stuart, keep in mind this was one of those bilateral oneonone meeting adons the white house included in london here. Youre right, the point is to have President Trump sit next to the canadian Prime Minister and say look, democrats, we are here, we want this, House Democrats put this on the floor. Back at the white house, they have been imploring nancy pelosi and democrats to go ahead and move forward with the usmca and get it on the floor. Initially the target date was october. Then it slid to november. Now of course, we are in december and they are trying for this to happen this year, but stuart, you know the backdrop with what is taking place in washington, the impeachment hearings, whether or not democrats will bring it to the floor is an open question. There are still some technical adjustments that democrats are looking for as well. But you hit the nail on the head. This allows the president to sit down with Justin Trudeau and sort of make a plea to democrats back in washington to bring the usmca forward and to get it on the house floor. Stuart, from what we have seen at least this morning with the bilateral meeting with nato secretary general and then with macron of france, those have kind of been mini press conferences already. So we will see if it turns out that way with President Trump and Prime Minister trudeau. Stuart my dollar says yes, it will be that kind of q a. Reporter your dollar or your pound. Stuart no. Im american, blake. Nice try. I am an american. It will be my dollar. Reporter no, no, i only say that stuart hold on. The president is talking. Listen to this, please. And have supported them from the beginning. The question was asked do we support them. I thought financially. We havent supported it. I dont know that we have actually ever been asked to support them financially. You know, somebody asked, maybe we would but we support them very very seriously. The people that are protesting in iran, they are looking for freedom and we are fully in support of them. Just in case anybody had any question. We havent been asked to support them financially which i assume thats what the question was, just to make sure everybody understood it. s the an hon its an honor to be with a friend of mine who just had a great election victory. Congratulations. Done a very good job. We actually have a very Good Relationship, and a Good Relationship in terms of our countries. We are working on the usmca which i ask nancy peli to put it up for a vote. If it gets put up for a vote it passes. So far, she hasnt decided to do that. Its up to her. Its actually a single individual, speaker of the house, its that persons decision and shes the speaker of the house and its a great deal for mexico, for canada and for the United States. Its a lot of jobs for everybody. It replaces a deal thats really a lousy deal, bad deal for, i can tell you, i would say for the United States, a deal that we have right now is terrible, nafta. Terrible. Been a terrible deal for the United States. So we look forward to being able to vote or take the vote on usmca. Its been there for a long time and at some point, perhaps the president of mexico, we have a wonderful man there, he really is, hes been a wonderful man, they will get tired and the Prime Minister will get tired and say look, lets forget this deal and i could understand it if you did. Its been sitting in congress now for six or seven months and its a great deal for everybody. So hopefully they can get it done and get it done fast and its one of the few transactions i think all three countries benefit. Really as a unit, against the world, if you look at it. Really as a unit against the world. Thats the way we looked at it from the beginning. So we hope thats the case. Again, congratulations. We will be talking about a number of subjects including additional trade to that, and the military and military presence. Its great being at nato. We had some real success i think, some very successful talks having to do with nato. As you know, a lot of the countries have stepped up and are putting in at least 131 billion more and thats great. And they have commitments for 400 billion. So it really has become a force. As we have discussed in the past, theres going to be great flexibility shown now with nato. We can go to other parts of the world, not just one focus. Its a lot of focuses and we need a lot of focuses. We need a lot of focus. We will be looking at other forms of terror, we will be looking at other countries, we will be looking at countries that are aggressive, not just this particular part of the world. Nato has become a big factor the last two or three years. You have been involved, i have been involved and a lot of good things have happened and its great to have you here. Thanks very much. Congratulations. Thank you. Its a real pleasure to be sitting down with President Trump. The relationship between canada and the United States is incredibly strong. I dont think its ever been stronger. Our Work Together on the usmca as we move forward towards ratification has been really tremendous. Its been a great process of working with between your team and our team, working with the mexicans as well. We know that we are here for nato, 70th anniversary extremely important. The american strength in ensuring that people are stepping up in terms of their military investments is certainly something we have recognized in canada, where increasing our defense investments by 70 over these ten years because we know that making sure that everyone is there to step up and deliver is really important. We have a forward battle group in latvia, we are leading the command mission in baghdad. Canadians are a strong part of this alliance and will continue to be. This is just a great opportunity for me to sit down with the president and talk about the many issues in which we align and Work Together. [ speaking french ] that sounded very good. Any questions . Reporter yes, mr. President. Climate change is a top priority for the Prime Minister here as well as for president macron earlier. We have not heard you talk about it on this trip. It doesnt appear to be on your agenda. Are you thinking about that issue . I think about it all the time. Honestly, Climate Change is very important to me. I have done many Environmental Impact statements over my life and i believe very strongly and very very Crystal Clear clean water and clean air. Thats a big part of Climate Change. I also see whats happening with our oceans where certain countries are dumping unlimited loads of things in, they float, they tend to float toward the United States. I see that happening and nobody has ever seen anything like it and its gotten worse. But you know, its very important for me also but i want clean air and clean water. Thats number one and number two. Very important. Reporter are you concerned about rising sea levels at all . You know, im concerned about everything but im also concerned about Nuclear Proliferation which i think is a very important topic and its a topic that we are going to discuss today. You know, the whole situation with nuclear to me is very very important. As we have been discussing today at the various meetings that weve had. I think thats something that has to be taken care of and has to be dealt with very strongly. Reporter mr. President , [ inaudible ]. Say it . Reporter are you happy with Canadian Defense spending as it is right now . Well, they are moving up and moving up substantially and they are starting to do very well economically. That has something to do with it. Yeah, they are getting up to a level thats getting to be very acceptable. They have been under the 2 , obviously, but they are moving up. We discuss it. Reporter you plan to discuss huawei . We will discuss that. Yes. We will discuss that. We will be discussing that. Yes. Reporter huawei and using it in the next generation we find a security problem with it, you know, and canada is going to make a decision at some point but we find, i just speak for the United States and we have ability to do a lot of things. We have actually advanced very far in 5g, much further than anyone really knows. Ajit pai headed it up and hes very good. We have a lot of action going on with respect to 5g. We are not using huawei and we are really some of our Great Companies are getting much involved with 5g right now. But no, we find a tremendous security problem with respect to huawei. Reporter mr. President , on the nuclear issue, you talked earlier with regards to russia and china coming to the table [ inaudible ]. Your description of the conversation you had doesnt really match what they said publicly. Its not what they said publicly . Reporter yeah. Well, look, weve had discussions and we have also had communications and i can tell you on behalf of both, they would like to see something done with it. Now, does that mean they will agree to do something . Im the one terminated the agreement and i terminated it because they were not living up to it and we dont want to be living up to an agreement and they dont. So it wasnt fair. But it was also a very obsolete agreement. You know, it covered things that frankly didnt matter anymore. We are looking at doing a new agreement with russia and we are looking at doing a new agreement with china, and maybe the three of us will do it together. And they do want to do it. I can tell you that with china, we were in a trade meeting and the subject, i broached the subject and they were very excited about it. No, theyd like to do it. We may do it with russia first and then go to china or we may do it all together or it may not happen. To be honest with you, maybe it wont happen. But we are spending a lot of money on nuclear and we have new nuclear and we have tremendous renovations of our older capability and i have to tell you, i see the kind of damage that were talking about and the kind of power that we have and its a very it will be a very sad day if we ever had to use it. Its a very good thing if we could do something to stop making that, fixing that. Well see what happens. Now, there are other countries but in terms of the world, were number one by far. Russia is number two and china would be number three. China will be pretty even over a period of four or five years. But its a tremendous expense for them, for us, for everybody. The destructive capability is really unacceptable. So well see if we can do something. I think russia and i think china would like to do it very much. Reporter on nato spending, you called member countries and allied countries in the past delinquents for not meeting the 2 standard. Where would you put canada in that . Theyll be okay. I have confidence. Just slightly delinquent. No major delinquent. Some are way below 1 . Thats unacceptable. Then if something happens we are supposed to protect them and its not really fair and it never has been fair. And they are paying up. We are talking to germany tomorrow and they are starting to come along. They have to. They have to. Otherwise, if they dont want to, ill have to do something with respect to trade. Reporter canada is i have all the cards. We have built something in the last three years thats been incredible. You have seen it. We are up 21 trillion and china is down about 32 trillion. As you know, for years, i have been hearing that it was 2019, in 2019 china is going to become the largest economy. Well, that didnt happen. We are much larger than china now because we have gone up and they have gone down, and they have had their worst year in 56 or 57 years now, by far. They have had the worst year that theyve had that they know of and we dont want that, frankly. But what they were doing was wrong. And i think they are going to stop it. And they want to make a deal very badly. Yes. Reporter on that question, would you commit if theres a country thats delinquent as you put it in paying for their defense spending, will you commit as president of the United States to defend them if they were attacked . You know, im going to be discussing that today and its a very interesting question, isnt it. You know, it also depends on what your definition of delinquent is. For instance, if you have a country thats paying only 1 and you have some that are paying less than 1 and they shouldnt be. You have some that are paying less than 1 and theyre wealthy countries on top of everything. Now we go to a new year and they dont pay, and now we go to yet another year and they dont pay. Well, now do they have to pay for the bad years . Okay. Now, so why is it that they owe us for this year but every time a new year comes out, they dont have to pay . Its wrong. Its not right. So i could say that you could go back 25 years. I wont do that with canada, of course. But no, you could go back, you know, right from the beginning where they were short of whatever goal it was at the time. Its 2 now. 2 is very low. It should be 4 . 2 is very low. But you have some that are well short of that. But they were short of it last year, the year before, the year before, the year before, right . So they are short all these years. Well, in theory you dont just say thats okay, you dont have to ever pay. They owe all that money from the past. Thats the way i look at it. If germany as an example is paying 1 and theyre supposed to be paying 2 , you are talking about billions of dollars, well, that means that last year, the year before, the year before, all of those years, they would owe us money. You are talking about, really, you are talking about trillions of dollars. Nobodys ever brought that up. They just keep talking about the present. So if theyre short one year, and then you go on to the new year, they never talk about the year that they didnt pay. Actually, in theory they owe us that money. Its not fair. Its not fair. Reporter regarding china, when you met the Prime Minister in june, you talked about trying to help with the two prisoners that are canadians that are in china. Have you made any well, i have. And i think we have made progress. I mentioned that to president xi as you know, because it was a big subject at the time. I put in a very very strong word for those two prisoners. I havent spoken to him recently, to be honest with you. I dont think he likes me so much anymore but thats okay. Reporter mr. President , canada does not meet the 2 standard. Should it have a plan to meet the 2 standard . Well, i will put them on a payment plan, you know. We will put canada on a payment plan. Im sure the Prime Minister would love that. What are you at . What is your number . The number we talked about is 70 increase over these past years, including for the coming years, including significant investment in our fighter jets, significant investment in our naval fleet. We are increasing significantly our defense spending from previous governments that cut. Okay. Where are you now in terms of your number . We are 1. 3 . 1. 4. Youre getting there. They know its important to do that. Their economy is doing well. They will get there quickly, i think. Its to their benefit. The president knows as well that canada has been there for every nato deployment. We have consistently stepped up, sent our troops into harms way. We are leading in iraq, we are leading in latvia. We continue to step up like most of our allies. There are some countries that even though they might reach the 2 , dont step up nearly as much, and i think its important to look at what is actually being done, and the United States and all nato allies know that canada is a solid, reliable partner and will continue to defend nato and defend our interests. We do have tremendous coordination with radar, with all of the different things, technologically we have tremendous coordination between canada and the United States. Thats good. Yes. Reporter to come back to impeachment, you met with [ inaudible ] last month. What did you learn from that meeting . What advice [ inaudible ] . We are winning so big. We had our biggest fundraising month ever. We had last quarter was unbelievable. I have my best poll numbers that ive ever had. The impeachment hoax is going nowhere. The Republican Party has never been so unified as it is right now. I have never seen anything like it. I used to tell you, i said the one thing that republicans are better politicians, they have better policies but the democrats do stick together. The democrats like open borders, they like sanctuary cities, they like a lot of things that are not good, but they do stick together. Well, the Republican Party, this whole impeachment hoax has been like glue because they know its a hoax. Its a way of hurting the Republican Party beyond me. Its a way of trying to hurt the Republican Party and a lot of great people. And the people arent standing for it. A lot of these democrats went back over the weekend and over the last week and a half, you know, they talk about how much of an emergency everything is and then they go away for two weeks, they went back to their districts and they are getting hammered in their districts. I see whats going on, especially the trump districts where i won by a lot, i have districts where i won by a lot. You people know it better than anybody. We had a lot of great elections recently. We had the two big victories in north carolina. I told you before, we had in kentucky, we won everything other than the governorship and the govern or i brought up almot 19 points. He lost by just a few votes. And louisiana was a long shot and it was less than 1 . He came up 12 or 14 points, a lot. And we won Everything Else. We won Everything Else and by the way, in mississippi, we won the governorship very close race, it was tied going in two days before. I went up, we made a speech, we had a rally and he won by a lot. And we have a wonderful governor in mississippi and everybody else won. Both candidates went up a lot. We have never had the spirit that weve had. I think i can honestly say i dont think we have ever had the spirit we have right now in the Republican Party. The impeachment hoax is whats done it. You know what, honestly i think you people know that better than i do. Please. Reporter the dow is down over 400 points right now and part of it is the comments you made earlier about the china trade deal getting passed. Thats all right. It was at about 15,000, 16,000 and now its almost at 30,000. Its going to be at 30,000. No, i have to tell you, if its not going to be a good deal, im not signing a deal. Its peanuts compared to what we have picked up record numbers in the stock markets so thats okay. Thats the way i feel. I have to make the right deal. Im not going to make a deal thats not going to be great for our country. And it cant be an even deal. If its an even deal its no good, because china, other president s and leaders of our country have really let us down because they let china get away with get away with something that should have never been allowed to happen. Billions and billions of dollars a year were lost in dealing with china by foolish people or by people that didnt care or by people that didnt know how we rebuilt china. I give china great credit. I dont even blame china because our people shouldnt have done what they did. But what theyve done, we have lost 150 billion, then 200 billion, then 400 billion. In china, they rebuilt china with the money they took out of the United States. Thats where they were and thats where it is. Now we are taking in billions of dollars in tariffs and by the way, remember you used to tell me how it would cost us . They are eating that money because they dont want to lose their supply chains. And i dont want them to lose their supply chains but if it happens, it happens. And thats where it is. They want to make a deal, but i like the deal that we have and the deal that we have could get even better and i could do it all by myself. So well see what happens. We are in a critical stage. They have called us today, they have called us yesterday. We are having ongoing discussions and we will see what happens. But if the stock market goes up again, i dont watch the stock market, i watch jobs. Jobs are what i watch. I watch making the proper deal. We have been taken advantage of, the United States, by china, for so many years at numbers that if you were doing this, you wouldnt have believed it. I came in, i looked at numbers for, i mean, ever since the founding of the chinas entrance into the world trade organization, the wto. [ inaudible ] stuart i believe we just lost audio very briefly. We hope to return to it. The president was talking about china trade, the first time in his meeting with Mister Trudeau or Emmanuel Macron that he has addressed china trade. He wasnt asked the question about it until blake berman asked. Ashley down 240 points and the president says i dont watch the stock market, i watched jobs. Stuart the president is back, listening. Usually we look at it as a group and we have to look at it as a group. I would look at it as a group but i think it is unfair what a country doesnt pay so most likely i do something with respect to trade] is one of the things we will be discussing today. I have to look at it as a group because this country sitting in the middle is delinquent. And something happens to that country. It is an unlikely circumstance but i would do something having to do with trade much more than you are suggesting. Do you believe there will be a senate mile . I have no idea. They would make a mistake if they do that but that is okay, they do it they do it, that is a disgrace. I think the democrats should be ashamed of themselves. If you look at impeachment, there was nothing wrong, nothing done wrong, it was a perfect conversation with a very nice gentleman, the president of ukraine. The conversation was perfect, it was two conversations, they were both perfect. They were transcribed, they were both perfect. This is what you are going to impeach the president of the United States for. The republicans have never been stronger, never been more unified. The democrats have gone crazy. And you know what . They have to be careful. When the shoe is on the other foot, and someday hopefully in a very long distant future you will have a democrat president and a Republican House and they will do the same thing because somebody pick then orange out of the refrigerator and you dont like it so lets go impeach him. That is not the way our country is supposed to be run. Have you selected a news site for next year . Really have and i think it has been more or less announced and camp david, very special thing that camp david, it is nearby, it is close, very good access to the press. We will have a little bit of a washington, i think, deliverance but it will be at camp david. Your decision to leave syria will affect nato not only have we not left but working with the kurds, a very Good Relationship with the kurds and we have taken the oil. I have taken the oil. We should have done it at other locations where we were and four of them right now but we have taken the oil and that oil is what they lived off of and now it is going to be taken away from them and our great soldiers are right around the oil. We have got the oil but if we didnt have it they would not be able to survive. You have maintained that you have done nothing wrong. Why wont you permit the secretary of state or chief of staff to testify . I would like them to testify. These are very unfair hearings and these unfair witchhunt hearings as an example i just heard today they get three constitutional lawyers. They are just wasting their time and we get one. Okay. Nobody has to know anything about constitutional law but they get three and we get one. That cant be too good but that is the way it is. For the hearings we dont get a lawyer, we dont get any witnesses, we want biden, we want the son hunter, we want the sun, we want adam schiff, we want to interview these people. They said no, you cant do it. So when it is fair it will be fair in the senate. I would love to have mike pompeo, i would love to have mitch, i would love to have rick perry and many other people testify but i dont want them to testify when this is a total fix, you know what a fix is . This is a fix. Just think of it. Tomorrow i dont think anybody is going to watch. Im not going to watch. I will be doing this. It is much more exciting. Tomorrow, think of it, they get three constitutional lawyers and we get one. That is not even smart because it is not going to matter. They take three and give us one. You ever heard of anything like that. I want them to testify but i want them to testify in the senate where they will get a fair trial. What do you want to learn from adam schiff . I want nothing from adam schiff. What would you like to learn if he testifies . I think he is a deranged human being who grew up with a complex a lot of reasons that are obvious. I think he is a very sick man and he lies. Adam schiff made up my conversation with the president of ukraine and one of the reasons people keep talking about it is that is what they far. We have a perfectly beautiful 3 or 4 page transcription and in the o two page transcription of the conversation but a lot of people didnt read that. How many people call you, friend of mine called up, top person in new york called up, i didnt like what was said. I said did you read it . I didnt read it, i heard adam schiff. That is not what was said. I sent him a copy of what was said, he said this is straight. This is and what he said. This guy is sick. He made up a conversation. He died. If he didnt do that in the halls of congress he would be thrown in jail but he did it in the halls of congress that is given immunity. This is a sick person. He is a liar. Nancy pelosi knew he was lying and she went on her show stephanopoulos and said he told the truth so she was lying too. These people are deranged. Anybody else . The president suggested canada might pull out of us and ca if congress doesnt ratify a deal. Have you made that suggestion . We have had lots of great conversations how we are going to keep moving forward to benefit workers in all three of our countries and we are confident we will be able to get there. Ambassador lighthizer and deputy minister freeland and negotiators are closely on this issue. We hope to have good news soon. The news day [speaking french] mister Prime Minister, is this your plan to have discussions with turkey and its role in nato . There is a range of discussions we will have during this meeting. I look forward to have an opportunity including various challenges and reflections we have to have on how we move forward and make sure we are responding to the real challenges the world sees right now. Do you have anything . We will bring up the issue of china. Thank you very much, everybody. Stuart there you have it. That is the Second Press Conference our president has given today, the first was with the manual macron of france, that was animated to see the least. The second with Justin Trudeau of canada. Many subjects were covered. I want to draw particular attention to what was said about impeachment, the president came on strong about adam schiff, calls him a deranged human being. Adam schiff conducted the House Intelligence Committee hearings and also called adam schiff a liar and sick person. He came out with guns blazing. Ashley he was asked about the stock market and said that is okay, i dont watch the stock market, i watch jobs and we are doing well. Stuart on the subject lets go to blake berman in london. I believe you are the one who asked the president about the dow falling 400 points and what is going on. Is that correct . Now, it wasnt me although i would have loved it. It was a headlinemaker. The president says he doesnt watch the stock market, instead he watches jobs but i think the president s twitter feed would suggest otherwise as normally when the stock market goes up there is a 20 president ial tweet that follows. It was a double down for donald trump because earlier today when he was meeting with the nato secretarygeneral, the first of the president s meetings he gave the suggestion that a potential trade deal with china could wait until after the election one year from now and the president would be comfortable with it. That is what the market has sold off to. When the president was asked whether he watches the market it was that comment that he doesnt watch the market, he cares more about jobs but he tried to make the point since he was elected president three years ago to where the markets are now they are up substantially. The long came and not necessarily worried about the market, dipped today, and yesterday as well on the china trade headlines. Stuart you were outside the meeting but whoever asked the question sounded like you. Before i move on i want to make a point the president made about trade that nobody covered. Nato countries financing defense. Many nato countries are not coming up with the required amount of money. Germany in particular is not paying what he called its fair share. The president said of germany doesnt step up on nato finance we have to do something on trade. That is a threat. That have direct threat, trade tariffs, maybe that is what he was getting at. I dont people picked up on it but the market still down over 400 points. Lets go to Edward Lawrence with news on the latest from us mca, what was said. Playing bad cop the market on china, good cop here at the white house on us mca, the president sitting up there, the first words out of his mouth in that meeting with Justin Trudeau was we would like to pressure or get nancy pelosi to put us mca up for ratification vote. Justin trudeau said he is confident we will have good news very soon. Donald trump saying us mca is a unit, mexico, canada, the United States against the world related to trade. Very positive outlook Going Forward on this, the primary history of canada believes and that News Conference that they can get there. I have heard there is near final language republicans and democrats of seen in congress so they are getting close and confident they can get to a ratification vote. Stuart i want to bring in tom leiden, market watcher. Here is my opinion. The market is down 400 points and i think it is down 400 points, you may get more tariffs on china come december 15th. We are not going to get us mca despite the pressure and we might get tariffs on french luxury goods. The market does not like that. Is that why we have the selloff . There is positioning going on. Donald trump is a master negotiator. Him sending a message to china today to say i can put off trade negotiations for a year isnt going to affect the market that much. He said i own all the cards as with that in mind, 2 or 3 correction to the stock market is a buying opportunity for most investors. Stuart do you see it that way . We had a terrific run, something, october, november, straight up, a minorleague cellophane you would use this to buy something . There is a major shift on. We watch the flows in the etfs and you see the shift from Growth Stocks over to value so there is great opportunity in value stocks and small caps compared to large caps. The s p has 6 docs but goes 18 of the overall holdings. We are starting to see the shift on as people say i dont want to exit the market, to more oriented stocks, you can do that with more small ones and get a holiday sale from an evaluation standpoint, 20 30 off. Stuart im sorry it is so short that this is a jampacked show. Donald trump met with the manual macron and Justin Trudeau, next he will go to Buckingham Palace. My take on Prince Andrew coming up. This is the third hour of varney and we are rolling. Emel. Cut. Liberty mu. Line . Cut. Liberty mutual customizes your Car Insurance so you only pay for what you need. Cut. Liberty m. Am i allowed to riff . What if i come out of the water . Liberty biberty. Cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart a down day across the board, dow, s p and nasdaq. I will show you the big, big tech, facebook is down 1. 6 , apple is down 2. 5 . We have amazon down 1. 7 . When you Start Talking percentage moves you know you have big movement underway. Netflix is down 1. 2 , google is down 6 bucks. Only have a percentage. Roku, big drop yesterday, bounding back a little today, 6 rise as we speak. Mostly losers, some winners. Ashley 10 year falling to 170 of money going into bonds, the price goes up and yields come down. Stuart you have the yield on the 10 year treasury, world malaise so to speak. It is dead save. And and 1. 7 . It is 184, it is a gigantic move. And boeing is down 1. 5 . It is down across the board. You have been watching it all morning. A very hard line across the board. I say the president is maintaining a hard line. Is a good line to take . Is taking a good negotiating line, he is supportive of nato and pleased to see other nations pony up and contribute to their own defense but also been clear, glad you are defending nato and your own country from russian aggression but youve got to deal with trade issues as well as france started this with a big tax on technology. Stuart a lot of people are worried that if we get more trade tariffs decent the 15th on china and tariffs placed on french luxury goods and dont get us mca because nancy pelosi wont have a vote that would be bad for our economy. It would be shortterm. Everyone was confused, nancy pelosi put us mca on her desk for 14 months and has yet to act on it. He keeps sitting different criteria what shes going to do and say we will get to it but 14 months is a long time for them to be sitting over there on their desk. China talks are onagain offagain and look like they are getting close at this point. The noisier the closer you get but if that happens it is a big asset to get those done and all the issues, trying to resolve in france. They are getting closer to done rather than farther away. Stuart are you firmly behind the president s hard negotiating line . I am. You do hard negotiations to get to a resolution and if you negotiate to negotiate you dont get to a resolution. Stuart the person was asked about impeachment in a conversation with canadas Prime Minister. He called adam schiff a deranged human being and a liar and sick person. That is Strong Language obviously. Do you approve of that . I dont. I dont like that language and it doesnt help us get through a resolution. It is the president s style. Americans know that it his style and a lot of people say that is him being him but like it or not i like better conversation and plane speech but i dont think you have to be little somebody in the process. That is the president and who he is. Stuart the president went out of his way to say the Republican Party was rocksolid in the senate. The Republican Party and the senate would not countenance impeachment. It does he have rocksolid support in the United States senate . I would say ive not heard anyone flinching on the republican side. All of a sudden looking at what the house is doing, partisan action. Now funds withheld from ukraine, they have all the funding. The Ukrainian Government said we didnt know there was controversy on the funding, werent aware of that until a political article came out and that was days before the funds were released. To say they were trying to get leverage on that the leverage wasnt there and wasnt being used, no one even knew about it so it is hard to say there is a phone call where the president might have implied something he never said but we are going to impeach him overseas really odd and for all of us in the senate side we dont see evidence of any impeachable offense. Stuart i am sorry this is so short but it is a rock n roll news pack today but we do appreciate the results. Come back again soon, we appreciate it. Intrigue at Buckingham Palace. A scandal involving Prince Andrew and guess who is coming for dinner, donald trump. The next stop on his nato visit and i have a lot to say about that and i will say it next. What shines forever . Diamonds. What is as rare as true love . Diamonds. What lights up every room . Diamonds. Beautiful diamond styles for the diamond in your life. Get 25 off everything, including these oneofakind deals at the winter jewelry sale. Exclusively at zales, the diamond store. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. You can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. All with millions of secure wifi hotspots and the best lte everywhere else. Its a different kind of Wireless Network, designed to save you money. Switch and save up to 400 a year. And now get 250 off google pixel 4 during Xfinity Mobile beyond black friday. Thats simple. Easy. Awesome. Click, call or visit a store today. And now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart this afternoon donald trump means Queen Elizabeth at Buckingham Palace. He will not be meeting Prince Andrew. The British Royal families facing another scandal and Prince Andrew is in the middle of it. And the child sex offender jeffrey epstein, what a disaster. He showed no remorse, little sympathy for epsteins victims, no apology and in a bizarre twist he claimed he didnt sweater. Last night on the bbc virginia Robert Godfrey discussed having sex with the prince when she was 17, quote, it was disgusting. His sweat was like rain, like it was raining. That is what she said. What a mess. What to do . As someone born and raised in england i am often asked why the brits keep going with a monarchy that has gone through scandals roughly once a decade for hundreds of years. My answer is that the system works. It offers stability and the monarchy is deeply embedded in britains psyche. I dont think a republic would work over there. Instead, i would suggest a streamlined royal family. Dont do away with the pomp and ceremony and dont do away with a monarchs constitutional position. It works. But certainly get rid of the hangers on. Reportedly Prince Andrew receives a salary of 300,000 a year, some of that money, most of it comes from the british taxpayer. Cut him off. There are surely other royal dipping into the public purse. Look at them too. All those palaces and royal houses, come on, tighten the belt. The house of windsor will survive this as it has survived abdication, royal divorce, the death of Princess Diana but i am sufficiently americanized to say you royals had better behave. Your exalted position wont last if there are any more Prince Andrews. That is what i have got to say. My fellow american who was born and raised in england and has a british accent just like me, what do you think of what i said did you ashley Prince Andrew should have his title, his Royal Highness title stripped. He has been acting and titles, arrogance, lack of sympathy, he needs to go away and streamlining is the way to go and reportedly Prince Charles, who may be one day as the queen turns 93, 94, he is very much behind streamlining the royal family so the hangers on, those who get the grace and favors which is another word for free housing and free everything on the back of the taxpayer should be cut off. Stuart we have an angloamerican position on this, a moderate position. Moving on, next case, we know black friday and cybermonday brought in big bucks for the retailers. Just how big . Weve got the new numbers from the National Retail federation and we will break them down for you in a moment and the American Consumer is stronger than ever. Keep it right here please. Most people think of verizon as a reliable phone company. But to businesses, were a reliable partner. We Keep Companies ready for whats next. man we weave security into their business. second man virtualize their operations. woman and build ai customer experiences. second woman we also keep them ready for the next big opportunity. Like 5g. Almost all of the fortune 500 partner with us. woman when it comes to digital transformation. Verizon keeps business ready. sure, the contents easy. But then you have to connect, download, edit, reformat, output, save, send, upload. Still uploading. And maybe eventually post. This isnt working. Introducing samsung business video solutions. With the galaxy note10, you can shoot, edit and post thumbstopping videos, all from one device. Samsung business solutions. And let me tell you something, rodeo. I wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. A reverse Mortgage Loan isnt some kind of trick to take your home. Its a loan, like any other. Big difference is how you pay it back. Find out how reverse mortgages really work with aags free, noobligation reverse mortgage guide. Eliminate monthly mortgage payments, pay bills, medical costs, and more. Call now and get your free info kit. Other mortgages are paid each month, but with a reverse mortgage, you can pay whatever you can, when it works for you, or, you can wait, and pay it off in one lump sum when you leave your home. Discover the option thats best for you. Call today and find out more in aags free, noobligation reverse Mortgage Loan guide. Access taxfree cash and stay in the home you love. Youve probably been investing in your home for years. Making monthly mortgage payments. Doing the right thing. And its become your familys heart and soul. Well, that investment can give you taxfree cash just when you need it. Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be a part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. So you can. Retire better. Stuart no change, been like this all morning, down day across the board, dow is down 1. 5 , similar loss for the s p and nasdaq, down across the board, donald trump earlier today met with the president of france, Emmanuel Macron and spoke about the french taxing American Technology companies. Watch this. American Tech Companies, not my favorite people because they are not for me. They are American Companies and we want to tax American Companies. That is important, we want to tax them. That is not for somebody else to tax so the president knows we taxed wine and other taxes scheduled but we would rather not do that but that is the way it would work. It will work out or it will work out in some mutually beneficial tax. Ashley he is right, let the americans tax American Companies. This is a standard playbook for the europeans, they look at these big american Tech Companies as a Bottomless Pit of money they can grab onto. In this case a digital tax. In other cases antitrust issues, fining them billions and billions and billions. You want to do that we can play the tax game too. Stuart europe does not innovate like america innovate with our Technology Companies dominate things because they are real good. If the europeans produce the same kind of companies it wouldnt be the same thing. We need a word for many economists. Bring in jeffrey cleveland. What is your reaction to what the president had to say today . I know you are listening. What is your reaction . My response, ignore the politics, focus on the fundamentals in the fundamentals have improved so the Global Manufacturing data people are not paying attention to this but the last four months weve seen improvement, Global Manufacturing of pmi is above 50 for the First Time Since the spring. The 50 delineated expansion from contractions so the scarce story of the year has been global weakness. That is going away. We are seeing stabilization in the global backdrop. That will feedthrough into Us Manufacturing as we head into 2020. This is a good story about fundamentals. Stuart i do hear you but the dow is down 400 points, it was down 250 yesterday and the backdrop to all of this is the possibility of more tariffs on china products come december 13th, taxes on french Luxury Products and maybe no us mca. That is what the market is reacting to. I put it to you if those things happen, more tariffs here and there, no us mca, our economy could hurt. What is amazing is the resiliency of the us economy even with the tariffs we have seen and talk of more tariffs. We are still seeing 2 growth in the second half of 2019. I think we will have a 2. 3 growth figure for the full year 2019. That is only a little bit slower than we achieved in 2018, 2. 5 growth. Excellent we are able to withstand that and what is driving it . The consumer. Dont forget the labor market is tight. Consumer incomes are growing out of 4 clip band that will continue to support the us economy even if we have trade volatility. Let me give you some more on this was we have new numbers from the National Retail federation. Shoppers spend an average of 50 more this year than last year. 93. 2 million shoppers shopped online. 84 million showed up to brickandmortar stores. Is an that exactly what you are saying . The consumer is leading this economy. The consumer is very very strong. We have a tight labor market, one of the tightest labor markets in generations, low unemployment, low layoffs, high job openings, that is pushing up wage growth and generating income and when consumers sit down at the computer they are not worried about tariffs, theyre worried about the best deal they can find on cybermonday and they are finding that and that will drive growth and earnings. It is all about fundamentals. Stuart bearing that in mind to you therefore think todays a lot following yesterdays terra is a september a blip . Temporary blip on a longer time horizon, investors have to stay calm and focus on the fundamental story which is improving, folks on the consumer which is the heart of the earnings story and a story remains intact equity markets, earnings right equities. That is the key. Liz that was pretty good. Thanks very much. Short and to the point. I am going to continue on shopping. If you have a little girl a granddaughter, you know about lol dolls, they are very popular and this is all about the experience. Joining me is the companys ceo. Welcome to the show. The dolls are very small and they come with everything wrapped in separate packages so youve got to unwrap, put it all together. It takes time and that is the experience. That is what makes them so popular. Together with the detail we have, yes. We have brought kids back to playing with real toys. These are brandnew in the market. It takes about 23, 25 minutes to unwrap and play with these toys. Parents love these, the kid loves it and they go through 2325 minutes to unwrap the toy and show what is inside the wall which is inside. It is the number one selling toy number one selling even bigger than frozen. Very exciting. Stuart say that again. That got our attention. Lol dolls are selling more than toys that come from frozen 2. Absolutely. This toy here, amazing surprise, the number one selling toy as of last week, very exciting, very exciting about that. Stuart it is a busy news day so im short on time but that is i have granddaughters. The good thing about this innovation, was made and is a worldwide phenomenon including in france. Lol surprise is the number one selling toy. Excellent, so glad you were on the show today. Thank you very much indeed. More on the Shopping Experience for you. One destination in downtown manhattan, new york city adding a touch of luxury to it all. Lauren simonetti is there. What have you got . It is all about experience adding luxury to that. Monica and andy, a high end Kids Clothing store, they wrapped up a mommy and me music class inside the retail store. That is how you get people to shop these days especially the millennial moms, 35 of overall luxury sales right now. Millennials, hard to believe, how do you get them into a mall like this one . You bring an experience to them. One of those experience is a store that has all this crazy text if you dont know you need including makeup brush, press the button and blend your makeup. Whoever thought you needed that or what is this . Power massager. Look like a power tool. That is 200 so if you ever need Something Like that, got a lot of money to spend you can come to a luxury mall in downtown manhattan. Stuart im not a luxury kind of guy but that is really good. I could find a modest of for you. There is an ice skating rink. A light show tonight. I cant afford to break my hip at my age. Thank you very much. We will see you later. She likes that mall, donald trump done speaking with canadas Prime Minister trudeau talked about us mca but had some choice words for adam schiff, chair of the intel committee, choice words on impeachment, called him a deranged human being and a liar. We will get to that, trump 2020 Communications Director, choice words indeed. Hi, my name is sam davis and im going to tell you about exciting plans available to anyone with medicare. Many plans provide broad coverage and still may save you money on monthly premiums and Prescription Drugs. With original medicare, youre covered for hospital stays and Doctor Office visits, but you have to meet a deductible for each and then youre still responsible for 20 of the cost. Next, lets look at a Medicare Supplement plan. As you can see, they cover the same things as original medicare and they also cover your medicare deductibles and coinsurance. But they often have higher monthly premiums and no Prescription Drug coverage. Now, lets take a look at humanas Medicare Advantage plans. With a humana medicare plan, hospital stays, Doctor Office visits and medicare deductibles are covered. And, of course, most humana Medicare Advantage plans include Prescription Drug coverage. In fact, in 2018, humana Medicare Advantage Prescription Drug plan members saved an estimated 7400, on average, on their prescription costs. Most humana Medicare Advantage plans help you stay active and keep fit by including a Silver Sneakers Fitness Program at no extra cost. And, you may be able to save on dental and vision expenses, because coverage is now included with most humana Medicare Advantage plans. You get all this coverage for as low as a zero dollar monthly plan premium in many areas. And your doctor and hospital may already be a part of humanas large network. If you want the facts, call right now for the free decision guide from humana. There is no obligation, so call the number on your screen right now to see if your doctor is in our network; to find out if you can save on your prescriptions and to get our free decision guide. Licensed humana sales agents are standing by, so call now. Stuart choice words from the president for adam schiff who chairs the House Intelligence Committee. He is all about impeachment. The president called him a liar, called him a deranged human being. Trump 2020 Communications Director, you have to support what the president said. You have to support that language because you are with the trump 2020 Communications Director. Youve got to supported and say that is okay. Will you . Not sure i think can you hear me . You cant. Dont let him do that on camera. I will go to the big board so we can recoup the audio and get back in just a second. There i say we have come back 40 or 50 points . I will say it anyway because we have. We are down 440, the lower of the day. There is a lot of backwards and forwards. Ashley the nasdaq was down 100 points and now 93 so perhaps a little dip but certainly a big selloff. Stuart i believe this is about trade, specifically china trade. Donald trump who is in london made the comment that i have no deadline on the china deal. May be it is best to wait until after the next election, dont expect the deal in the immediate future and maybe because im reading into this, maybe we will have some tariffs on chinese products come december 15th. The market doesnt like that. We are down 390. Tim murder is back with us. Can you hear me . I can indeed. Stuart the president called adam schiff a liar, a deranged human being, very Strong Language. Are you going to back him up . I dont think the president is off by anything. Look at adam schiff during hearings, he made up testimony, put words in the president s now that the president never said, blocked republicans from being able to have their own witnesses, cut off questioning, he claimed at the same time he didnt know the identity of the whistleblower but somehow he mysteriously knew exactly when to cut off questioning to avoid releasing the identity of the whistleblower whose identity he didnt know so i think the president is dead on in this. Stuart senator langford, republican oklahoma on the show a half an hour ago said layoff, you dont do that. That is not the kind of language that will read to a reasonable conclusion although he did say republicans in the senate are rocksolid in their support of the president but he didnt like that language. I appreciate that. Senators can have their own opinions naturally but folks have to remember this is a president who for three years now has been under assault by democrats and the mainstream news media, for two years, lets remember for two years democrats in the media called donald trump an agent of the russians and that didnt work for them so they have moved on to this ukraine nonsense and so the president has been under assault 24 hours a day for three whole years and so when he fights back people dont like that sometimes but that is the guy who is fighting back and he has been the one under assault for all this time so i dont blame him for pushing back. Stuart donald trump says the campaign are going to deny press credentials to bloomberg reporters, wont let them in Campaign Events or rallies. Some people say that is trampling all over freedom of the press. What say you . The campaign is a private entity and can control access to events as we see fit but we are used to unfair reporting practices from the Mainstream Media but most dont commit it to paper and release a memo stating that. What Bloomberg News did was setup two tears of rules and one set of rules for all the democrats, those democrats are not going to be subject to scrutiny or investigative journalism. The other set of rules are for donald trump who will be subjected to scrutiny and investigative journalism. You cannot have two separate groups of rules for two separate buckets of candidates, you just cant do it and call yourself an objective News Organization but that is what Bloomberg News has done and we are within our rights to save that is the way youre going to play it, make two tears of rules, then we are not going to allow you to come in and cover our Campaign Events and you change it back. Stuart how you campaign against Michael Bloomberg . He has 52, 54 billion and can put what he wants into the campaign. What is your line of attack . We are not paying any attention whatsoever. He is one of a group of 20 or so democrats left over there. You are happy to see him run because its with a democrat vote. What his and his proven late entrance, they looked around and thought the Democrat Field was a terrible there was room for them too and we dont think any one of them is very impressive so we he will see who comes out. Stuart rather dismissive. You can do that. Tim, thank you for joining us, we appreciate it. A couple stocks, look at roku. The market is way down across the board but roku coming back, 5 up. It was down 15 yesterday, downgraded and a lot of bid. Modest rebound today. Netflix says streaming competition will call a rise in Customer Acquisition costs. It will cost a lot of money to bring in new subscribers, investors, not that far down. It and overall market done 1. 5 netflix is in line with the rest of the stocks. Boston beer, the sam adams people, truly hard seltzer people as well. Ups just raise their price targets of 440 because of their strong sales of hard seltzer in stock is reacting up 8, in a broad down market. It is down day for stocks but we want to end the show on a high note. We have a bona fide success story. Rio tinto, big Mining Company just penned a 1 billion deal to expand their copper operation. Wait until we tell you where it is. The ceo next. K of verizon as a reliable phone company. But to businesses, were a reliable partner. We Keep Companies ready for whats next. man we weave security into their business. second man virtualize their operations. woman and build ai customer experiences. second woman we also keep them ready for the next big opportunity. Like 5g. Almost all of the fortune 500 partner with us. woman when it comes to digital transformation. Verizon keeps business ready. introducing the Marilyn Monroe collection of fine jewellery. Exclusively at zales, the diamonds are a girls best friend store. Masterpiece of italian design and performance. S exclusively at zales, and about 15 minutes for us to paint one neon green and do this. Hang on. Blends right into the italian architecture. See everything you should never do with an alfa romeo. No, no, no, no, no. Now thats driving then experience everything you should on the road now. Here, it all starts withello hi . How can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone wifi up there . Uhh. 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 local xfinity store today. Stuart rio tinto, one of the Worlds Largest mining companies, 1. 5 billion into a copper plant in utah which will keep running through 2023. Of ceo is with us now. Welcome to the program. In the back of our minds i am trying to think why youre putting so much money into a copper mine in utah and then it occurs to me your bidding on electric cars, arent you . Copper is vital to electric cars. Absolutely. We have been in the us for 100 years, we provide 10 of all the copper consumed in the us, we believe in the us economy, we believe in copper and are not afraid of spending 1. 5 billion to extend the life of a mine from 20262032 and use an additional refund on copper in those 6 years and we are looking at options in 2022. We are ready to invest. Stuart you are geared towards electric cars, right . Your placing a bet on copper for all kinds of reasons but one of those reasons is copper is used in electric cars. Im not trying to get at something. Im intrigued at the idea of electric cars and what you are doing about it. Copper is used in many items from your iphone to electric cars. There will be more demand for copper. It is used in infrastructure so we believe there will be lots of investment in the us Going Forward from infrastructure to electric cars to use your examples. Stuart i always thought the big copper producing country in the world was chile. Absolutely. We have been in the us for 116 years. We have been there. Still be there for some time. Stuart are you getting any government subsidies . Absolutely not. We do it on our own dollars and absolutely confident we will get some good return for it. Stuart are you trying to curry favor with the president , donald trump, who loves Big Multinational Companies putting money into america . As i said we have been in the mining business more than 100 years in the us, 126 years globally. We invest for the long term. Now favors here. Stuart the ceo of rio tinto, thank you for joining us, we appreciate it. Donald trump expected to arrive at Buckingham Palace for tea with Prince Charles. More varney after this. I want to ride it all night long in your printer ready for another school year . Whats cyan mean . Honor roll. imitates whooshing, booming the ink dad dad im so hosed. Yeah, you are. That can save youh tha lot of trips to the store. Get ready for the deans list. Whos dean . Stuart our president , President Trump, will arrive at Buckingham Palace within the hour. Any comment what have you got to say . Ashley wouldnt you love to be a fly on the wall . Actually, the queen does like donald trump. Thats whats come through. She finds him amusing. Stuart whats your source for that . Ashley me. No, its been reported. Stuart okay. Hes a straight shooter. Maybe she likes that. The schedule calls for our president to have tea with Prince Charles and then meet the queen. By the way, the queen will be meeting all the other nato leaders as well. Its a big reception at Buckingham Palace. You want to watch it, stay right here on fox business. Quick market check for you. This is all about china trade. We are down still about 400 points. Comments from President Trump about china trade, not going down well with investors. We have been down 400 all morning. Now, at 2 00 eastern time this afternoon, Vice President mike pence, he joins our own Charles Payne on making money. Thats at 2 00 eastern. Right now, its neils. Neil thank you very, very much. Rarely do we see one key figure on the planet really dominating all the coverage on the planet of general news and business news. That has been the role of donald trump today, making waves and busting heads halfway across the globe. He continues doing so. Lets give you a taste of what he said so far. Take a look. The china trade deal is dependent on one thing. Do i want to make it. In some ways, i like the idea of waiting until after the election for the china deal. Theyre