to buy more of both anyway. the chinese also agreed to substantially reduce its trade deficit with the u.s. but what exactly does substantially mean? it is hard to say because china has yet to concede a specific dollar amount, despite the trump administration pushing for a $200 billion target. this morning, china did seem to make a concession, promising a massive cut to tariffs on some auto parts and vehicles starting in july. that is good news for american carmakers like tesla and ford. but also for every other european and asian manufacture around the world. i want to bring in ron insana. and kayla tousche. president trump is the one who started this trade wars are good, trade wars are easy. he and his team have obviously learned that they re not. but we need to explain the absolute absurdity of president trump and members of his administration touting look how great.
santa fe but for the rest of the country. and the world, thank you, guys, for joining us today. stephanie, back to you. thanks so much, mariana, as we think about those kids down in texas. now, let s take you down to wall street where the opening bell is set to ring in just a few seconds from now. trump administration announced on sunday that the u.s. trade war with china is on hold for now. and the market likes it. but here s what s stunning. remember, it was the trump administration that said they wanted to impose those taxes. treasury secretary steve mnuchin says both countries have agreed to drop the threats while they work on a deal. saying, quote, china has agreed to buy massive amounts of additional farm/agricultural products. i want to bring in cnbc s kayla tousche. kudlow said not so fast, it s
actually make a commitment on the record. perhaps they didn t get one from china either. we ve got to know, as far as these negotiations go, those working on this, on china s side, have a lot more experience and have got a lot more runway. xi jinping, he s going to be in power forever. d kayla, this is pretty stunning. the market already up 262 on the day. but remember, they are responding, the market is up because it seems the tariffs are off and it was trump who decided to put them on to begin with. one thing he gave this market, certainly volatility. coming up, unemployment is low. here s a question. why aren t recent college grads, why are they having a tough time finding a good paying job? but first, last week marked one year since the start of special counsel robert mueller s investigation. on the season finale of saturday night live, they were