december. wall streets wants certainty and there are a ton of questions about slowing growth, trade tensions and rising interest rates and political uncertainty. the fundamentals of the economy are strong. there is know one more trading day left and as investors get ready to close the books on the year, volatility is expected to continue in the new year as investors stay on edge about economic and political uncertainty. back to you. thanks, allison. a lot of people would love to see stocks bounce back, but perhaps it s the man in the oval office that has the most invested politically and financially. president trump was an enthusiastic cheerleader until the slump. now he is waiting with the rest of us to see what s happening next. steven moore is a senior economics analyst at the heritage foundation and trump economic adviser. lynette lopez, correspondent for
unprecedented but would be rare buzz white hou because they try to preserve the federal reserve but we know particularly sensitive to downturns in the stock market because he s characterized stock market rallies as proof of the success of economic agenda. sure has and at least one of the people begged the president not to do that publicly and probably privately as well. thank you so much. let s bring in two former trump advisers, steven moore, i was just talking about, a senior economics analyst for cnn and previously advised the president on economics and steve cortes, a political commentator and former head of the hispanic advisory counsel. i want to start with you about the notion of a powell/trump meeting. bringing in the fed chair to have a conversation. good idea or bad idea? first of all, let me say, maybe there is a santa claus when i see this 500 point rise
little pause. people want to see what happens with the mid terms. if you want your stock to go down i strongly suggest voting democrat. is that really what is going on here? joining me now cnn senior economics analyst, he is also the co-author of new book. congratulations. thank you very much. so so you have been concerned about the stock market. who hasn t? do you join in the president that saying that it is people pausing because of midterms? presidents seem to live and die by the stock market. it is such a volatile thing. you saw what happened with george bush. it crashed in the last year in office. i would advise not to do this too much. we saw a 1,200 point decline
turkey. and a tit for tat followed. the lira has seemed to be in free fall at times, raising concerns about the stability of this nation of 80 million people. turkey is a member of nato, hoest of an important american air base, and it sits as an important buffer between europe and the middle east. so is an unstable turkey what the world needs right now and are economics america s favorite new weapon? joining me now, stephen cook is a senior fellow at the council of foreign relations. rana fula is cnn s global economic analyst. stephen moore was a top economic adviser to donald trump s 2016 campaign. he is a senior economics analyst for cnn. steve cook, let me begin by asking you to help us understand what is happening in turkey, because this is one of closest alliances the united states has had geopolitically for 60 years,
i think if you keep $34 billion in tariffs today matched by the chinese then the president adds $16 billion next week and then it stops there, this very strong u.s. economy can absorb this but if you start to see tit for tat retaliation, the president promised $500 billion in tariffs. if you start to go that far i think it starts to hurt the economy. we ll watch christine. appreciate it. thank you. joining us to discuss further, cnn senior economics analyst and former trump economic adviser steven moore and global economic analyst rana foroohar. we just laid out the reality of where we are today but for people watching this at home there s the other reality of how does this impact me right now. what is the impact on the u.s. consumer? well, the impact of tariffs on a consumer is always that it s a tax, right? it raises prices for consumers and how much prices go up depend on how many tariffs there are, how it s interacting with