He will make the case why this is the exact right move. He will be with us in a few minutes. President trump making headlines by pulling the u. S. Out of the reagan era Nuclear Treaty with russia, saying they quote, made no efforts to comply. Well break down the tallout with another major Foreign Policy decision. All that and so much more on making money. Charles well the markets are sharply lower after President Trump says a new round of tariffs on 300 billion in chinese imports will go into effect on september first, renewing trade fears on wall street. The president says china is pulling back from the parts of the deal the two countries agreed on three months ago. Now china threatening to slap back with their own retaliation. Go to Edward Lawrence live at white house with the latest. Reporter charles, president following through with the threat, september 1st the additional deadline for the tariffs. The chinese upping the ante. In fact the chinese say they will impose countermeasures if the tariffs go into effect. Our chinese sources that china refused to add back any language into the agreement that had concessions or enforced the deal. The chinese also told u. S. Trade representative Robert Lighthizer according to sources they will not change laws to protect intellectual property. Our sources also say the directive to departments in beijing to start decoupling from the reliance on the u. S. That means buying items from out sources or make it in china. The administration not worried saying the Economic Impact of tariffs will eventually bring china to come to a trade deal. The economic burdens have fallen most heavily on china. They have had to slash prices, to try to compete. That has done damage to their profits in their companies and their economy is in very big slowing mode. Reporter today, a spokesperson for the Chinese Foreign ministry saying quote, they will not accept extreme pressure and intimidation or blackmail and we will not give an inch on major issues of principle. China is digging in. So is the white house. We had a deal in place. The problem was at the last minute they came back and tried to renegotiate that deal. And we understand that but the president said he is not going to sign a bad deal and they also promised a couple things. They would buy more ag products protecting our farmers. They havent done that the president said, it is taking long here. We want more pressure on you guys. It doesnt hurt us at all. It makes china actually contribute. Reporter president is believing that the china is paying the tariffs through devaluing their currency or subsidizing their companies to keep the cost of merchandise a little lower. Still if jobs numbers come in the administration believes that the Strong Economy will help weather the storm to get to a better trade deal then. The economy created 165,000 as an average job making every month this year. 3. 7 is unemployment rate. Wages have grown 3. 2 over the past 12 months this shows the status quo, the economic expansion is continuing. Charles . Charles edward, thank you very much. One of the president s biggest backers when it comes to using tariffs as a weapon on china is, particularly in this case for not upholding their end of this deal is Peter Navarro. Head of trade manufacturing policy. He is assistant to the president. He is with us now. Peter, a lot of people blaming you today. This is the hawk. He has President Trumps ear. It is a huge mistake. It will hurt American Consumers. What do you say to those critics . Lets work to the question from todays news, for example. We had a very good jobs report. A couple of things that you didnt mention, 16,000 new manufacturing jobs. That elected. Weve created over 6 Million Manufacturing jobs. Charles over six million jobs, about 4 or 500,000 manufacture jobs. Correct. My point is charles also note, hours worked in manufacturing dropped down to a level they havent been in about a decade. More than that, i dont want to go over all the data one other thing if may in order to get to china to make the strong argument that these tariffs will not hurt us in any way, that they will be good for the economy and the market we have to parse through the data. The other thing that happened we had hundreds of thousands more people come into the labor force. The Labor Force Participation rate picked up, so, thats good. We had the fed do two things this week, which is lower Interest Rates, but as important, end the quantitative easing. So we have everything in place now for a continued, strong, performance of our economy. Charles right. Then we looked at, what happened with china. Now, the context here, charles, is that President Trump has been perfectly consistent about two things going back to maralago in april of 2017, which is to say, he is always willing to talk with the chinese about the structural problems were taste facing. When the chinese fail to honor any commitment he takes actions and measures to move forward to defend this country. So, we started in maralago. We gave them 100 days. They didnt do anything. Ambassador lighthizer filed the 301 complaint to deal with the structural issues. From there, because china didnt do anything, we put the first round of tariffs on, 25 on 50 billion. Successive rounds on 200 billion. Every time we did that people ran around with their hair on fire saying there would be massive inflation, consumer would get hurt. For a few days around those tariffs there would be market volatility, the market would dip a little bit. But then people would realize, as they will in this case, while this is important for trade policy, between the u. S. And china, from a macropoint of view, and a market point of view, it is smaller potatoes. If you have, what we learned, here is what we learned, charles, this is the most important thing i will say today, what we learn from the chinese, every time we put on a tariff, what they do is they dilute the power of that tariff in terms of inflation on our consumers by lowering theyre prices, and by devaluing their currency. Charles right. From the day the tariffs went on, charles, to today, the currency the yuan went down by 10 and now it is flirting with that seven yuan to the dollar. This is how theyre handling it. We dont have to worry about negative macro impacts on our economy. Were going to be just fine. If youre an investor you have to see the chessboard and not get sucked in by shortterm trading where people get a little panicked on news. Charles i dont disagree with you. In fact the irony one of the biggest concerns is not the inflation that was promised a year ago by all the pundits and globists did you deflation particularly in manufacturing. Exactly. Charles we had 370,000 people come back into the labor force. The fed will stop quantitative tightening sooner rather than later. Lowered by a quarter point. Let me make this prediction again, because i have said this on a couple times here. If the fed lowers three more times for a mexico canada agreet passed in late september as we should, welo past 30,000 on the dow and we will easily hit our benchmarks in terms of over 3 on real gdp growth. If you look at q2, charles, we w to some people but if you look at that, you understand that well do better in the Third Quarter and you understand that the reason why we charles some adjustments. Negative 44 billion for inventories. Peter that will be adjusted. A lot of people talked about the 4. 3 growth in consumer because70 of our economy is the consumer. Let me ask you since you bought up the fed a couple, let me ask you real quick i know you have your whole thing laid out and you want to get it out there. I want to interrupt with a couple questions. If the fed cut by 50 basis points, would the president have done this. Hard to say. Heres the thing, charles. Why, if you read that tweet, that was probably one of his finest tweet hours. That was a very wellcrafted tweet. And what he said basically was this, china failed to meet number one, its commitments to make significant agricultural purchases. Now i was there in buenos aires on december 1st, 2018 when they made the commitment the first time didnt fulfill it. I was there in osaka a few months ago, made it again and havent fulfill it. Charles when the team asked why didnt they fulfill it the first time, what was the answer . China being china, come on charles. But the other thing, charles, there are three things going on here, the other thing is this february at that nil. By the end of fentanyl. By the end of today 100 people in america will be died from made in china fentanyl and opioids. By the end of the week it will be over 1000 people from made in china fentanyl and opioids. By the end of the year it will be over 50,000 americans. These people are accountant, truck drivers, war veterans who survived afghanistan and iraq and they came back here and got laid dead by a speck of dust of fentanyl. Charles rfk, jr. s granddaughter passed away from a overdose. Hits every corner in our lives. The Chinese Administration did this charles peter, folks who are afraid, you and i know, you wrote a book called death by china, the coming china wars, made in china, how the of darkness, the yoke of chinese imperialism in the third world. You have been preparing for this for a long time. You think this is the right fight. Many americans arent sure. How long will it last . Because i think the longer it lasts the more unsure the broad population is going to become . Let me say two things here. One is that tariffs that the president just put on were bullish on the economy, were bullish on market. This will not have a major Financial Impact on the stock market. So take that away. In terms of the american people, in the last 2 1 2 years there has been a great understanding of the china problem. You look at a Harvard Harris poll done several month ago, you had eight out of 10 republicans supporting the china tariffs. 53 of americans behind the tariffs. Within, within a very short time when the president announced these tariffs, who supported him . Senator charles schumer, a democrat. So i think this is an issue that the American Public is united on. People understand because the president has educated them about it. It is not right for china to cheat us. Charles we have to go. I want to say youre right of the American Farmer overwhelmingly still support the president as well. Thanks very much, peter. Thank you, charles. Charles as see on the screen. President trump is coming out. He is expected to make remarks, not just about this tray deal with the eu on beef, american beef, but also perhaps update us on this china trade situation. Here we have it, the president of the United States stepping up to the lecturn. I wish we could wear them in washington. I dont think i could get away with it here. Thank you very much, everybody. Appreciate it. And wonderful deal for a lot of people. Today were signing a breakthrough agreement that will make it easier to export american beef into the European Union. We have been under negotiation for quite a while and, our beef farmers we didnt think were being fair but the European Union stepped up. We appreciate it and we have great representatives here with us today. This is a tremendous victory for American Farmers, ranchers and of course european consumers. Because american beef is considered the best in the world. Were delighted to be joined today by ambassador Robert Lighthizer, deputy secretary of agriculture senski, European Union ambassador to the United States, stavros and representative of the presidency of the council of the eu, yani rapino. I want to thank senator john hoeven is here. John, good job here. Along with the president of the National Cattlemens beef association, jennifer houston. Thankthank you, jennifer. And the president , ceo of united state meat export association, dan hall strom. Thank you very much, dan. Congratulations. The agreement we signed today will lower trade barriers in europe and increase access for American Farmers and ranchers. In year one, exports to the eu will increase by 46 . Over seven years they will increase by another 90 . In total the dutyfree exports will rise from 150 million to 420 million. An increase of over 180 . My administration is standing up for our farmers an ranchers like never before. Were protecting our farmers. Were doing it in many ways, including with china. You may have read a little bit about china lately. Agricultural products an exports have increased by more than 10 billion. And beef exports have increased by more than 31 . In another major win we fully opened the japanese market to u. S. Beef. We also opened markets in tunisia, morocco, and australia. I think youre pretty happy about all that, right . You have never seen anything like that happen before, have you . Not with your other president s you havent. Were reducing burdensome regulations that unfairly impact agricultural producers. When our farmers became victims of unjustified retaliatory tariffs from china and other countries we provided 28 billion over a twoyear period in relief. They were targeted and we took care of our farmers an ranchers. I signed an his tore ekh farm bill which provides our farmers with certainty, the kind of certainty they need will supporting increased agricultural exports. The agreement we are about to sign keeps one more promise to the great patriots of american agriculture. These are indeed patriots. Theyre always targeted first by other countries to try to take advantage of the United States. Theyre the first to be targeted but, we, we take that target off their back. Opening markets for our farmers is about more than just an industry. It is about a way of life. Generations of hard work, passion, and dedication have gone into making america largest producer of high quality beef anywhere in the world by far. Were proud of our farmers an ranchers. We love our farmers an ranchers. And with this announcement we take one more step giving them the level Playing Field that they have been, really been looking forward to this for many, many years. You folks know that. They want a level Playing Field. Thats all they want. Nobody can beat them. So i want to thank you all for being here. I would like to invite a very great gentleman a friend of mine, somebody thats done a fantastic job for our country, ambassador lighthizer to say a few words. Well follow that up with some of the very high officials from the European Union. Thank you very much. Bob . Thank you. Thank you, mr. President , for being here today, for your leadership in making trade policy work better for all americans but particularly our farmers and ranchers. Im pleased to be joined today here by mr. Rapina, the deputy chief of mission of the embassy of finland, the eu member state that currently holds the presidency of the council of the European Union and ambassador stavros, the ambassador from the eu this agreement will nearly triple the dutyfree access of american ranchers to high quality beef in europe. Initial estimates indicate u. S. Beef will grow over 270 million a year once the agreement is fully implemented. With this new exclusive countryspecific quota american ranchers have a guaranteed market share in europe. We look forward to the European Union approving this agreement expeditiously. Charles where we go from here with all of, sure vest ceo rob luna, vision four Fund Vice President , heather zumarriaga. We made a 900 point reversal from yesterdays highs to todays lows. Obviously the stock market does not like this sort of uncertainty. Although i had Peter Navarro on. He made great points. Economically all the tariffs we had in place, some of them for a year now, had a diminimus impact on economy. Markets at alltime high, wages are soaring, so forth. How do you deal with that as an investor . As an investor right now, if you look at the first round of tariffs that we had, the markets really initially sold off but they have continued higher, setting record highs. So im not saying that a 10 tariff wont have any impact on the economy because it will. According to city group, for example. It will have a minimal impact on gdp of. 1 to. 2 of 1 . I think the initial impact by the market is overblown. Charles rob . I dont know. Somewhat agree with heather, charles, but if you look at the market it is quite rational. Charles the market is rational . I think so. I think so. Were down, what, after alltime highs, 1 1 2, 2 , everyone saying that the skys falling. That is my point. It is not. Having a little bit of a pullback is healthy. Charles i agree over long term, market is rational, good stocks go up, but these kneejerk reactions, whether it is to the fed couple days ago, whether to trade, this is where people grapple, right . Im getting people tweeting me, hey, what about gold . They want to jump out of their stocks into gold, rob. I get worried about the general public following these kneejerk reactions, a month from now, two weeks from now, we could be talking about alltime highs again. Yeah. I agree. You have to remember the thing about gold, charles, it is a very speculative play. It is not paying you anything right now. If youre looking at 10year, down to 1. 8 , i think you dont want to go in fold. Look at some companies that reported earnings, kellogg, philip morris, these companies yielding 4 . I much rather be somewhere like that, sitting in gold hoping the sky false out. Charles it is interesting, heather, rob named a bunch of quote, boring stocks, the nonboring stocks are having a tough week. Technology getting shrugged, getting hammered. It wasnt just starting yesterday. Whats going on there . And is it okay that theyre getting hammered as long as money is rotating in other areas . So mcdonalds isnt very boring to me or some of these Consumer Staples like j j, p g, i love them but i hear what youre saying. Retail sector is getting hard as we as technology, but if you think of amazon, hit . They have been up the most so when there is concern, fear, anxiety in the marketplace, youre going to go to a place that you have the most profits. So investors are unloading. Their highest, most profitable positions at first and any semiconductors for example, or apple does have exposure to china. So those initially get hit. Until they adjust their supply chain or adjust their Consumer Base for example. That will take some time. This is not new news, this trade war with china has been going on for a very long time. I get that the 10 tariff, that tweet, one tweet yesterday was enough to send the markets lower, it was a bit of a surprise. But overall we know that the situation with china stealing our ip, has been going on for a very, very long time. Charles you know, it is interesting, rob, because august is always a slow month anyway. It is usually a down month. Yeah. Charles we have the summer doldrums. Were embracing this, are you looking for a rocky month or looking for opportunity . That is a really great point, charles. August is extremely volatile. Very thin trading going on. So that is why im saying, really i think this is quite rational to have 1 1 2, 2 pullback. We could easily been down five or 6 if you saw real fear and pessimism kick into the market. To your point, charles. Well look for opportunity. Were staying pat in the names that i mentioned that are yielding good income for the investors, but amazon, those types of names, like alibaba. This might be opportunity to step in and pick up names. Charles we appreciate your calm voices. Rob, heather, thank you both very much. Well be right back. Thank you. We call it the mother standard of care. Its something we take personally, and believe in passionately. Its the idea that if our mothers were diagnosed with cancer, how would we want them to be treated . Thats exactly how we care for you. With answers and actions. 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I will announce my nomination for the dni shortly. Ratcliff had been tapped to replace dan coats. Well be right back. Okay. We wont be right back. Well talk about this market. The market come back here. We cut losses in half, after President Trump putting more tariff pressure on china. It doesnt help the markets today, the wages con inned it to increase, 3 yearoveryear. We wanted to see that wall street journal is report that more and more americans are sliding into debt, keeping up with the jones or stay in the middle class. Joining me to discuss, liz peek, Young Americans for liberty kristin tate. Liz, let me start with you, staying in the middle class, used to call it keeping up with the joins. Im not sure if this is the same thing, but it is very expensive these days, isnt it . Yes. I think a lot of the numbers in report are somewhat misleading, charles. For example, lets talk about the middle class. Historically, and that is kind of the comparison here, not everyone went to college. That really wasnt a part of the middle class. Im not saying people shouldnt aspire but i think when you talk about debt going up and student debt going up, yeah, that is an investment. That is how people are looking at it. When they there are numbers about how Credit Card Debt increased 9 . During that period, gdp grew 18 . Were in a very low Interest Rate environment. Consumers are showing very smart choices. Theyre basically not buying into housing because theyre skeptical that is a store of value that they long assumed that it was. Intheyre putting their money into college and other investments like that. Charles right. By the way when the fed has got Interest Rates at 2 that is what consumers should be doing. Charles you make a great point. That is missing from the article. Household disposable income as ability to service debt is amazing. So much better than on the eve of the great recession, kristin. Should we consider the college debt the same way we consider Credit Card Debt so that people couldnt even pay for . When it comes to college debt, one thing a lot of people dont want to talk about is the fact that the government involvement giving out basic Student Loans is contributing to the spiraling cost of college. When it comes to debt, charles, so Many Americans are simply living above their means and this is a crisis created by an Education System that does not teach basic finance. In all my years of high school and college i never learned how to balance a checkbook. I had to learn it from my parents. Charles keeping up in with the joins. One of the most incredible stocks is Louis Vuitton moet hen ses any. Everybody has to have Louis Vuitton shoes. They were certainly for a few individuals based on income. Forget it. Everyone is buying it is stuff that is portraying a image. That is cutting across everybodys education level. People are financially ignorant. People put a nickel in their pocket think they can spend 10 cents. I have people in my age group, they are making great money, they live paycheck to paycheck. They are going out to restaurants and buying bmws and renting expensive apartments they cant afford. They have a six figures of have great paying jobs, but they are about to file bankruptcy because they are 150,000 in Credit Card Debt. Charles liz, let me give you last word on this. I dont think the article is as dire, there is kneejerk thing to compare we are now to the eve of the great recession. I dont think were there yet. Consumer Balance Sheets have increased enormously over those years. Debt is up. But assets are up way, way more. It is only, you know, made consumers more optimistic about spending. Not just entire 1 , but entire country seen inflation in their assets. To kristins point, one of sob stories, a couple with six figure income, had to cut back from going out to eat a few nights a week. If you have a new baby you have expenses that is what you expect to. Expectations are a little misguided. Charles popping champagne is lot of fun. I wouldnt know. I heard but its a lot of fun. Ladies, thank you both very much. Thank you, charles. Charles oil prices recovering nicely after the biggest plunge of the year, in fact years the well have a live report on oil. It is making a nice move as soon as oil closes. Thats next. Driverless cars. All ground personnel. Or trips to mars. 4. 95. Delivery drones or the latest phones. 4. 95. No matter what you trade, at fidelity its just 4. 95 per online u. S. Equity trade. No matter what you trade, at fidelity you wouldnt accept from any one else. Why accept it from your allergy pills . Flonase relieves your worst symptoms including nasal congestion, which most pills dont. 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Traders behind me, you wonder why theyre not trading . Theyre watching a cubs game. Theyre watching the cubs take a 10 lead. Charles they have their priorities straight. Reporter absolutely. Charles go cubs. See you jeff. An arms control treaty, this is huge, folks, signed three decades ago between the u. S. And russia is so more. The two largest forces walking away from the treaty today. The u. S. Says russia has been in violation of this treaty anyway for years. So what happens now . Joining me senior fellow at the foundation of the defense for democracies. So, this was telegraphed by the administration. This is not breaking news per se. The europeans though are up in arms. People are wondering hey, you have the two Largest Nuclear arsenals, now what . Great to be with you, charles. Exactly, the administration telegraphed this move back in february they said they would be giving russia six months to come back into compliance with this 1987 cornerstone arms control deal that president reagan signed. Almost 3,000 weapons were dismantled because of the very important treaty. The europeans are very of those old treaties we need to go back and revamp, that needed to be revamped anyway. What needed to be revamped is russian behavior here. The treaty covered all ground launch missiles within a certain intermediate range, russia began testing ultimately fielding the system. Russia behave needs to be changed. This had a framework how to address the warhead but the actually delivery system. As the u. S. Looks to constrain, north korean, Iranian Missile programs, the inf could have been a good predicate to go off of. Charles to that point, some of these other companies with this technology didnt sign this deal, didnt sign this treaty. They were never obligated to live by it to begin with. Another issue, come back to the table, freshen this up or do something from scratch to deal with the new world to live . That is exactly right because there is a whole new world. Over almost most of chinas missiles fall within this category, within the intermediamissiles did not exisn reagan and gorbachev were negotiating between the u. S. And soviet union. The u. S. Builds leverage, weapoy drive russia back to the table, but they can emphasize this bilateral deal to become multilateral deal to restrict these systems across the b be . Is the day clock closer to midnight or crisis averted . It is a crisis that can be averted. The other russian arms control deal set to expire in 2021, new s. T. A. R. T. That restricts longrange systems. That would set a great precedent for that. Always appreciate it. Stocks sinking to a onemon low, paring their losses in this hour. Well get a report live from the New York Stock Exchange right after the break. President trump taking the threat of more tariffs on the campaign trail with him. How will this seemingly neverending trade war play out in 2020 . Well discuss with our Political Panel next. Imagine traveling hasslefree with your golf clubs. Now you can, with shipsticks. Com no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. Sending your own clubs ahead with shipsticks. Com makes it fast easy to get to your golf destination. With just a few clicks or a phone call, your clubs ontime, guaranteed, for as low as 39. 99. Shipsticks. Com saves you time and money. Make it simple. Make it ship sticks. Has been excellent. They really appreciate the military family and it really shows. With all that usaa offers why go with anybody else . We know their rates are good, we know that theyre always going to take care of us. 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Talking about some groups really weighing the most heavily on the market, they are trade sensitive groups. Not a huge surprise, tech, metals, industrials, these really putting the most weight on the markets. All the big tech names, youre looking at the dow losers which is applicable, the pattern is the same for the s p 500 or the dow but as you can see from the dow, apple, goldman sachs, visa, 3m, caterpillar. The only groups essentially holding on at all are very defensive and ones that are not necessarily kind of doing direct investment overseas. So that is utilities an thats real estate. Those two are holding on to some of their gains. Retail, i would be remiss if i didnt talk about fall for second straight day. National federation of Retailers Association really reminding us American Consumers are going to be the ones who pay these tariffs, especially half of our clothes and shoes are manufactured in china. Charles, back to you. Charles deirdre, thank you very, very much for hashing that out for us. As President Trump is getting tougher on trade, millions are concerned about the new round on china but theyre warning democrats their trade policies may not be the best either. Aflcio Union Leader Richard Trumka saying democratbacked trade proposals will hurt the middle class. I want to bring in trump 2020 Advisory Board member, jenna reeves and aretha berman. I think the unions think they have them in their back pocket and trump is doing this more for public consumption than anything else. Im hearing policies from Democratic Candidates i think unions should be concerned about . That is interesting. No group should ever be taken for granted by the way, i dont care which political party. The democrat need to be doing, t theyre worried, which is american jobs, union jobs. President trump did steal in 20. Democrats will get it back. Elizabeth warren of course is very similar to President Trump when it comes to International Trade but each candidate has a nuance on this. I think that labor will be fairly safe when you have candidates like beto went out with the seiu yesterday in las vegas, to do the hands on dirty work to show an understanding what they are going through on daily basis. I think democrats will pull it through and unions will be voting democrat in 2020. Charles one thing, jenna, the usmca which unions love, for the most part. It puts some serious consideration into a certain percentage of work going to American Union workers at higher wages. Farmers love it. You have do have to wonder. Theyre playing politics with a lot of things, so they wont give President Trump victories but theyre also playing with fire i think. I think it is presumptive that the unions will come back, simply vote democrat because historically they tended to do that. President trump won a lot of that vote in 2016. He has proven that his Economic Policy is working. We have such a high market. We also have the high economy. We have the low unemployment rate. People actually care about policy. So when you look at the 2020 democrats on that stage and so far left their socialist policies were, i think if anyone is actually paying attention to those policies, whether Elizabeth Warren or anyone as far left as andrew yang, we have to look at what that impact will actually do to the American Worker and theyre paying attention. Charles theyre definitely paying attention. Ethan i want to ask about the trade war. When it was brought up, i didnt hear any real answers. I heard these candidates dance around it. Part of it was, you know what . Folks in the heartland no President Trump is fighting this on their behalf. Its a delicate thing. Where is the Democratic Party on this . Chuck schumer loves it. Were the president ial candidates on it because they are trying to have it both ways . Again it just depends which candidate youre talking about. I think there are a fair number of candidate who do support tariffs with china to try to resolve the 20, 30, plus year problem of them stealing our technology. Unfair trade, stealing union jobs without environmental protections. I think those are fair conversations to be had. Charles right. The steel and aluminum tariffs on allies across the world was ridiculous. It didnt return jobs. The coal jobs were defeated by natural gas. Had nothing to do with democrats. It had everything to do how are we going to retrain these people and reincorporate them into the workforce. The republican dont have a plan, other than socialist policies of paying off farmers. Charles jenna. Heres the interesting thing when you watch the finance of financial networks, oh the market is down, this may hurt President Trump with manufacturing workers. I dont think a lot of folks who are in unions, who work in farms care about wall street being down a couple hundred points. They dont care about some globalist whose net worth gone from 10 trillion to 9. 9 trillion. I dont think that this is the right barometer when were talking aabout folks in the heartland who probably feel to your point so far President Trump has lived up to most of his promise. I think the right barometer, when they see more of their income tax returns they see more of their, more money in their pocket. They see that President Trumps pollries are working as he said, profamily, proamerica. He is pro things made in the usa that is what the barometer is, when we look at wall street and wonky sort of elements, that is not what a lot of people are paying attention to. Charles thank you both very much. Folks well be right back with more on these markets. Well get you set for the final hour of trading. All i can tell you, buckle up. 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Look, if youre a longterm investor which im both, im a trader and i trade actively every day, but im also a longterm investor and as a longterm investor, i want to be 100 invested in this market. I was buying this morning, a couple like square, because its down 13. If they go out of business, okay, but i can hedge that off anyway. Meantime, if youre a believer in the markets, and i am, they go up 8 , 8. 5 year over year. Im not expecting that to change. I believe theres a big correction coming. But its not going to stop me from buying into this market because in the short term, i will trade from the short side and thats basically what im doing. Trading very short term, on the short side of the market, but over time im going to stay long, im going to continue to invest and i always want to be in because thats the only way you can compound your money time over time. Charles real quick, less than a minute, you mentioned square. Its getting hammered today. Im with you, its on my buy list. I cant wait to buy it on weakness when the dust settles. There are other boring stocks that seem to be doing pretty well this year that maybe people should consider. General mills of the world. I think people should have a well diversified view on the markets. We dont want to all be in tech and we dont want to all be into boring stocks. You want to have enough dividend paying stocks to either reinvest those dividends and let the markets accumulate, and you want to have enough of the stocks that have a little risk to them that also have some volatility that can create much bigger moves for you. I think if you separate them like that, and you are not overinvesting or borrowing or leveraging, i think you are going to be in great shape over time. Charles always appreciate your wisdom. We will bring you back soon. All right, folks. Well be right back. Driverless cars. All ground personnel. Or trips to mars. 4. 95. Delivery drones or the latest phones. 4. 95. 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But then we came back yesterday morning bigtime because we saw evidence of a deflationary spiral in manufacturing prices. That all changed of course with the trump tweet and now tariffs are back in play. 10 on 300 billion, not a lot of money but the anxiety is overwhelming at this moment. The key, though, please look at the fundamentals of what you own. Do not panic. We have been here before. Right, liz claman . Liz im not panicking. Charles you never do. Liz hey, but weve got energy here because, charles, you know we are waiting on the president. We have breaking news. The president is expected to depart the white house in possibly a couple of minutes. He is tackling trade at the white house just moments ago but not the kind, at least this time, that triggers fear in the market. It involves a deal for u. S. Farmers to sell hormonefree beef to the European Union. While cattle ranchers cheer, footwear makers have a big beef with the president after his new threat to slap tariffs on 300 billion of chinesemade shoes and cell phones and laptops and so much more, yes, including nike. The trade group that speaks for nike is falling head over heels at the moment in fury. Wait until you see the letter the footwear distributors and retailers of america just sent to President Trump. Their ceo is here with a warning, not neces