Transcripts For CNBC Squawk Box 20240714 : vimarsana.com

The two year note at 1. 496 and then lets show you what is going on overnight in asia as i mentioned, these tariffs going into effect today, youre looking at a mixed picture there, the hang seng off just marginal the shanghai composite up just a little bit we are monitoring Hurricane Dorian and well take you live to the path of dorian in a few minutes but we want to talk about hong kong and whats going on there, the protests continue here lets get to chris with the latest theyre now in their 13th week in hong kong and this last one has already been the most violent over the weekend we saw battles between police and protestors who turned out to the streets by the tens of thousands. First very peacefully and then things got violent and some of them threw bricks and bars at Police Police responded with a volley of tear gas. A water cannon and something that we hadnt seen before putting blue dye in the water in order to identify protestors afterwards and things got uglier when he chased a group down into a subway station and hit them with pepper spray and according to Amnesty International they even hit innocent bystanders all this while beijing is we trust usaa more than any other company out there. Sendisen sending ominous signals to hong they give us excellent customer service, every time. Kong saying the end is near for our 18 year old was in an accident. This protest movement. Usaa took care of her car rental, however they didnt say exactly how that end was going to come and getting her car towed. About. So everyone is worried that they all i had to take care of was making sure might respond with drastic that my daughter was ok. Measures if i met another veteran, and they were with another Insurance Company, i would tell them, you need to join usaa meanwhile, the protests are because they have better rates, and better service. Were the gomez family. Were the rivera family. Still going on theres thousands of protestors gathered in front of the central were the kirby family, government in hong kong. And we are usaa members for life. Thank you. Get your Auto Insurance quote today. Now to trade with the latest round of u. S. And china imposed tariffs overthe weekend. Issuing an official complaint about the United States. With the wto, eunice joins us now. Fill us in on everything and anything that you might be hearing behind the scenes if there is anything. I know its been awhile since we spoke. Seems like ages. Joe, im coming to you from a town where its christmas 365 days a year. This is the eastern coastal city of yiwu and its known to make roughly half of the world christmas decorations. So they come from all over the Consumer Financial Protection Bureau releasing the results of a pilot study called planning wor world, including the United States, who end up selling all for tax time studies sorts of artificial trees and it was launched in 2000 and christmas ornaments and the buzz here has been that for the most showed that simple messaging part this year theyre doing okay that orders have been priced and encunning customers to use their prepaid card increase the likelihood that they would end up doing so. Shipped already. But what theyre worried about for more on the study, we are is next year they think that orders could drop by as much as 10 joined by the director of the Consumer Financial Protection Bureau good morning good morning. So tell us about these prepaid cards. What do people have to do . Also people are worried about so what h r block did during the tariffs that are going to come into place in december. The 2017 tax season was send an because this is such a low margin business, the talk here email to some of their prepaid has been about how are they card customers and just had a going to survive so there is some flexibility in simple message that says you want to save here is how you can do it. They added a savings feature to the way manufacturers are the prepaid card to let people thinking and theres been a lot of talk save money along with their tax about where they can move time refund. Production within the country typically do most people that in rural china for example, not i assume most people dont save enough and they get the cost there to set up a factory is about a tenth theyre hit at tax time, they dont realize what they are getting hit by this is the opposite saying when you look at the land alone compared to here which is situation. On the coast 73 of people actually get a tax so another way that theyre refund and for 40 of the tax filers, talking about here is selling to new markets. That is the largest influx of so what i found interesting is funds that they have personally. That a lot of manufacturers that so their version of savings we have been speaking to said that is at the least the time that only 10 to 20 of their to save. And so the opportunity to really sales go to the United States. Think about that given what you they sell a lot to europe and a deal with throughout the year in lot to latin america and theyre terms of other emergencies or not only thinking about issues that come along, building extending their businesses there but also looking for new markets that habit of saving when you know that you are about to get in the middle east as well as an influx again of funds, it is Southeast Asia now looking forward, there isnt a good time to have that as a lot of optimism about the something on your mind confrontation that theyre seeing between the u. S. And when we say people mostly spend their refunds, are we china. So because of that, theyre assuming that they are not thinking that because of the paying down debt when they are next one to two years theyre spending those refunds going to have to make some of this study didnt answer that the changes and also shorter term workout with some of their particular question, but there customers in the u. S. Exactly is definitely i think the how theyre going to be splitting some of the tariffs. Spend message is loud and we its a low margin business so want to get that saving message out there as well. Theres been a lot of concern a great study with a randomized here about the cost being pushed control study of those that got the message, those who did not, on to their books when they feel and savings results were there that at the end of the day the if you put the thought in peoples minds, they will actually take action with it retailers as well as the empowering them to do that customers are going to have to share in these costs and that is what the savings tool did there were other people saving im sure as a result of tax time just in terms of what is who just didnt take advantage happening with the september of that particular feature meeting and the overtures going but it is still a great reminder so that is one of the many back and forth, body language, insights that if you fweek in your view, who wants to deal things, you can change behaviors more after we try to figure in a meaningful way. It out every day we have a different notion about who needs it more. Why has it taken so long for these insights to make it into where are we right now pl city or mainstream . That is an excellent well, i mean, youre asking question i would say this study perhaps the way the chinese look at it gives you an insight into it we started conversations with h or the way i see it in the and h block in 2015 and now four Chinese State press, a lot of the rhetoric that we hear here is that the u. S. Is the one thats going to buckle and needs this deal more because of the years later reporting the politics that is at play with President Trump also eyeing what results. They had an average of 105 is happening in the stock saved eight months later markets. That his concerns about the economy and the potential for a a for those who make under 50,000 a year, that is a Great Recession and that because of nest egg and something that will president xi jingping does have help them get through a financial crisis what did you worry about most more staying power and we talked these days for consumers in terms of your day to day job about this last week theres a when you think about the risks big anniversary coming up. That are out there for the public it really is a buyer beware and october 1st and because of situation from the front end of that there isnt a lot of room things fo that we cant be there with consumers all the time there are a lot of scams its weak and so that it would be willing to continue to eat a i was talking off site with lot of the tariffs someone today, in terms of things to be aware of. And were actually taking enforcement actions, but we they try to find other ways to cant be everywhere with everyone how do you feel about all of survive. The stock market that you the online new entrance into the just mentioned, you need to tell people over there are actually not far from the highs savings, robo advisory game . They are a great opportunity again to make people think about the president might be ready for this, take action on it. Another round to add another 10 but not without some risk. Since were talking taxes, on when the market gets back to where it was, i think he feels would you ever i dont know if you know my view on this. Emotions boldened that here we advocate for a single card, just go again and well try to pay your taxes, it comes from inflict some more pain. The government, you dont have yeah. When we said how many days until to do anything the end of the year. I know it is antithetical for certain parties about doing that creates a lot of this do you know what im talking uncertainty. Thats what a lot of the about . I want to make it easy im probably against it manufacturers here are worried i know you are against it no, this would just be a simple card, you pay your tax, it is about. Done, the government effectively theyre not getting as much help sends you a bill so you dont from the Chinese Government as have to so majority of you would think. The government has made a lot of announcements about how theyre americans going to help but in actual fact they havent seen any money and, without a affordi iforwardins in fact, one manufacturer said its actually gotten harder for them to get some loans because how do they see you . Some of the banks have said that is im with you. Thank you well, youre working now with for more on savings tips, youre working with u. S. Check out cnbc. Com invest in companies and u. S. Companies are a risk so were not going to hand you that loan you. It is an Education Initiative so that is something that that cnbc is doing focused on theyre dealing with here and another point is that its been improving americans money knowledge in the areas of weakening but the people that we savings, spending and investing. Talked to here said that they still see a floor for how much is weaker it could go on the one hand its going to be helpful and the government can i get some help. Watch his head. Appears to be helpful in some way. At the end of the day the government has reasons why it im so happy. Wouldnt want to weaken that much further they said theyre getting limited help in that way as whatever they went through, well. I was informed that Something Like 460 days of the election, they went through together. Welcome guys. Life well planned. Or 480 days from the election. See what a Raymond James Financial Advisor can do for you. Thats not that far often. The first nominating like three or four months off thats a big debate where everybody is finally together. Et cetera only 10. My mayor is going to be there. De blasio youre a new yorker now. Ive never spent a night here are you trying to get me to pay taxes here i have never spent a night here. I thought youre now i have never slept over here at an apartment trying to bring it out on air. I thought you were going to have an actual coronary because you set up the llc and everything. Lets talk about the hurricane now. Lets move on. Under a state of emergency Hurricane Dorian batters the bahamas. Jay gray is in the projected path of the storm and joins us now from savannah, georgia. Hey, right in the middle of that projected path if this storm decides to move at this point right now it continues to linger over the bahamas and you have to feel for so many there that have taken a beating for more than a full day it looks like at this point its going to mirror the coast or move up and could make landfall in North Carolina sometime late in the week. Here we have seen evacuations in place. Sandbags also blocking where they believe the water is going to go. The port is closed most of the businesses are closed here. Everybody prepared and cooperating it seems except for dorian at this point it does begin to move which the National Hurricane center says it will later today. Wed likely see the storm off the coast here just because this thing is not going to make landfall, its going to be close enough to the shoreline and its still going to cause hurricanetype conditions and strong winds, heavy rain, storm surge in some areas. Beach erosion could be a problem as well. A little time left for those that want to prepare or evacuate. A lot more coming up on and the window should start to squawk box this morning. We have elon musk making a trip to china and winning over government officials there to close into the afternoon get a break from tariffs well discuss what it means for the company as it gets ready to open a gigafactory there and we should also talk about the walling street journal oped coming up, well tell you about those tax credits. What is happening in parliament also hong kong and your money, that could move the market the how violence protests in their next couple of days. Financial hub could make or and take a look at the biggest break a trade deal with china. Premarket winners and losers in and were closely monitoring the the dow. Latest forecast for Hurricane Dorian which is currently churning in the bahamas but now expected to move up the east coast this week, shifting travel and other industry expected to be impacted by the storm the latest all coming up you should be mad at airports. Excuse me, where is gate 87 . You should be mad at nonseasoned travelers. And they took my toothpaste away. And you should be mad at people who take unnecessary risks. How dare you, hes my emotional support snake. But youre not mad, because you have e trade, whose tech helps you understand the risk and reward potential on an options trade its a paste. Its not liquid or a gel. And even explore whatif scenarios. Wheres gate 87 . Dont get mad. Get e trade and start trading today. Welcome back to squawk box this morning ipo news just breaking on smile direct club. Hey, thats right smile direct club setting a price range that it plans to market shares to investors they plan to offer stock between 19 and 22 a share that implies an ipo size of more than a billion dollars, about 1. 2 billion at the midpoint of the range. And this would be one of the biggest. The market cap at this price elon musk traveled to china range is about 8 billion at the and he returned with a tax midpoint that represents nearly triple break. He met with their transportation minister while visiting teslas new gigafactory being built. The 3 trillion valuation they garnered about a year ago. It pushed shares higher on todays amended filing kicks it friday here to discuss tesla, managing off and will go around the country meeting with investors to sell stock. A large ipo to look at, kick off dwrekts a september. What is the biggest question. Director at hoppenheimer and company and also so this is good, a 10 tax that foreign a lot of people are looking vehicles face, but also china at how this direct consumer will increase auto tariffs model looks in terms of overall in december, so this is a small offset, no it is a small victory, short regulations. Term for them in terms of some so each state that they operate of the near term shares. Ultimately what they are doing in, the appropriate approvals to is ramping up capacity in china where they will avoid all of do so. They operate such as that they these taxes. Have a group of orthodontists and that is where they could see real benefit from that that they work with and dentists relationship they work with and they pay and so this is a nice to have those orthodontists and dentists and small positive but not a huge deal. Does it looks like the model to be apart of their network and 3 production by the end of the then but they need to make sure that they have the year will happen it looks like they will important Regulatory Approvals start. We havent expected real volume. To do so. Leslie, thank you we are watching the pond this just modest test runs. We think that they will get that morning falling below 1. 20 to this year. You know, next year is a really the lowest level important year for them as they move into a year where they need opponents of Prime Minister Boris Johnson want to pass toshow the operate leverage that they promised the street. And craig, youve been legislation to force him to bearish tesla for a long time. So what are you going to say delay the eu. About this tax break that they theres no circumstances in are get something. I have to give elon credit. Which i will ask brussels to this is an environment where were seeing u. S. And chinese delay. Were leaving on the 31st of tariffs put in place left and october, no ifs or buts. Right. And here he gets a reprieve from we will not accept any attempt a 10 tax credit to go back on our promises or treatment very much like a scrub that referendum. Domestic chinese automaker that is a big deal a group of lawmakers plan to so i agree that it is minor from try to seize parliamentary time a financial standpoint, but it on wednesday to pass legislation shows that they are approaching that would force johnson to ask things correctly and it also shows that there is for an extension if that happens, johnson in the Bigger Picture actually indicated he would take steps to green light out there, you know, hold an early election. A good potential outcome as we joining us now is julia, the look for constructive ways to founder of macro policy work with partners does this make you mo