A big day for news. Thanks for joining us. The president is satisfied with the lack of progress in the latest round of trade negotiations in beijing. Lets go straight add where fox business has learned or on what happened during those meetings and the fallout. Madam president following through with the plan to put everything that china imports under a tariff and United States and this comes after briefing he had why the u. S. Trade meeting. In that trade meeting in shanghai the chinese would not touch. China will not add back in a deals that they are deleted out of that deal to china said they wouldnt put any of that back in and china telling the west just because they dont trust china to protect intellectual property they will not add enforcement language into the meeting but the director from beijing is for all the departments they are to decouple from the reliance on the u. S. China wants to be able to replace items that they need to buy from the u. S. And get them from another source or make them in china that could be seen as a deal with russia to help the russians get to the soybean industry. A presence lighting a fire to president xi september 1 for the deadline for the next line of terrace. For many years china has been taking money out by the hundreds of billion dollars a year. Now its time that we chase them out. Then i want to trade with us anymore that would be time fine for me. I think president xi was someone i like a lot i think he wants to make a deal but frankly hes not going fast enough. China holding the hardline and theres a meeting scheduled for september for. Delegations in washington and if that happens potentially with an extra round of terrace. Lets bring in the panel. We have liz claman and Zachary Karabell so 10 for tariffs on the remaining 300 billion worth of chinese goods. As this was going to bring china back to the table . No, there will be no deal. The president doesnt want a deal. You just heard them say wed be very happy if we didnt trade with china at all. We believe china is taking our jobs and he insists despite the fact that every economist and larry kudlow said to the country that the United States imports and consumers are paying the tariffs. Whatever your opinion on tariffs or theres no question that this wiped out the market and maybe five minutes because of the latest threat in tariffs from the president. Look, this is a big mistake not just because of the tariffs but echoes of the flipflop. How many times if we had tariffs proposed . How many times have we had tariffs taken off . They did with european autos they did with mexico and china twice and now we are back to it. Would you tell the hundreds of thousands of companies that have to repeat prayer again for a tariff of 10 a month away . They cant prepare. They can prepare on demand and supply. They cant prepare in anything and they dont know whether two weeks from now in the president will flipflop on china making a big mistake in this fragile economy around the globe he better be real careful. He could cause some difficulty in the market very soon if this continues. Lets hear from a man who is fully supported for what the president is doing in china and new york congressman tom reed. Congressman thanks for joining us. You saw the markets reaction to what the president tweeted out on tariffs. Does that concern you the way that market reacted . In a shortterm impact like that is going to catch my attention but longterm im looking at this again. I support what the president is doing. Hes bringing dish option to the trade identities Holding China accountable and using every tool in the toolbox and kudos to him for Standing Firm with china. China is the one that needs to be held accountable. Sir i dont necessarily disagree with you liz claman here but i do have a concern here. Even if you agree the president is fighting the right fight they have to stop stealing their intellectual property and force Technology Transfers which makes the landscape totally unfair and an even. He continually says its china who are paying the tariffs that the chinese are paying quote billions in tariffs. Let me give you a definition that i just read in the wall street journal minutes ago. Tariffs are paid by importers here in the u. S. Does the president think just because he says something over and over again it makes it true . It is u. S. Importers who are paying the tariffs. I understand an impact on the consumer but where the president is going is recognizing that china cannot sustain these tariffs in the longterm. These tariffs will have an application as a result. Its showing signs of destabilization so at the end of the day both countries can come to the table and resolve this but i understand the effect on local consumers as a result of this. Longterm wear and a better position if we have a fair level Playing Field in order to compete with china rather than give them the image because sooner or later its going to become to big and we dont have the runway to recover from it. Representative reid we are dealing with two economies totaling somewhere in the neighborhood of 34 trillion and we keep getting changes and flipflops. We go from no tariff to tariffs to no tariff to terror. Thats a tariffs are the greatest thing in the world. But you tell the businesses that every month they have to change their stand on their supply and their the demand and everything that goes with trying to run a good business. I dont know if you noticed the worst spot where the retailers like caterpillar and boeing and all the transports and im just letting you know eventually somethings going to give and its not going to be good unless we get some certainty at a given point in time. Thats where you bring certainty by resolving the dispute in black and white and not giving that unfair trade advantage to china any longer. The other issue dont lose sight of the fact that we have the votes in the house and the votes in the senate. That would bring also some certainty and put us in a position with china say hey look we got mexico can it done and if you want to stay the table we will negotiate with you but lets make sure we get metro candidate done first. Congressmen we are to have a trade deal with mexico and canada that we have rejiggered but its not a brandnew world concern in north american trade and secondly 10 on 300 billion of imports is 30 million. We are currently paying in subsidizing u. S. Farmers 25 billion so thats another 25 billion we are spending for lost imports from china. Its all very well to say you have to hold china accountable but as gary mentioned in the 3,435,000,000,000,000dollar bilateral economy 30 billion or if you had in 25 on 200 billion lets call it 80 is not enough to hold anybody accountable. Well just because people often make sure there will be no movement in the u. S. President ial election. Wheres is going to come from . You are conceding that china is too far ahead of us. I dont agree with that. They have a percapita gdp of a quarter of United States and in what possible way is china ahead of us . How are you going to keep china in the room . The president will use every tool in the toolbox to bring them to the table and if they dont come to the table they will suffer consequences. Understand the consequences is a shortterm got it, i understand but it needs to be resolved and you dont get this as a sign of weakness with the chinese government. Nor do you get it with the policies. I just have to jump in here but the notion that somehow certainty is achieved by policy Economic Policy totally by surprise by twitter by one man literally by a whim. Little eerie the president picked it out of the top of his hat. You have hundreds of billions of dollars of people trying to make planning longterm. When everything is up for grabs every american how can anyone big business or Small Business understand when it comes to the economy . Will i understand is that longterm what im looking at is the longterm gain as opposed civil shortterm pain. David im wondering to what point the chinese are playing politics here. In our election is coming up and there some indication from the president others that some democrats as well that they would rather see a democrat in office in 2020. Are they trying to make it difficult for the president in order to move the political scale here . That is what is driving this. China is waiting for a week president like President Biden or whoever the democratic candidate is so youre absolutely right on that Speaker Pelosi is playing a dangerous game here. What we should have visit vote and negotiate against china going forward. Thats the politics they are putting first before policy in protecting america. David congressmen we appreciate your stand and appreciate you coming in. Please come back and see us again. I will be with you again. Dave meanwhile a sweeping bipartisan deal is on the way the presence desk after passed the Senate Earlier today. More democrats voting for than republicans do what the president promised in its white is to cinch the deal. Details are coming up. To nowhere. But perhaps this year, a more exhilarating endeavor awaits. Defy the laws of human nature,at the summer of audi sales event. Get exceptional offers now. All right brad, once again i have revolutionized the songwriting process. Oh, here we go. I know i cant play an instrument, but this. This is my forte. Obviously, for auto insurance, weve got the wheel route. Obviously. Retirement, were going with a longterm play. Makes sense. Pet insurance, wait, let me guess. Flea flicker. Yes howd you know . Studying my playbook . Yeah, actually. David the Senate Passing a sweeping budget deal today which suspends the debt ceiling best of 2020 elections races spanning 3920 lean dollars over current levels. Only 29 Senate Republicans backed the bill despite the presence support for the bill heads to the present desk where hes expected to sign it. Heres what friends tweeted just before the senate voted quote the budget deal is phenomenal our military or thats an in chop, chop, chop twoyear deals. Go for it republicans. There is plenty of time to cut. So gang do you agree is it better to get this cut now or after the election . Go for republic cons because thats whats going on here. Let me give you the numbers. Today 3 billion was added to our debt and every day grows bigger. Today the first one point 5 billion of her taxes went towards interest on it that end Everything Grows bigger. We are 22 trillion in debt and very simply i dont know what day its going to be and i dont know what from my point but theres going to be some serious repercussions and nobody cares. They are not kicking cans down the road they are kicking every can down the road and there are no heroes anymore. Maybe rand paul but hes being drowned out. Theres nobody talking about the growth of government by the way 6. 5 trillion of our tax dollars will be spent local. You can chew on that. Gary watson branded billion dollars a month i mean really. I think its important to raise the debt ceiling whether its a republican or democratic president. President trump realized it that it was the right thing to push for david and then you can start to battle out all the details. I would say gary is right when it comes to certain aspects of what happened to all the fiscal conservatives. They are gone but we have seen a surplus in the past in our lifetime with president clinton so it can be done but you cant have the debt ceiling covering over you. David your head jonathan. Theres plenty of time. To me it sounds i can affect. I can quit any time and make keep gambling and drinking. This debt is a around the neck and i think its one of the reasons are Economic Growth has been so anemic specifically since the financial crisis. Look at japan and the recent example. Expending huge debt for basically the better part of 20 years. Trump is says the debt is not a problem and i would think about trump taj mahal trump plaza trump castle and all the trump businesses the went bankrupt. David i have to interject with a point of order the president will be the first to say he didnt go bankrupt. Businesses with his name on it did. Go ahead. Fair enough but the ideological surrender of the Tea Party Caucus in the fiscal conservative part of the republican party. There were 150 representatives in the house thing they objected to raising of the debt ceiling whether its revenue are taxed neutral but the fact is youve gone from intense opposition under boehner and under obama to any raising of the debt ceiling or spending to complete surrender. I find that unbelievably hypocritical. David i just have to say one thing if there was another shutdown as a result of no budget resolution before the election the president could very well lose their reelection. We still know whats going to happen obviously but any democrats even the most moderate democrat comes to the president we are talking trillions of extra dollars. You could get some credit. David on top of what we have now gary. We have got to move on gang. Debate night round two and we may have round three next. Democratic candidate slamming joe biden by attacking president obama thread was that a smart idea quite how obamas former chief of staff is responding right now. Theres nothing moderate about obamacare, nothing. No president has come close and they tried in they tried and they tried. This guy did an incredible thing you wouldnt accept an incomplete job from any one else. Why accept it from your allergy pills . Flonase relieves your worst symptoms including nasal congestion, which most pills dont. Flonase helps block 6 key inflammatory substances. Most pills only block one. Flonase. Dprevagen is the number onemild memopharmacistrecommendedng . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. David vice President Biden i didnt hear your response when new issue came up on deportation. You were Vice President of the United States. In here with you try to stop them. You cant have it both ways. You cant do it when its convenient. What i hear from Union Members and hardworking middleclass people as they wish they had better insurance. David 2020 candidate slamming joe biden for his work with president obama and chief of staff rahm emanuel is firing back. Heres what he said on the wall street journal board. There was also shots taken at president barack obama the most popular democrat in the country because joe biden was his Vice President. That struck me as a little odd. The most successful progressive prolific president and an incredible chief of staff since the Great Society. What are they doing . Every element from literally wilson and Teddy Roosevelt and Franklin Roosevelt to the Great Society and forward notes on the progress of generations before and generations to come. This is nuts. David was attacking biden by attacking president obama a smart strategy . I think its tactically mistaken strategically a mistake to say that. Obama is not on trial here. There was a referendum against obama much more per referendum against clinton or an entire political system and im not sure what good it does for the Democratic Party to either rehashed or replay the eight years under obama when obama remains popular as an individual and he is not on the ballot. I think part of the dysfunction of these debates is it doesnt speak well for the current status of the party and its a distraction and a diversion and ultimately a delusion to whatever method the democrats need. For a lot of the candidates its kill or be killed. They will throw anything against the wall and hope it sticks produced at difficult to their david because they kind of after thread that needle. They want to diminish bidens chances but not diminish obama which rahm emanuel has said still tremendously powerful and well liked among democrats and nondemocrats as well. This is a dwindling process. What i was sure of watching these candidates on the stage as they are all collectivist a top down version of the america and were government takes makes choices in our lives. You are supposed to shoot under your own tent. This was a terrible terrible tactical error. I found an interesting portion of last night where several of them were badgering joe biden over where were you . Did you speak out when president obama was having immigrants rounded up and imported . It shows a fundamental lack of understanding of how president ial duties really work. There are things im quite sure mike pence disagrees with President Trump on but you dont tell the president in many ways what to do. You can certainly weigh in but i thought that was just counterproductive on many levels it was like tigers eating they are young. According to these people obamas immigration policy was bad in the Health Care Policy was bad. I must tell you obama is looking like a darned good conservative compared to these candidates. I think its a huge mistake on their part. I think they went after obama more than they went after trump. After trump. Check the fact is president obama was the most progressive president in my lifetime, the furthest to the left and that shows you when hes considered a conservative by many of their standards it says something about the Democratic Party now. Switching gears a major topic at last nights debate candidates offering several different versions of medicare for all over obamacare. Listen. Our plan will Bring Health Care to all americans under medicare for all system. The chew this health care in america should be a right. Im going to work to get us to a point where medicare for all where everyone is covered. 30 trillion has to ultimately be paid and i dont know what matthew do in new york and i dont know what matthew do in california but ill tell you thats a lot of money. I dont understand why democrats on this stage are fearmongering about universal health care. Mayor bill de blasio doesnt understand why people are concerned. Does he know how much it will cost . What do y