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They need to do a deal before the election. >> right. >> and in honesty, the chinese also need to do a deal because it's hurting their economy. one thing is clear, though -- even if we get positive job numbers on friday, even if the president continues to push the fed, recession fears despite the stock market being up are here to stay. >> right. >> we've seen this in the bond market. signaling fears of recession. now we see it in manufacturing data. this conversation is not going away despite the president's best efforts to steer us otherwise. >> not going away, xi jinping. he doesn't have to ...

Dollar. >> companies are saying in the recent manufacturing data where companies report positive tariff surcharge are passed through to all consumers we've heard it from car companies. we've heard it from. >> i don't -- i don't believe a word of that stuff. you're not seeing it in the data. >> they're all lying. >> i'm not saying they're all lying. i'm saying that i don't see it -- i'd rather see it in the data than hear it from multinational corporations that have a strong interest in shooting down our tariffs policy. here is the thing, look. people are watching this show. look, we should agr...

That's when the president went live. we saw it move downward afterwards. he said in december the sell off was due to a glitch and then later on in the afternoon, he continued to say that they're working on the trade deals with china. that was seen as a positive. trader reacted right away with the buying of certain stocks. overall, if we're talking about china, the big fear in 2018 going now into 2019 is this slow-down from the second largest economy in the world. we had a pmi, a purchasing manager's index that came out from china showing that they further contracted. if you look at that number...

Forward? let's ask phil flynn. crude oil is acting weird. feels like they were supposed to -- they were going to increase production. opec was going to lowter price. it's been sky rocketing. >> it has been. i'll tell you what, it's sky rocketing mainly because of good things. the global economy has been on fire. you mentioned the manufacturing data that we saw this week. it was incredible. the u.s. economy, if you measure it in miles per gallon, is doing better than it has in many years. that's reflected in high prices. not everybody likes the prices going up. gasoline prices. president trump,...

Basically the region had to pull the emergency brake. china halted trading on two major exchanges. the result of so-called circuit breakers set to suspend trade after losses. the shanghai index fell by nearly 5%. when it resumed to another drop of 2%, the market shut down for the day. paula hancock joins us from a view from seoul, south korea. there's red in the entire region. we're not sure what to make of this. the shanghai composite ended up significantly for the year. what caused this false start, if you can call it that, to 2016? >> reporter: well, errol, it was a bad start of the year fo...