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tv   After the Bell  FOX Business  August 30, 2018 4:00pm-5:00pm EDT

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bubble. i think he focused attention elsewhere. liz: we are looking at both your perspectives. thank you so much. good to see you. markets have made it off session lows. the dow did snap that four-day record win streak. didn't make it this time, but with one more day of trade for friday, you have got to tune in tomorrow. that will do it. kristina: president trump is telling aides he plans to impose tariffs on $200 billion in chinese goods next week. the dow ending the day just about 137 points lower, slightly off session lows. david: it's not a bad comeback. kristina: it's a comeback nonetheless and it's the end of the record run for the s&p 500. the nasdaq and russell 2000, at least for now, all closing in the red. david: this is "after the bell." glad you could join us.
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here's what else we are covering for you in a very busy hour that starts with trade. major headlines on the trade front as president trump is getting ready to leave the white house in just moments heading for a rally in evansville, indiana. a new report saying the president is looking to move ahead with $200 billion worth of china tariffs next week. live update from the white house on that. also, we bring you any comments from the president as he boards marine one. meanwhile, trade talks set to resume any moment between canada and the u.s. both sides are optimistic about reaching a new deal. they have a deadline for friday. we are getting big news from the european union as well. plus, the wildly popular burger chain, in n out, facing a boycott. why the state's democrat party is urging its people not to eat there anymore. wait until you hear what mike huckabee has to say about that, all ahead. kristina: let's head back to the
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markets right now. you are seeing the dow snapping a four-day winning streak, dragged down specifically by boeing, caterpillar and home depot. gerri willis is on the floor of the new york stock exchange and will break it down. reporter: good to hear your voice in my ear. the dow down 137, about half a percent. s&p 500, nasdaq also down. the nasdaq down about a quarter of a percent. all stocks headed lower today, all indexes headed lower. let's focus on a couple stocks that have done very well. apple. take a look at apple shares. warren buffett today saying i'm buying more apple shares and we just found out the company said september 12th will be the day they will have their big iphone announcement. we are hearing about a gold phone, maybe as many as three phones will be announced at that meeting. amazon on its race to a trillion dollar market cap, that stock
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doing well on the day, too. it was above 2,000 and below 2,000 all day long. we have so much volatility in the broader market, it ended higher which is good news. to become a member of the trillion dollar market cap, the stock would have to go to 20.50 and change. let's talk about some retailers. dollar general, same store estimates up 3.7%, the stock down on full year profit outlook which they actually kept the same as they had had, but traders didn't like that one bit. dollar tree in the same category. same store sales missing yesterday. it was only 1.84% so those categories not doing well. interesting that they are seeing pressure on margins there as people trade down things like toothpaste at those stores. we will continue to watch that. meantime, tech continues higher.
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all four major averages down. tech doing well. amazon and apple. back to you guys. kristina: i think that's a club, that trillion dollar club, i will never be part of. thank you very much for your reporting. let's bring in today's market panel. kevin kelley from benchmark investments and keith fitzgerald. kevin, start with you, talking about the fact we did come off of the session lows, trade fears. are investors just brushing this off too lightly and not taking these trade fears seriously enough? >> i don't think so. i think actually investors are keeping a cool head on their shoulders and you can see because corporate profits have never been better. the consumer has never been better. business climate has never been better. trade is the only thing that's overhanging on our economy but guess what? the united states is 25% of global gdp. we have been making progress with the mexican government. canada is now coming to the table. and look at what's happening with our leadership names,
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warren buffett increasing his stakes in apple, amazon will be at $1 trillion and you can be part of the club. all you have to do is buy the stock. kristina: you are mentioning trade deals. nothing yet is finalized. that could be the potential blow to the market. i return to you, keith, and just talk a little more about risk and what are we missing? is there anything we are missing? investors that are listening right now, should they be buying on this dip? >> i would urge that yes, they should be buying, but they should be buying those companies like apple, like amazon, companies that are moving forward. the companies that got short-term volatility, let the traders sort that out. as an investor you want to go with the profitable ceos, the companies that are growing, the companies that are largely immune to the trade wars that get started in earnest. david: stay with us, guys. confident of a new deal, top trade officials from the u.s. and canada say they are optimistic that the two countries can work out a new nafta deal ahead of tomorrow's deadline. fox business' edward lawrence is live at the u.s. trade
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representative's office with the very latest. reporter: yeah, in fact, the minister of foreign affairs for canada just finished briefing the prime minister and other premieres in canada about how the negotiations are going. she's consistently said she's very optimistic about a deal by friday. >> the nafta negotiation is, as i think you all know, an extremely important negotiation for canada and we are focusing on getting a good deal for canada, a win, win, win outcome for the long term. reporter: we do expect the minister to come back any minute for her afternoon meetings. one of the sticking points could actually be the dispute resolution portion of the nafta agreement. canada wants to keep it intact. it was changed under the mexico/u.s. agreement. another issue could be dairy farmers. canada wants to protect their
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dairy industry and has tariffs on milk and cheese, something the u.s. would like to see removed. on friday, the u.s. trade representative will release a letter to congress giving a 90-day review period to this nafta agreement. congress will look over it, then after that 90 days, they could ratify it. that's why the president has given until friday for canada to sign on. david: thank you very much. warren buffett speaking on trade in the last hour. take a listen. >> trade benefits the world, not just the united states or china, benefits everything, canada, mexico, you name it. we will not have as strong a world for your children or grandchildren if it's a world of lots of trade barriers. there's no question about that. david: more now with our panel. kevin, i want to go to you first. i'm wondering if the reason the market came back is because the focus on what's happening with canada and mexico is offsetting any of the bad news or worries about china. >> yeah, i think it is. an important point is that
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canada and mexico aren't stealing our intellectual property. that's the most important thing that distinguishes the nafta negotiations from the chinese negotiations. i think you're hearing it through all of the s&p 500 names and management who are worried about chinese dealings or intellectual property. that's the most important thing to them. that's how they are going to reinvest in their businesses and their people. it's good for the american economy if we can keep our intellectual property. david: just to hedge our bets, what happens if there's no canada deal tomorrow? what happens to markets on monday or at the end of tomorrow if that deal doesn't look like it's going to happen? >> that's a tough call. i think that the markets will have a little bit of a hiccup. traders will simply take their foot off the gas to reassess what's going on. but that's all i expect it to be, a short-term disturbance. the bigger picture will still be china because there's more at risk there and i think they will be sensible with that.
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to me it's nothing more than short-term i don't know what you call it, belly flop, dead cap bounce, whatever you want to call it. whatever term you want to use. the longer term picture is still very much good earnings and strong ceos. david: so lahard to overlook those. thank you both very much. kristina: new trade developments coming from europe. the eu's top trade official announcing today they are willing to scrap all auto tariffs with the united states if the trump administration agrees to do the same. here now to discuss is the ceo of global auto makers. thank you so much for joining us. i want to start with is the eu testing the united states, seeing if they are really serious about dropping tariffs? >> you know, i think in a way, they are. what the eu said today was important and not entirely surprising. we have heard this before from the eu. the real question is, is the u.s. willing to go to zero on automotive tariffs? we have a 2.5% car tariff but a 25% truck tariff.
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will we be willing in the u.s. to give that away and get to zero both ways. also, we have this thing hanging over us, this national security investigation on whether auto imports and auto parts imports are a threat to our national security. that is the other question i think the eu really wants to get an answer to, because if we are going to see huge punitive tariffs as a result of that, we have a real problem between the u.s. and the eu. kristina: if you follow the w.t.o. rules for bilateral trade agreement, it needs to cover most trade, not just the auto sector. what about agriculture, that the eu has said no, they're not going to drop tariffs on all the cheese or any imports? do you think they will play ball? >> yeah, that's hard to know. that's really a question for the trade experts and negotiators themselves. i think the important thing here is that the eu has said let's talk about autos and i think if both parties want to talk about autos, they will find a way to bring it into a broader
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discussion. kristina: what about nafta and the auto sector right now? the previous nafta deal and the new u.s./mexico, possibly canada trilateral deal, is there that much difference, especially with your expertise within the auto sector? are you seeing anything different? >> yeah, as a matter of fact, there is a big difference. first of all, the current nafta has been really great for the auto industry and really, the industry is thriving as a result of nafta. we are making more cars than we ever have. we are exporting more cars than we ever have. it's been really great, because we have gotten the balance right. this new framework agreement between mexico and the u.s. is incredibly complex. the current nafta has one bogey, which is can you get 62.5% regional content. the new agreement between the u.s. and mexico has seven different hoops to jump through. 75% domestic content -- excuse me, regional content
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requirement, three other regional content requirements associated with different types of parts, labor content, steel, aluminum. this thing is way more complex and frankly, probably going to be more costly than the agreement it would replace. kristina: you are saying you are not for this new deal, then, because you are listing it doesn't seem like benefits to me. >> i think there's still an open question as to whether we get as balanced and as competitive a u.s. auto industry after this. i think it's a question. i'm not saying it's definitely -- the answer is definitely no. we need to see more details of this agreement and by the way, there isn't an agreement without canada. if canada's not in this agreement, we have all sorts of problems from an auto perspective, because really, it is a three-way deal. kristina: on that note, we will leave it there. thank you so much for joining us. >> thank you. david: meanwhile, argentina getting slammed today amidst worries that the collapse of its currency and debt problems could
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spread like dominoes among the entire emerging markets field. our next guest worked at goldman sac sachs, and is now assessing the situation on the ground in argentina. on the phone is russell abrams. russell, how bad is it now in argentina? >> the mood is extremely pessimistic right now. everybody just watches the dollar exchange rate, then adjust their prices so it's very bad. david: huge drop in the value of the currency. i think it's 40%, 50% over the last couple months. how could this cascade? argentina is a long way away, most people don't think about it when they think about mexico and the countries closer to our border, venezuela. if argentina continues to spiral down, how could that affect other emerging markets? >> well, argentina has always been a leader in terms of educational institutions.
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they have a very good american government, very pro-business growth, incorporating [ inaudible ] against what's going on in venezuela. we need to be promoting -- david: what can you do to stop the demise of the peso? >> the demise of the peso basically comes from money printing. they went into a deal recently with the imf which unfortunately isn't going to lead to growth. it's going to lead to stagnation. they need to do a bilateral agreement with the united states to stabilize the currency and real serious central bankers need to stop the money printing in the next month or two. david: they did it before. back in the early 1990s, they had a system where they went to sort of a currency where they stopped printing money. they took that power away from the central bank. it shored up the economy the last seven years where they
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avoided hyper inflation that persisted for decades before. why don't they do that again? >> that was a wonderful policy. it worked almost immediately, and it really is the right solution. they really pushed back and it worked much better. i think right now, it may be a mistake to try to work with the imf [ inaudible ]. david: because they go against the imf they would need the support of the administration. i know larry kudlow is a big supporter of what they did back in the '90s. maybe he would come to the fore again and support them if they tried it once more. what do you think? >> i think larry kudlow would be the perfect point person to understand the policy that argentina wants to have a close relationship with the united states and support america's values in south america. david: when you know the answer, it's so frustrating when governments don't choose the answer that they need to. particularly if they are pushed by the imf in the wrong direction. russell abrams, congratulations.
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good stuff. thank you very much. kristina: we have breaking news right now. this is a canadian foreign affairs minister you are seeing on the screen, chrystia freeland. let's listen in. [ speaking a foreign language ] kristina: if i understood correctly, she's saying it's going to take some time for negotiations, she's speaking in french. david: now she's speaking english. >> we had a very good call with the premiers of canada's provinces and territories to hear their updates. i would really like to thank them for their very productive contribution to these negotiations. the fact that we have been able to have through a real team canada approach, has been really, really important for our
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country. as i said, i'm going in now to continue our negotiations with ambassador lighthizer. when we're done, i will come out and tell you what happened. kristina: you have the minister of foreign affairs in canada saying she has canada in mind. she's speaking to the various provinces to make sure they are on board because normally they would go through a parliamentary process of reviewing the trade deal, which also could potentially show how serious they are about getting this deal signed by tomorrow. david: she's getting lipstick off her cheek, too. they have a deadline, they are taking it very seriously. let's see if they make it. kristina: we also have president trump reportedly telling aides he wants to move ahead with $200 billion in tariffs for china. the headlines moving markets this afternoon. we are getting more details from the white house next. david: the president will be leaving at any moment for a rally in indiana. he's been known of course to stop and take questions from the press when he's getting in the helicopter. we will bring you any comments as soon as we get them.
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kristina: plus a popular burger chain now under fire from california liberals. we will tell you what's driving calls for a boycott. david: also, former clinton labor secretary robert reish says the calls to impeach trump aren't enough. mike huckabee sounds off on that coming next. >> it would be virtually impossible for anybody to rig the presidential election. and a modicum of common sense would tell you this. the same? that's why capital one is building something completely different. capital one cafés. welcoming places with people here to help you, not sell you. with savings and checking accounts with no fees or minimums. that are easy to open from right here or anywhere in 5 minutes. no smoke. no mirrors. this is banking reimagined.
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kristina: stocks plunging this afternoon on a report that president trump told aides he is looking to move ahead with $200 billion in tariffs on chinese goods as early as next week.
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with more on that, we go to blake burman live at the white house. you have any extra news to tell us on this? reporter: next week, the important marker is the comment period is over september 5th which is next wednesday. the bloomberg report says that the president wants to move forward with these tariffs essentially immediately after that. here's what i can tell you in speaking to high level folks all across the white house here on this day. two points. first, next wednesday is an eternity. a day seems like an eternity around here, let alone one week from now. it doesn't appear as if any final determination has been made but you also know the president, this would be the second point, the president's speaking on tariffs. he believes they work and he is the ultimate decider as to whether or not tariffs will go forward. in any event, it will be something clearly we will be following here over the next week once that comment period ends. one decision that was definitively made by president trump today, though, deals with the pay of federal workers.
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as the president announced today the civilian work force will not be receiving a pay increase in 2019. this was his response, his reasoning, rather, in a letter to congress. the president saying quote, we must maintain efforts to put our nation on a fiscally sustainable course and federal agency budgets cannot sustain such increases. this would only be the fourth time since 1984 that federal employees would not see a pay raise. there was a three-year freeze most recently in 2011-2012 and 2013. the pay raise in 2018 was 2.1%. it is possible that congress at some point down the line could attach a pay increase to spending bills, though it remains to be seen if they will do this. and whether or not the president would go on board with it. the democrats' response to this, the dnc called it a quote, slap in the face to american workers. we should also note, this pay freeze does not apply to the military. the military was already granted
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a 2.6% pay increase earlier this year for next year. kristina: i hope we don't have to wait an eternity for more. nice tie, by the way. david: joining me, former arkansas governor mike huckabee, also a fox news contributor. good to see you, governor. >> great to be with you. thank you. david: what do you think of this plan to zero out pay increases among the civilian work force? >> well, the democrats are calling it the end of the world, a slap in the face but i don't remember them saying that the three years when obama had a zero pay increase. the president also offered this caveat. he said he's for performance-based pay increases, just not across the board. congress can always do it if they want to. frankly, i think a lot of federal employees probably should get a pay raise, not all of them, but the ones that do their jobs and do it well, i like the performance-based pay. i hope the president can institute that. that's the way it works more so in the private sector and it would be an improvement. david: you talk about democrat hyperbole, it's gotten pretty
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hysterical over the past few days, particularly since the collapse of that cnn story on michael cohen. they seem to be desperate and that desperation showing itself in some strange ways, even among kind of mainstream democrats like robert reisch, the former secretary of labor. he came out and said if in fact there's evidence from mueller suggesting there be an impeachment proceeding, that impeachment is not enough. he said impeachment would not remedy mr. trump's unconstitutional presidency because it would leave in place his vice president, white house staff and cabinet as well as all the executive orders he issued and all the legislation he signed, and the official record of his presidency. impeachment is not enough. the constitution is not enough. you have to wipe out the presidency. what do you think of this? >> i'm wondering, does he live in a state where they have recreational marijuana and he's the lead spokesperson? what is he thinking? there's no such thing as a constitutional provision for an annulment of an election.
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secondly, he's not produced one scintila of evidence the election was rigged. only thing we know is president trump won the electoral college vote by an overwlehelming margi so the notion this election was rigged. rigged in what way? david: what he wants to do is undo all the deregulation, undo the tax policies of the administration -- >> undo the vice president. david: everything that led to this economic boom we're in. >> well, it's nonsense because he's saying the vice president wouldn't be the vice president, the cabinet members wouldn't hold their jobs. you have this great big vacuum. what he's pushing for is a coup without the blood and the bullets. he's lost his mind even suggesting it. we really shouldn't take him seriously. david: i also want to get your take on this story. democrats in california going crazy over one fast food chain's political leanings. chairman of the california democratic party tweeting quote,
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et tu, in n out? tens of thousands of dollars donated to the california republican party. time to boycott in n out, let trump and his cronies support these creeps perhaps animal style. we aren't talking about a donation to an alt-right group or something. this is to the republican national committee and that's worthy of a boycott? >> yeah. it was $25,000. how about the millions of dollars that companies like google and apple and starbucks all give to the democratic national committee? i don't know of one republican that is calling for a national boycott that all republicans and conservatives would quit buying their products. that's the difference between democrats and republicans. if you don't agree with them, they dwooon't want to just beatu in the election, they want to put you out of business. republicans say gosh, we would like to win your business, maybe we will do better next time. it's a great burger, a great product. whenever i go to california, i make sure that i go there
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because i think they are a terrific company. by the way, i hope people will go and there's always a line at in n out burger. let's hope the line quadruples in response to this stupid and frankly un-american approach to their decision to give a paltry contribution. if anything let's hope they give a lot more to the republican party. david: it's the last thing anybody should do in this country. we should be applauding successful businesses. governor, great to see you. thank you for being here. appreciate it. kristina: we have the commander in chief heading to indiana. why president trump is making time for big campaign rally in evansville. we are live on the ground coming up. plus bidding farewell to a maverick. how americans are saying good-bye to senator john mccain and the hero's welcome awaiting him in the nation's capitol. >> i always thought of john as a
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kristina: a final good-bye to john mccain. thousands in arizona gathering for his memorial service. we have hillary vaughn in phoenix right now. reporter: thousands of people in arizona but millions around the country getting to remember senator john mccain's legacy through the men that knew him best, speaking at today's memorial service. the room hearing stories of senator mccain from when he was young to his final days. the room filled with tears, laughs and a lot of love. >> the truth is, john's code was ageless, is ageless.
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when you talked earlier, you talked about values. it wasn't about politics with john. he could disagree on substance but the underlying values that animated everything john did, everything he was. bottom line was i think john believed in us. i think he believed in the american people, not just all the preambles. he believed in the american people. all 325 million of us. reporter: i talked to several people that gathered here today to remember senator mccain but also at the capitol yesterday and one thing they had in common, a lot of them just had one interaction with senator mccain that they said made him remember -- remarkable to them, it was the way he treated ordinary, everyday americans and how he made them feel important
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and special. biden even saying today that john mccain believed that this country was not built on the back of heroes but really just ordinary americans who were given a chance and an opportunity to do so. mccain obviously one of those heroes today. kristina: great reporting. thank you so much, hillary. david: coming up, a fight to bring more women into the boardroom. lawmakers in one state passing a bill to put more women on their boards of directors but should government be guiding corporate decisions? also pointing a finger at china. why president trump says the country is to blame for stalling talks with north korea. general jack keene joining us next. insurance that won't replace the full value of your new car? you'd be better off throwing your money right into the harbor. i'm gonna regret that. with liberty mutual new car replacement we'll replace the full value of your car. ♪ liberty. liberty. liberty. liberty ♪ you wouldn't accept an incomplete job from any one else. why accept it from your allergy pills? flonase sensimist relieves your worst symptoms,
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david: a potential show of force, the chinese navy set to conduct another round of military drills near the korean peninsula tomorrow, this ahead of a planned inter-korean summit in september, according to china's maritime authorities. all this happening after president trump blamed china for stalling u.s. nuclear talks with north korea due to its escalating trade war. here now, general jack keane, fox news strategic analyst. first of all, general, good to see you. thank you for coming in. should we be concerned about these new maneuvers by china? >> well, they are part of a much larger pattern. we are involved in a competition once again with china and russia, particularly in the case of china, what they are really about is they want to dominate
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and control the indo-pacific region. they want the united states to have considerably less influence than they ever had in the past, and they are conducting the most advanced military buildup of any country in the world today to include the defense buildup that the trump administration is conducting inside the united states. what china is doing is really staggering. they are almost at parity right now with our navy and will exceed that capability here and go past us in terms of their maritime and air development. david: there's a question about how much they are using their authority over north korea to stall these talks. the president says it's considerable. is there anything we can do about it, because we are going to war with them on the trade front. that must not be helping. >> yeah, i think first of all, as we have said many times, north korea aniis in the orbit china. ever since the summit took place
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in singapore, what we have seen is china has opened the aperture wider in terms of providing sanction relief to the north koreans. the united states has reported on that publicly for a number of weeks now. to get china to shut that door is what i think president trump is trying to do through some public coercion here. but i know his team is likely preparing some tough sanctions on china if they don't do that, because we are on a collision course with them. if china is not helping us denuclearize north korea, then it's not going to happen. the trump administration certainly knows that. they are clear-eyed about it. they are going to have to move in that direction. i think right now, it's public diplomacy, china is still our friend, i've got a good relationship with president xi. that's kind of where the president is. behind the scenes, believe me, they are preparing for one heck of a fight here with china.
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david: you know, i do like the fact that the entire administration from the people at the state department to the people in the military to the people on the trade front, they are all working together, they all kind of have a common knowledge of these relationships between trade and north korea and china. that must be a sense of comfort for you in this whole thing. >> yeah. i mean, the administration was looking at the world and i think they really have it right. big power competition again and they dusted off this theory that somehow if we got closer to china in terms of international markets and put business development in there from the united states, that somehow china would not only move towards capitalism but they would seek political reform. that did not happen. that is a failure. david: it didn't work out. we have heard that for decades. unfortunately it didn't work out. let me switch, if i can, to senator mccain as we honor his
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memory. he had a lot of differences, obviously, with president trump but the one thing that they had no difference about was the need to reorganize and strengthen our military which has fallen behind tremendously over the past decade. they were really united on that front, weren't they? >> oh, yeah, absolutely. i think they were united on most things, just they had different methods and ways to go about it. clearly, even before president trump initiated his first budget request which was actually obama's budget, fy '17, what john mccain and the senate armed services committee did, they bumped that request up by $40 billion to $50 billion and said to the administration that is not enough. we have got a long way to go to make up for the deficit we've had here these last eight years and they were absolutely right about that. in a sense, senator mccain was
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educating the new team about how far we really had to go to get ourselves out of that military deficit we have been in for so long. david: i think on that front, even donald trump for all of his misgivings about senator mccain, will miss him tremendously as an ally on that front. thank you very much, general. good to see you. >> good talking to you. david: appreciate it. kristina: let's take a live look at the joint base andrews. president trump is about to arrive here. you are seeing two helicopters on the screen. he's aboard one of them. the commander in chief will make his way to indiana for a big rally tonight in evansville. we will be live on the scene. that's next. hi, i'm joan lunden with a place for mom,
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that's not a chance we're willing to take. meningitis b is different from the meningitis most teens were probably vaccinated against when younger. we're getting the word out against meningitis b. our teens are getting bexsero. bexsero should not be given if you had a severe allergic reaction after a previous dose. most common side effects are pain, redness or hardness at the injection site; muscle pain; fatigue; headache; nausea; and joint pain. bexsero may not protect all individuals. tell your healthcare professional if you're pregnant or if you have received any other meningitis b vaccines. ask your healthcare professional about the risks and benefits of bexsero and if vaccination with bexsero is right for your teen. moms, we can't wait. ♪ kristina: more breaking news for you right now. more headlines from the president, on the fed and jeff sessions. trump has been telling bloomberg that he does not regret appointing jay powell as fed chairman. also, this is the president,
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says attorney general jeff sessions is safe in his job at least until the november congressional elections. that's big news just coming out right now from the president. david: tough relationship. meanwhile, breaking news, president trump arriving at joint base andrews. the commander in chief making his way to evansville, indiana. of course he will go to a rally for republican senate candidate mike brown. that's where we find jeff flock. jeff, what's the scene like there? reporter: hey, david, hello. hello from a typical trump rally. it's amazing, i guess they should never cease to be amazed -- what's that? >> where we go one, we go all. reporter: one and all. lot of good friendly folks in the crowd. maybe you see this crowd, no matter what happens, he does not ever miss on getting a big crowd out there. that's what the tweet was this
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morning. maybe you see it goes all the way up here. i tell you, kyle, jog up here with me. i want to show all the way to the center if i can. david: we lost jeff for the moment. we may get him back. let's just see, sometimes the president says some things that we can hear. it doesn't look like he's going to speak to anybody except for his military escort there as he's on his way from joint base andrews to air force one and then on his way to indiana. looks like he won't be speaking this time. kristina: we just lost jeff flock, our reporter, who is running to try to get us some breaking news and get feedback from people at the rally right now. this is in evansville. that's where we will see the president head to this evening. david: of course, we will cover that for you right here on fox business. you won't miss that. kristina: let's move on. we talked about this earlier in the show. sergeant baker, how are you? they took care of everything a to z. having insurance is something everyone needs,
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kristina: california may become the first state to mandate women on corporate boards, passing a bill that states more women directors serving on boards of directors of publicly held corporations will boost the california economy, improve opportunities for women in the workplace, and protect california taxpayers, shareholders and retirees. here now to possibly debate or discuss, rebecca walter and susan li. rebecca, i want to start with you right now. would a bill like this possibly help the representation of the women in the c-suite, in the board and higher up in the echelon? >> absolutely. there's no doubt that women deserve to be on boards and they are underrepresented. we know that's true. the issue that i have is not that women should be on these boards. it's the government mandating them in the boardroom. this bill is taking the government from outside the
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boardroom and moving them across the threshold by mandating that anywhere from 40% to 50% of a board membership is actually made up of women. kristina: susan, your take on this, that women should be -- is it actually addressing the problem? to me it doesn't sound like it's addressing the problem from the beginning, that women are not in the position to get there based off of merit. >> legislation requires that a board has one woman on it and right now, only 18, less than i think 20% of companies in california don't meet these requirements. it's only a small number of companies that are being affected here, and there have been numerous studies, pwc and all, say if you have a more diverse board that includes gender diversification you are more likely to perform better financially, you will exhibit less fraud and less employee loss. there are lots of good things that come with more women sitting on boards. kristina: there's a study in norway, norway has been doing this for about ten years now. their quota is 40% on publicly
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traded companies. but there's been no proof that the corporate environment has changed or they see better corporate profits because of additional women on the board. rebecca, if you can weigh in on this. the fact it could boost morale and show women can do this, does it improve performance? >> no. i think what we have to step back and think about, there's a bigger issue here. in law school we learned about the slippery slope. i think we are being used as pawns, to be honest with you. i think everyone can agree women need to be in a boardroom but what happens is you start with an innocuous situation. yes, women should be in the boardroom. who will vote against that? california should pass this measure. what happens next is who else does the government get to dictate is in our boardroom? these are publicly traded companies who answer to shareholders, who have to maximize shareholder value. if shareholders don't like that skechers doesn't have a woman on the board, don't buy skechers. they can protest. they don't have to have the government for the first time in
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the history of america jumping into the boardroom saying who is running our publicly traded companies. that's socialism, not capitalism. kristina: 30% of s&p companies, that percentage has gone up through the years, now women represent a bigger portion of the boards. a third of s&p companies, don't forget, we are near record levels for these companies, corporate profits are records as well, companies are making a lot of money. i feel like with diversification comes bigger profits and better business. kristina: if i can answer to that or question you, are we not addressing the problem that there aren't enough women who may be qualified for these positions and we need to address the education system? >> the average s&p board has an eight-year tenure. i think if you reduce that, there would be more influx and naturally, more women would occupy these seats. kristina: i will leave it there. thank you for joining us. david: what great discussion. kristina: we could have gone on, for sure. david: taking control of your work life.
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get this. the company that is actually letting employees choose their own work hours. wouldn't that be nice? that's next.
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david: we're getting more headlines from this interview the president had with bloomberg. very interesting idea of withdrawing from the world trade organization. linking capital-gains taxes to inflation. a lot of people talked about this you hud be taxed on the at that your stock was worth when you bought it, not the time you sold it that will be costly for the government. that will save investors a lot of money. also people that might be selling their homes. interesting stuff on the horizon. >> taxes to once employees are in control. pwc launching a initiative for new recruits to choose hours they want to work. david: flexible talent network to list preferred skills and work pattern when they apply. flexible schedules could be
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shorter weekly hours. or working a few months a year. shows the power of the employee now that there is a shortage of employees for the jobs that are available. >> viewers need to know we'll always be here at this time. david: we will indeed. count on us. "the evening edit" starts now. elizabeth: u.s. stocks on the move. a big escalation in the trade fight with china could come next week. we break down the white house plan to slap tariffs on $200 billion worth of china's goods. markets reacted to the downside. the president also says he will pull the u.s. out of the world trade organization, if they quote, don't shape up. we give the reality check there and all of that. the eu coming to the table on trade. canada and mexico as well. right now president trump is on his way in air force one to indiana for a rally. crowds gathering there since this morning. the president won more than half of the vote there. and a new report saying


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