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tv   Cavuto Coast to Coast  FOX Business  April 24, 2018 12:00pm-2:00pm EDT

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24,300. i don't have immediate explanation why this is happening, suffice it to say we report, you can decide. connell mcshane in for neil cavuto today. it is yours. >> great show, stuart. connell: connell mcshane in for neil cavuto today on "cavuto: coast to coast." we're down 150 points or thereabouts on the dow. the president of france and president of the united states made news. forget the news conference. you can do it beforehand. blake burman on the north lawn with latest on all of that. reporter: we'll take the news conference, connell?
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we would love to ask the president questions and hear from them. a host of headlines before this thing has even begun. it is delayed 45 minutes to an hour or so we expect to hear from president trump and president macron from 12:45 somewhere in that area. many watching situation as it relates to the iran nuclear deal. we heard from president macron his philosophy on this the united states should stay in, or at least the deal should hold in the current form because iran in that region of the middle east needs to be contained. the president loud and clear how he sees it. he views this as one of the worst deals of all time. he has a decision to make coming up on may 12th whether or not to stay in the deal or not. ahead of this meeting there have been many warnings from iranians
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themselves sells, the foreign minister saying there is no plan b. this is all or nothing. the that there would be grave consequences if the u.s. pulls out. the president was asked in one of the% availabilities what would happen if the united states pulls out and iran decide to restart their nuclear capabilities? and this was his response. listen here. >> they're not going to be restarting anything. they restart it, they will have big problems, bigger than they have ever had before. you can mark it down. they restart their nuclear program they will have bigger problems than they ever have had before. reporter: connell, that begs the question, what exactly would bigger problems constitute? this is a press conference coming up. we'll see where the questions take. and maybe hear from the president on that. he also talked about kim jong-un, the upcoming meeting with him and the north korean dictator. the president saying that he still feels that this will happen soon but he also
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described kim jong-un as someone who has been very open and very honorable. of course you know the history there with the treatment of, by the dictator, his father and of the people within that country. some might say that it hasn't been honorable but the president feels the discussions so far that have taken place at highest of levels have been. connell? connell: interesting choice of words on a number of different stories, blake, but it was clear for the president, to go back to iran for a second, he wanted to make that point, that sound bite you just played, he wanted to make the point as clear as he could. i don't know if it was analogous to fire and fury but mark it down. he wanted to drive that home, right? reporter: when you talk about bigger problems, he certainly wanted to drive it home but this is an administration that constantly talks about all options being on the table. you're going down a long road here. first he would have to
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decertify. tough figure out what happens after that, united states, iran, world players, et cetera. if you go down the road. he certainly gave some sort of a warning here, one has to question what has to be, what options are on the table? would it be all of them? connell: we'll see half hour or so two questions i assume from each side. we'll be back to you, blake. the other issue that came up here earlier today was china, right? that the president came out and said treasury secretary steve mnuchin is heading over there to talk trade. take a listen to that. >> to have a delegation at their request go to china. they came here recently and we're going there and that will be good. european union, by the way, we are going back to that we're negotiating with the european union. they had their representatives come here. and i think we're negotiating very, very seriously. connell: a lot to unpack. bring nile gardiner in, at one point an aid to british prime
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minister margaret thatcher. good to see you. we'll take trade next few minutes and start on the china comment that the president made sending his tricky secretary over there in a few days. what do you make of that development? >> president trump is certainly being very tough on the china trade front. he certainly sent a clear message to beijing it is no longer business as usual. at the same time the united states is keen to avoid any kind of trade war with china. you have seen the messaging i think in the last couple weeks, from the white house certainly being more conciliatory with regard to overall trade with china. i think president has a acute sense of the impact of a potential trade war on u.s. stock market. connell: right. >> he is being rather cautious. interesting comments today as well on the european union trade. connell: the european union comments were very, very
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interesting because the president drew this line saying hey, listen, i would love to deal with france directly. he says this about all the countries that meets with for the most part. i covered the meeting with shinzo abe, japanese prime minister, same type of thing. we like to deal bilaterally as opposed to groups of nations. at that point there was question about tpp, the trans-pacific partnership but at this point the european union. what do you think of that? >> clearly president trump is no fan of the european union. of course members of the european union are unable to negotiate their own trade agreements with the united states. that of course is a sore point i think for the white house. president trump would much larger deal, much more willing to deal of course directly with france in terms of bilateral trade rather than working through the european union. so france is is a member of the
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eu customs union, it is not able to negotiate its own trade agreements. of course there is a great deal of trade between france and the united states. so clearly president trump was projecting a euro skeptic, a message from washington. he is a believer in bilateral trade deals rather than these big, multilateral trade deals for example, such as ttip, transatlantic trade investment partnership which is certainly dead in the water at the moment. connell: some irony, first state dinner, state dinner the president is hosting is with the french president, talking about bilateral trade? there is an opportunity for bilateral trade by the way things worked out with "brexit" and everything with the uk but that is not the leader that's here. >> yeah it is very interesting. i think that, you know, emannuel macron has played his cards very well with regard his relationship with president trump. he from a very early stage extended the hand of friendship
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to president trump. you've seen a very close working partnership between emannuel macron and donald trump. having said that i think the u.s.-uk special relationship remains the most important bilateral partnership for the united states. president trump is expected to travel to london in july this year. only matter of time before the british prime minister comes here for a state visit. connell: seems rather strained between the president and prime minister may, isn't it? >> i think, it is important to bear in mind of course that emannuel macron has far more executive power in france as opposed to british prime minister. there certainly has been a lot of pushback against donald trump in britain, especially from some parts of the british political spectrum, especially labour party. connell: right. >> leader of house of commons expressed on trump visiting and
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mayor of london. tresemme put up a lot of opposition back home in britain to the trump presidency. president macron has not the type of barriers. connell: what do you make of the personal relationship? we showed video of two presidents in the oval office earlier today while you were speaking in the last answer, lighthearted moment where president trump jokes around with president macron, you have a little dandruff on your shoulder, wipes it off. you have a 71-year-old president, look at that. producers paid attention to us on the air with a little bit of dandruff on the shoulder. 71-year-old president of the united states, 40-year-old president of france, don't seem to agree on whole heck of a lot, a populist, nationalist leader in u.s. and globalist, macron, at same time come together personally. what do you think brings them together and significance of whatever brings them together? >> that's a very good question.
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breath trump and macron see themselves political outsiders who won against all the odds. i think that is a very important point bringing the two together but also i think, you know, macron is an extremely pragmatic politician. he also is a great show man as well. he understands clearly if france will have any significance on the world stage it has to be close to the world's superpower. you have to give macron credit for building up the friendship with donald trump. let's not forget there are very deep rooted difference idealogically between the two leaders. you will see that play out significantly on the iran nuclear question. connell: that is one place that the president said they had talks of substance. they think they can get something done. nile, good to see you. appreciate your analysis. >> thank you. connell: we'll go back to the east room. keep an eye on the shot. as blake said maybe at bottom of the hour or so, give the day ran
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a little bit behind schedule given all the pomp and circumstance associated with a state visit. we'll have the joint news conference, president trump and president macron. you have a live shot of the white house. big headline of the markets comes from bonds. the yield and the 10-year treasury hitting 3%. just below it now, hitting 3% earlier today first time since january of 2014. so, with does that mean? certainly for your stock portfolio, for economic growth, for the housing market, everything else. we'll get into that when we come back on "cavuto: coast to coast" welcome to the xfinity store.
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>> kim jong-un was, he really has been very open and i think very honorable from everything we're seeing. now a lot of promises have been made by north korea over the years but they have never been in this position. connell: all right. headline in there, that's for sure, moments ago at white house president trump talking about the north korean dictator kim jong-un ahead of a meeting being planned between the two of them, ahead of a joint news conference the president is about to hold with the president of france emannuel macron. let's bring in van hipp to talk about this, former deputy assistant second is tear of the
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army. we have moved on from "rocket man" to little "rocket man" to honorable. what do you say? >> this is part of the president trump negotiation. he has done something no other president has done, brought the north korean dictator to the table. american strength, american leadership has done it this is complex international chess game. you talk about the iran deal. this whole thing is intertwined. iran has been the great one of, great enablers other than china of this north korean nuclear threat. so the mt. is -- president is negotiating, if this holds, don't forget on friday the president of south korea will meet with kim jong-un. the word is they will announce an end to the 68 year state of war that has existed. so peace through strength works. connell: session lows by the way, dow jones industrial average on the other side of your screen there as we look at it down now by over 200 points.
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remember the 10-year treasury yield hitting the 3% mark. we'll come back to that in a moment. van, i know, i'm confident to say if president obama had used the word term, or honorable to talk about kim jong-un we would have people all over the network would be all over him. why is it not appropriate to do so this time? >> because president obama didn't bring kim jong-un to the negotiating table. that is historic. prior presidents both democrat and republican both kicked the can down the road. it thinks president, kim jong-un got it. this president is real. what the president did in syria week 1/2 ago, was not only message to bashar al-assad, message to kim jong-un, red lines to this president will not be crossed. a couple things are at play here. with president macron a couple media sources reporting this, i tend to believe it, that macron is working a deal, a potential supplemental agreement behind the scenes to address the president's concerns. number one, the international
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atomic energy agency to make the inspections more intense with iran. connell: right. >> and, so that they could go to all nuclear sites. second, this is where macron and president trump have a lot of common ground, we have not addressed the ballistic missile threat from iran. that is of concern it europeans. i would not be surprised to see movement toward a supplemental agreement on that. connell, look at ballistic miss ail capability of iran, compare it, that is basically the shad missile, to the type of missile from north korea, what do we see? surprise, surprise the same missile. they have been working hand-in-glove for years. i think this president, talking about may 12th. that is when the 90-day certification will be up. there will be a another 90-day period after that. i think president will deal with the north korean threat first. let's see what he gets out of that summit. if north korea is on pathway to denuclearization then he will
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make a decision long term on iran. connell: what i notice, market continues to sell off, news swirling around and trade come out ahead of this joint white house news conference and yield on 10-year treasury hitting 3% mark. we're down 260 points, thereabouts. the way he phrased it, talking about himself, emannuel macron on iran, the two of us are getting closer to working something out. i guess that is your point. he was not talking about the international community as a whole. talking about something between iran, between the united states and france, vis-a-vis iran? >> i think sup isly mental agreement -- supplemental agreement macron is working behind the scenes. president said white house counsel, they get along so well they were outsiders elected by the people, not the system.
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i think he is right. connell: we'll see how it plays out, van. >> thanks for having me. connell: we haven't gotten into this, this hour yet but certainly part of this 260, almost 270-point selloff in the dow, 3m, as an example, its stock with its worst post-earnings selloff in a long time, over a decade. it is dunn 8%. we'll talk more not only about 3m but other companies reporting earnings. other companies reporting strong earnings and stocks sold off. down day on wall street. we have presidential joint news conference from the white house. a lot to cover on "cavuto: coast to coast." we'll be right back here. ♪ it took guts to start my business.
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down the dow, we mean it literally. 3m, boeing accounting for almost all the losses, those three stocks are down, price weighted average by 234 points as we speak. it is those three. 3m had earnings numbers. caterpillar numbers were strong. trade related concerns, yields rising all of that would have to be worked in, you would think. find out more detail, get better analysis than i can provide for us, carol roth joins us, a market watcher, and on floor of new york stock exchange, nicole petallides taking a another leg down over how many minutes. >> down 1% on dow jones industrial average. you mentioned caterpillar, connell. we were looking at beat of caterpillar on top and bottom line. since then call they gave cautious comments. as far as 3m they're seeing the
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worst selloff in nine years, cutting their earnings forecast. a lot of people are focusing on that 3% inflation, talking about inflation, see 10-year bond yield at 3% mark. concerns about commodities and inflation overall. oil, you had a multiyear high. rising government debt and this inflationary tone, crb index, for example, connell, is also moving to the upside. that is a four 1/2-year high. that is a basket of 19 commodities. the speaking -- the speaking spook of inflation. connell. connell: more important the future might be quite uncertain for any number of different reasons, as nicole says, rising inflation, geopolitical concerns, trade concerns. caterpillar is good example and
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other stocks and there are a lot of companies unsure what the future holds, right, carol? >> absolutely. you have the mike cooutlook and the macro outlook and what is the company doing. in the case of 3m you have a forecast that is cut. obviously that will have a drag but when you think about a caterpillar or boeing i think that is getting whacked on the macro. certainly all panic over hitting 3-year, with backdrop where yields could be going. fed is committed to two, if not three hikes again. they are unwinding a balance sheet of unprecedented size. we have a deficit we need to finance increased debt. put that against a backdrop of inflation, of global growth and all of those things are the kind of things that increase yields and speaking the stock market. connell: we saw, carol, very strong housing numbers, new home sales. case-shiller as well but the new home sales was blowout figure.
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it makes sense, people looking at environment, i better lock things in here before mortgage rates go up even more. do you think that is a mind-set, carol? >> i do think so. you have a tight housing market. you have the eye on the fact that rates will go up. potentially your deductions go away. all those things are factoring in. if i was looking at a sector, if you want to put aside some noise and think about what sector, i'm personally heavily invested in financial services. if you think about the market volatility. connell: right. >> that we'll continue to see with, you know, yields potentially being all over the place, you know, and as long as that yield curve doesn't inverse, i personally, i own a lot of the names individually. i think that if we're in a -- connell: they like those companies having higher interest rates, right? i'm sorry, nicole, were you saying something? >> connell, one of the worst-performing sectors right now would be materials and industrials. both of those sectors are
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heavily influenced by trade. connell: right. >> when we talk about the tensions, that is something that spooked the market over last few months, we talked about taxing aluminum and steel, we heard a short time ago, secretary steve mnuchin will talk to china about a trade deal. that is well and good. when you hear about negotiations, stocks move to the upside. i can't help but wonder if that is pullback, people saying knee-jerk we don't know what will come out of talks and sectors, materials being worst of the butch on dow jones industrial average as we speak. connell: i think you're probably right. first we saw headlines, that will calm people down making progress, chinese are open to talks with enough mnuchin apparently going there. any talk of trade seems to speaking markets. let's go to blake where he is getting set for the news conference. he is get in the east room
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setting up and taking place for the news conference with president trump and macron. plenty of headlines ahead of this. what are we set up for? questions from each side, could go with a number of different directions? >> wherever the questions may take. there are a host of topics. trade you were talking about. syria, remember the white house says, doesn't dispute the notion it was emannuel macron, essentially con striped the president to take action and launch those airstrikes. north korea we heard comments from the president day in which he described kim jong-un, at least acting honorably. and then there is iran nuclear deal, was a not so veiled threat to the iranian regime of, essentially if he goes down the rhode certifying the u.s. from the iran nuclear deal, telling iran do not restart your nuclear program. i just listed off, i think that was four topics.
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if you were a reporter, connell, where would you go? that is one of the big questions going into this. no shortage of headlines. connell: you have your pick, i guess you always do the way the white house is worked out but especially now you have your pick of topics. i thought it was interesting the way iran came up, last availability we had with president macron and president trump, it did seem, didn't it? they were talking about something bilaterally, in other words between the two of them. that president trump that i can do something with you on iran. reporter: the president was talking about that. remember his plan, if he ends up decertifying, if he decertifies by may 12th or on may 12th, that would restart sanctions against iran, that would essentially end the iranian nuclear deal. the president talked about trying to enlist european partners and european allies for a new framework. that is what the president is talking about. but when you listen to what
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emannuel macron has to say talks about staying in the deal that iran need to be contained and best option is to work with and improve upon the existing framework. connell: he will get pressed again. i don't know how effectively pressed but will get pressed later in the week by angela merkel the german chancellor when she comes to the white house. reporter: that is on friday. that is the end of the week. we would think the iran deal is something that will be if not at top of the list for angela merkel, right at the very top as well. it's a big week for this president and the european push as it relates to that, trying to get him to stay in this deal. you heard from him today, connell, you heard from sarah sanders when asked about this, the president flatly thinks this is a terrible deal, something he campaigned on months on end. connell: quickly for china, blake, as we let you go, getting set for the news conference to begin in the east room.
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you can see on the top left of the screen, two lecturns set up. we're doing this with a backdrop of the markets selling off by 270 points. did that come as surprise to all those gathered there, the president's comments about china? there has been some speculation that treasury secretary steve mnuchin would be heading over there. i was under the impression it might be later on in the year. now he is saying it will happen quite soon? anything to read into that, or we don't know? reporter: i don't have a date on it yet, connell, what i can tell this had been in the works. it is steve mnuchin who is the treasury secretary. when you're talking about trade talks with an entity like china he is the one who is leading this. it is president trump who is the president, that runs the administration, but steve mnuchin running point on trade talks. so the, inclinations i was given, leave it at that, this was something that had been in the works. connell: i hope you get a
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question. you notice i didn't ask you what you would ask. reporter: what would you ask? connell: if you start talking about that on the air, competitors start listening, takes away competitive advantage we might have. i assume it has to be something related to iran. depend who gets called on and what topic is up. reporter: he was asked about michael cohen in the oval office. he said that was a stupid question. connell: that depends. could bring back some. controversy, jonathan karl whether the president would pardon his personal attorney. the president looked away, said, that is a stupid question. if it goes down that road you will get short answers, but if you talk about other topics, maybe president expand on iran or north korea. we'll be back to you. we'll be back after a quick break to get news conference on the air. president trump from the united states, president macron from france, a joint news conference from the white house, with the dow down 285 points.
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connell: breaking news coming from the white house this afternoon, also from wall street as we await a joint news conference to begin, president trump, president macron of france. it's a state visit for the french president that will culminate in a state dinner this evening at the white house. as it all happens the dow sells off and sells off fairly aggressively. now more than 290 points. 10-year treasury yield hitting 3% today. many industrial stocks are getting hit hard after an outlook from 3m. we talked that a few minutes ago. let's bring in texas republican congressman roger williams as we await the news conference so begin. congressman williams on the other side of town in the house chamber. good to see you, sir. we had a lot of news already, if you indulge us we're talking about subjects at the white house, meeting taking
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place between the president of france and president of the united states. on iran, what should happen with the nuclear deal? would be prudent or advisable to back out of it completely? >> i support president trump when he says it's a bad deal, one of the worst deals he has seen. we need to back out. i know we'll have negotiations and talk with the reader of france but i think let's see what kind of deal he can make. if we need to get back in, that will be a decision he makes or stay out. it was a very bad deal for us. so let's see what happens. he is a negotiator. we have got a friend in france with the french leader. let's see what they came up with. connell: when he was interviewed by our colleague chris wallace over the weekend, at least in his view there is no plan b. what is the plan b if we back out? >> in any business deal there needs to be what we call an
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off-ramp, exit ramp. i'm sure president has that but he hasn't talked about it yes. that is art of a good deal-maker. connell: you see the way the east room is being set up as the congressman speaks to but the big issues we'll be covering here in just a moment. some comments i believe prepared for each president being put on the lecturns. we're getting closer to this beginning. let me ask you about north korea a little bit. that has come up a number of times when we heard from both presidents earlier. president trump referring to jim jong unsetting up meeting with someone we're led to believe is honorable. he called him everything little "rocket man" to everything else but now he says he is acting in a honorable fashion. what do you think of the way he is setting up the meeting? >> i think it is great. the idea that we could get this kim jong-un to talk about dismantling his missiles and coming to the table is pretty,
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is i don't think anybody thought we would been this far along, when we know when it is going to be. the fact we could get his attention is pretty unbelievable. i totally give him all kinds of salutes what he gave so far. connell: congressman, very good to see you. i appreciate you rolling with the punches as we cover breaking news. we'll have you on talk about immigration and important issues to you. >> let's do it. connell: congressman roger williams from the house chamber. just outside of it. let's go to the markets again. we continue the selloff, boeing, all the rest, caterpillar are down and down big today the especially 3m after its outlook. it is down 8%. we'll talk more about that we're down more than 300 points on the dow as we await the news conference at the white house. back with more breaking news in just a moment.
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connell: we're back with breaking news as promised. delegations from both united states and france entered east room of the white house for the joint news conference that is about to begin. president trump and president macron ho are meeting with a state dinner at white house this evening. this joint news conference we're talking about for the better part of of 45 minutes will be interesting to watch given comments we've already seen this morning. treasury secretary steve mnuchin is seated right at the front row and many of the president's inner circle entered. national security advisor john bolton coming in to the east room. i mentioned treasury secretary steve mnuchin because he is part of the news as president trump in his last appearance, the treasury secretary in a few days as the president put it, but we don't know the exact timeline will be heading to china to discuss and negotiate trade. that was only part of the
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news-making comments that we've already heard today. the president and the french president have also talked extensively about iran today. quick comments from charlie gasparino joining us in the studio ahead of the news conference. the president referring to kim jong-un being honorable. quite a difference from what we heard in the administration but also sending mnuchin over to china. a lot of news before the news conference. >> you can call him a lot of things but honorable is not appropriate word. it is interesting, meaning kim jong-un. connell: yeah. >> if macron gets trump to basically concede he should do his trade war through the wto, which is what he wants to do, that is very positive for the market, very positive development if that is where he goes with this. these are two contrasting people when it comes to global affairs. macron is globalist. connell: yes. >> he is mad at china. he thinks china is ripping off france. he has a bone to pick with
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germany in their dealings with china as well but he wants to handle disputes through the wto, let me make the point instead of a engage in a tit-for-tat trade war with tariffs as the president proposed. connell: their relationship, they get along swimmingly, apparently, but to your point they are much different way they see the world. a clear globalist in macron and clear so much has been made how these two get along with each other. we see first ladies from both the united states and france entering the east room. >> that is the beginning, isn't it? when you have personal, people that have, they like each other personally. maybe they have a dialogue. maybe macron tells trump, listen to larry kudlow, head of the national economics council and listen less to peter navarro on trade. that is where personal, personal relationship can come in. connell: it is, especially with
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this president, worth noting we've seen that time and time again he values the personal relationships that he values how he as he might put it, gets along with another leader. we know that the president and, the president of france and president of the united states are entering the east room in the famous shot heading toward lecturns. the crowd is standing. joint news conference, president macron and president trump. >> thank you. melania and i are truly honored to welcome french president macron, mrs. macron, to the white house. thank you very much. it's a great honor. we're thrilled that the first official state visit of my presidency not only with a great friend but with a leader of america's oldest ally, the republic of france. today in our nation's capital
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the "stars and stripes" proudly fly alongside the tricolor flag, the symbol of the world and to the world of unity, fraternity and friendship that forever links our nations together. 40 years after the end of our war of independence, the great general la lafayette traveled to george washington's home to mount vernon to visit the grave of the father of our country. president macron, we're deeply moved, that nearly two centuries later of the president of the republic of france made that same tribute last night. that was a beautiful evening. thank you. thank you very much. >> thank you. >> this past summer melania and i had an incredible visit with you and brigitte in paris to celebrate bastille day. we were awed by the beauty of
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your country and the grateful hospitality of your incredible people, they are incredible people. together we commemorated the 100th anniversary of america's entry into the first world war. we remembered the french and american patriots who shed their blood together in the defense of civilization. their noble sacrifice will echo through time forever, and immortal tribute to our people and to freedom. during the horror of the first world war, more than one million people were killed or injured from chemical warfare in the aftermath of that horror, civilized nations came together to ban chemical weapons. two weeks ago following syrian dictator bashar al-assad's barbaric use of chemical weapons
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against his own people, the united states, france, and the united kingdom joined together to strike at the heart of the syrian chemical weapons program. these actions were designed to establish a strong deterrent against the use of these heinous weapons. president macron, i thank you for your leadership in this effort, and it was a well-executed effort at that, and i thank you, the members of the french military, for their courage, and their great skill. the united states and france are also cooperating to prevent the proliferation of nuclear weapons. we're greatful for france's key partnership in our campaign of maximum pressure on the north korean regime. as you know, i will soon be meeting with kim jong-un, as we
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seek a future of peace, harmony and security for the whole korean peninsula, and in fact, for the whole world. however in pursuit of peace we will not repeat the mistakes of past administrations. the campaign of maximum pressure will continue. france and the united states also agree that iran can not be allowed to develop a nuclear weapon. and that regime must end its support of terrorism. all over, no matter where you go in middle east, you see the fingerprints of iran behind problems. i also want to thank president macron for france's vital contribution to our very successful campaign against isis
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as we drive these isis killers from syria, it is essential, responsible nations of the middle east step up their own contributions to prevent iran from profiting off the success of our anti-isis effort. very rich countries are in the middle east. they have to make major contributions. they have not been doing it as they should. a major topic that we discussed a little while ago. they have to step up tremendous doesly, not a little bit, but tremendously their effort. mr. president, on behalf of the american people i express our solidarity in the wake of the terrorist attack in southern france last month. i share the confidence you conveyed at the memorial service for the heroic colonel beltran, that in time we will achieve the ultimate triumph of right and of
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justice. in the fight against terrorism we both know we must be strong from within to defend ourselves from threats outside. we will do what we must to protect our countries. you are our oldest ally. and you are truly one of our great allies and we appreciate it. we will always be there for you. both the united states and france are dealing with a challenge that has gone on for a long, long time. it's uncontrolled migration. in the united states we are taking strong action to regain control over our borders and over our sovereignty. it has gone on for too long. and, we slowed it down very substantially. but we're going to stop illegal
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immigration. i know that you face similar challenges in france, and mr. president, i admire the leadership you have shown in addressing them in a very honest and direct fashion and not always popular. both of our elections oh much -- owe much of the success of the desire of everyday citizens to be heard, to be listened to, and to have control over their own nations and their own futures. let us demonstrate through our partnership that the voice of the people will always reign at all times, it will reign. during our meetings today we also discussed the robust economic relationship between our countries. the united states is setting records in business and we will continue, and i know that france will be setting records under your leadership very soon.
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we look forward to exploring increased opportunities for bilateral trade and investment based on the principle of fairness and importantly, reciprocity. mr. president, thank you again for accepting our invitation to the white house. it has been such an honor. the foundation of our friendship draws from the deepest wells of civilization and is sustained by our peoples love of their history, culture, and liberty. for two centuries the alliance between france and the united states has been the cornerstone of freedom. now the strength of this mighty alliance is in our hands, linked together by fate and destiny. i am confident that our future has never, ever, looked brighter, thank you, mr. president. >> thank you very much. >> thank you, donald.
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[speaking french] >> translator: thank you, mr. president. dear, donald, thank you to you and to the first lady for your warm welcome. please allow me to tell you how pleased we are together with my wife brigitte and the whole of the french delegation, are pleased to be your guests for three days. after this wonderful visit and the honor you made, you made us by attending bastille day in paris. in both speeches earlier today we referred to the deep and ancient bonds between our two countries. these go back to the founding revolution of your country and have been true throughout history.
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these bond are based upon our deep attachment to freedom and peace. each time they have been threatened we stood by one another. and we celebrated last night, the four of us, by going to mount vernon. given that no one else could illustrate as well as george washington this trend of commitment and the bond between our two countries. mr. president, please allow me to go back to a number of issues which are fundamental, not only with our relationship but important. first topic is iran. you said once again in front of the press with your position was during the campaign and as well as president of the united states. it's not a mystery, we did not have the same starting positions
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stances, and neither you nor i have a habit of changing our stances or going with the wind. that being said i can say that we have had very frank discussions, discussion on, just the two of us. you considered the iranian deal the jcpoa, the one negotiated in 2015 with iran is a bad deal. for a number of months i say it is not a sufficient deal but it enables at least until 2025, to have some control over their nuclear activities. we therefore wish from now on to work on a new deals with what we need and i believe that on that, our discussions allowed us to shed light on our
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convergence is that we need to cover four topics. the first one is to block any nuclear activity of iran until 2025. this was feasible thanks to the jcpoa. the second is to make sure in the long run there is nuclear iranian activity. the third fundamental topic is to be able to put an end to the ballistic activities of iran, the region and the fourth one is to generate the conditions for political solutions to contain iran in the region, in yemen and syria and iraq and in lebanon. on these topics i did not change i constantly said that we needed to find the framework for that together and with the power of the region and with the iranian leaders manage to find a deal.
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i therefore would like us to commit to that effect in the weeks and months to come. this is the only way to bring about stability. france is not naive. we have also a lot of respect for the iranian people which through their history, it's history always has always shown its strengths but we do not repeat the mistakes of the past. it's time we tried to laterally replace sovereignty of the people. we've brought about some more tariffs, but for our allies we want sustainable stability and i believe the discussions we've had together make it possible to open the way, to pave the way for a new agreement an agreement on which we will work and beyond our european partners we would like to involve the region and of course, russia and turkey.
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it is also within this framework as a matter of fact that together, together in the long run, we can find a solution to the syrian situation. in syria, we are together engaged within the international coalition and we will continue to act until the end within this framework until victory. that being said, in the long run , we need to win peace and make sure that syria does not fall into any hegemony in the region so to that effect the approach which is agreed means we can work and work on all of the situation, the whole of the situation in the region, and with these efforts, to contain iran in the region.
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we will continue to work to that effect within the u.n. security council to make sure that humanitarian law, the prohibition of chemical weapons are fully complied with and we will continue to have our responsibilities to that effect but we will also work with our partners in building a sustainable, political solution an inclusive one that will once again will prevent feeding terrorism in the future. we also talked about the climate and here also, we nowhere we stand, france will continue to work on major pieces including the global compact for the environment but i think i can say that our economic businesses , our researchers can continue to work on solutions in the field and we are both attached to that. now, on trade.
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like you mentioned it, and i hear what you said when you call upon fair and critical trade. when we look at international trade, today we have some commonality and the capacities in a number of sectors which are well known and we shall work together to make sure this does not destabilize our markets, but i believe we can say that we are both making sure that between allies there's compliance with international trade law, at least france is attached to that we have the preferences. there are situations we can probably improve but i believe that both you and i want to make sure that our businesses, our companies can operate in a long, sustainable and stable framework
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mr. president, i meant to mention these few points which you commented as well, and allow me to say once again that the discussions we've had today, the ones we will have tomorrow, are said not only by the strength of our historical bond but also by a sincere friendship which i believe we share, so thank you, once again, mr. president, madam , for these extremely warm welcome for these three days spent with you and thank you as well for being there to meet the challenges which are important for the united states of america , for france, and for europe and important for our people. thank you. >> [applause] >> thank you. >> [laughter] president trump: i like him a lot. first of all, i want to thank our vice president for being
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here, thank you very much, appreciate it. now, we had a wonderful conference today and i think especially the one on one in the oval office we covered a lot of territory having to do with trade, having to do with iran, and various other subjects, so i think a lot of good things are going to come out of our meeting and i appreciate you being here and we'll take a couple of questions. how about jeff mason from reuters? jeff? reporter: thank you, mr. president. president trump: hi, jeff. reporter: hi there. after discussions today with president macron what is your thinking about a timeline for bringing u.s. troops out of syria and on one other topic you mentioned today that you thought the leader of north korea has behaved openly and honorably. this is someone who maybe people have accused of starving his people, killing family members. what did you mean when you called him that? president trump: well, we will start with your second part of the question, and i hope that we will be able to deal in a very open and honorable fashion with
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north korea. i started a process and when i did everybody thought i was doing it absolutely wrong but in the meantime for 25 years people have been dealing and nothing happened and a lots happening right now i can tell you that, jeff, a lot is happening and i think it's going to be very positive and i hope it's going to be very positive for north korea and for south korea and japan and the rest of the world but i am starting at a level that frankly i shouldn't have had to start. this should have been worked out a long time ago. this should have been worked out many years ago. we were discussing that. we shouldn't be having this situation happen to the united states and the world. this should have been resolved by other presidents and by other leaders of other countries a long time ago. with that being said, i think we're doing very well. meetings are being setup and i want to see denuclearization of north korea. a lot of concessions have already been made. we have made no concessions despite some of the media saying that i've made concessions, i
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haven't even discussed a concession. other than the fact that meeting is a great thing and i'm sure that a lot of other people would have liked to have had the position we're having. i will say this. we put the strongest sanctions on a country that we ever have put on any country by far. china, president xi has been very strong in helping us to solve this problem and in his case at the border. he's allowing very little to get through. i think he's doing that for a number of reasons. we have a very good relationship and also it's very important in terms of trade because i do play the trade card. if you look at what's happening with trade in china, it hasn't been fair for many many years to the united states and we're going to solve that problem. in fact we're having secretary mnuchin and a couple of other folks heading over to china at the request of china. they came here, as you know, last week, and we're having very
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substantive discussions on trade but i think it all plays to the border and the fact that they have been extremely strong on the border and very little has gotten through, much to the surprise of a lot of people, and i believe the trade will work out but i also think that china has never treated us with more respect than they have over the last short period of time that i'm president. i have a very excellent, as you know, relationship with president xi and i think that relationship is very important as to what's happening with north korea, so the end result is we'll see. maybe good things will happen and maybe we're all wasting a lot of time but hopefully it'll be good for everybody concerned. as far as syria is concerned, i would love to get out. i'd love to bring our incredible warriors back home. they've done a great job. we've essentially just absolutely obliterated isis and
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iraq and in syria and we've done a big favor to neighboring countries frankly but we've also done a favor for our country. with that being said, emmanuel and myself have discovered the fact that we don't want to give iran open season to the mediterranean especially since we really control it to a large extent, we've really controlled it and we set control on it so we'll see what happens but we're going to be coming home relatively soon. we finished at least almost our work with respect to isis in syria, isis in iraq, and we have done a job that nobody has been able to do, but with that being said, i do want to come home but i want to come home also with having accomplished what we have to accomplish so we are discussing syria as part of an overall deal. when they made the iran deal, what they should have done is included syria, when i say should have, before giving them
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iran, $150 billion and $1.8 billion in cash, $1.8 million in cash, you think about this. before giving this kind of tremendous money, okay? 150 billion and $1.8 billion in cash, in barrels i hear it was taken out, and in boxes it was taken out, cash, they should have made a deal that covered yemen, that covered syria, that covered other parts of the middle east where iraq is involved, where iran is involved , they didn't do that so we want to come home. we'll be coming home, but we want to have a very very strong, we want to leave a strong and lasting footprint and that was a very big part of our discussion, okay? thank you. reporter: follow-up if i may, sir. on north korea you said you believe in complete
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denuclearization. what does that mean exactly? president trump: it means they get rid of their nukes very simple. and nobody else would say it. it would be very easy for me to make a simple deal and claim victory. i don't want to do that. i want them to get rid of their nukes. reporter: and for president macron, the president referred earlier in your meetings in the cabinet room to a potential deal between the two of you on iran. can you give us a sense of what that might be and are you confident that you'll have assurances from president trump that the european union will be excluded from tariffs on steel and aluminum? >> look, as for the second question, i just want on the trade issue to be very clear. when you look at the trade issue between our two countries, they are balanced. there is no unbalanced relationship. second, we are following and respecting the rules because we
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are the one who contributed and we think it makes sense to respect the rule you decided to create in general in life, that's a good method, and third, because i do believe that we have a very first issue on trade which is overcapacity in steel and aluminum. it doesn't come from europe and france and it's good to work together when you are allies and especially when you work so closely together on security issues like iran and syria, so i'm confident about the future of the relationship, as i think it's part of a broader picture, where our interests are typically aligned. as for the iran situation, and i think i can tell in my introduction formee the key pillars of this new approach we want to adopt and it's exactly
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what president t said. we have nuclear on the short run we have nuclear on the long run. we have ballistic activity. we have regional presence of iran. we want to fix the situation for these four pillars. syria is part of the fourth one. and what we have to work on, obviously with iran and the different process in the regions , and our allies is to find a third where we can fix the situation. this is the only way to preserve sovereignty in the region and to build peace on the very long run otherwise we will have to come back into the region because of new terrorist groups, for sure, and i'm very happy about the discussion we had together because we raised new relations together and
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especially the fact that the syrian crisis and the syrian situation should be part of this broader picture, and the fact that we are here and we are today in syria, together as international coalition against i.c.e., but tomorrow, we will have to find a way to fix the situation from a political point of view, not automatically from a military point of view, which means to set a series of agreements part of this big bill in order to be sure that syria will be a sovreign country with incisiveness and free people in a situation to decide for the future. this is very important. president trump: and i think we will have a great shot at doing a much bigger maybe deal, maybe not deal. we're going to find out but we'll know fairly soon. mr. president? >> translator: the question on
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be half of the french press. as you have said, mr. president, you were saying there was no plan b, that the iran deal was to be preserved, now you're talking about a new deal with iran. why do you change your mind? did you join the strong approach suggested by president trump? is it because you could not convince him and in addition, do you think who signed the agreement deal will follow you? when i said there was no plan b, i usually refer to the fact that there is no b plan. it was about rather than iran and whether or not regarding iran, i've always been coherent and you can go back to what i said at the u.n. general assembly in september i always
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said that there was the jcpoa, but we needed to add the three pillars, through 2025 the ballistic issue and the regional influence. i do not know what president trump will decide regarding the jcpoa, and it is his responsibility. the jcpoa is the first pillar of this as described so i'm not saying that we're moving from one deal to another. i'm saying it is one aspect of the problem. i have never been critical of the jcpoa has president trump has because i believe that we can add to it but no matter the decision that president trump will take, i would like to work on a deal with four pillars including what is already covered by the jcpoa, that is ongoing the current nuclear activities, the longer nuclear activities, the ballistic
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activities and the regional influence so this is constant but over the past few weeks and in particular today, we've been able to go and to very much talk in details about this topic including the situation in the region and i believe that we've converged on a common waiting of what is happening in syria and yemen and iraq in particular and on the fact that the nuclear issue is not the only one that indeed there is a problem with the ballistic activity of iran and their presence in a number of countries in the region and that our willingness was indeed to set the conditions for the stability of the region. once we build this convergence the idea of moving on to a new deal that would include the solution for syria, i believe is a strong step forward, thanks to the discussions we've had today, so i very much would like us to work together with all of our
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partners and the ministers of foreign affairs and they will be doing it again any time soon as the purpose is to have some, the allies and among them and of course, also the regional powers to work at the level of this small group we should have some privileged discussion with russia and turkey on regional topics including syria, so as for now, we will work using that method in favor, work towards a deal. i believe we can both combine our common views and our differences, because we are not, i always said we should not tara part the jcpoa and have nothing else. i think this would, it would not be a good solution, but once we
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are placing ourselves in the momentum the purpose of which is to put together a broad agreement covering the four topics i've just mentioned it's very different because first of all, we can take on board the concerns and the criticism of president trump regarding this deal which like i said once again, this deal was supported by a former american administration and previous american administration but we can work and it is also about respecting the sovereignty of the states of the region. it's not about intervening, no matter what, it is rather about building a stable framework that will contribute to stability and to peace building and i think this is what we've been agreeing upon today. it's not about tearing apart an agreement and have nothing but it's about building something
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new that will cover all of our concerns. president trump: i might add as i alluded to that in countries that are in the area, some of which are immensely wealthy, would not be there except for the united states and to a lesser extent france but they wouldn't be there except for the united states. they wouldn't last a week. we're protecting them. they have to now step up and pay for what's happening, because i don't think france or the united states should be liable for the tremendous cost. the united states is embarrassingly into the middle east as of a few months ago as you've heard me say before and i don't take responsibility but i would be very embarrassed if i had to $7 trillion and when we want to build, mr. president, our infrastructure, everybody says oh, we want to be careful with our money. when we want to fix a highway or
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we want to build schools and lots of other things, tunnels, bridges, they say oh, let's be careful with our money, and yet we have spent $7 trillion in the middle east and we've gotten nothing for it. nothing. less than nothing as far as i'm concerned. that's over an 18 year period. the countries that are there that you all know very well are immensely wealthy. they're going to have to pay for this and i think the president and i agree very much on that and they will pay for it. they will pay for it. we've spoken to them they will pay for it. the united states will not continue to pay and they will also put soldiers on the ground which they're not doing and we will in fact bring lots of people home. we will have a strong blockage to the mediterranean which to me is very important because if we
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don't, you have iran going right to the mediterranean, not going to have that but there is a chance and nobody knows what i'm going to do on the 12th although mr. president you have a pretty good idea but we'll see, but we'll see also if i do what some people expect, whether or not it will be possible to do a new deal with solid foundations, because this is a deal with decayed foundations. it's a bad deal. it's a bad structure. it's falling down. should have never ever been made i blame congress, i blame a lot of people for it but it should have never been made and we're going to see what happens on the 12th but i will say if i ran threatens us in any way, they will pay a price like few
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countries have ever paid. okay? yes, john, please? john roberts of fox. reporter: thank you, mr. president. i have a question for president macron as well but if i could to you, sir, first. your nominee to run the veterans affairs administration dr. ronnie jackson has run into serious political headwinds on capitol hill with serious allegations being leveled at him i'm wondering what you know of those allegations and do you intend to stand behind him? president trump: well i haven't heard of the particular allegations but i will tell you he's one of the finest people that i have met and i think speaking for melania also he's been the doctor for president obama, i believe for president bush, for me. i've gotten to know him pretty well. he's a great doctor and it was a suggestion, now i know there's an experience problem because
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lack of experience but there's an experience problem with the veterans administration is very important to me. we've done a great job with it as you know with the accountability act and many other things we're working on choice, it's going to happen. we're going to take great care of our veterans that's a very very important thing and we've done a great job, but i told admirable admiral jackson just a little while ago i said what do you need this for. this is a vicious group of people that i lived through it and we all lived through it, you people are getting record ratings because of it so congratulations but i said what do you need it for? he's an admiral, a great leader and they question him about every little thing. as you know, with the success of what will hopefully soon be secretary of state pompeo, everybody was very surprised. i heard 10 minutes before the vote yesterday on committee that he will not be approved at committee which would be the
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first time in many many decades that something like that would have happened with regard to a secretary of state, except i spoke to rand paul and rand paul has really never let me down. rand paul is a good man, and i knew thins that nobody else knew and rand paul said i'm going to change my vote and he voted and everybody was surprised. he actually got an 11-9 vote because as you know johnny isaac son's vote counts if it isn't the deciding vote so it was actually 11-9 with i believe there was one vote, what would you call that, john? >> a present vote. president trump: not present. oh, it's called present okay so it was 11-9 and that was a terrific thing but they failed to stop him, so now they say whose next? whose next? and this person, admiral jackson , dr. jackson, is a wonderful man, i said to him,
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what do you need it for? and as far as experience is concerned, the veterans administration which is approximately 13 million people, is so big you could run the biggest hospital system in the world and it's small time compared to the veterans administration so nobody has the experience. what he is is a leader and a good man but i told him, i said do you know what, doc, you're too fine a person. his son is a top student at anna polis. he is a high quality person. i said what do you need it for? so it's totally his decision but he'll be making a decision but they failed with mike pompeo and that was a big big hit because they thought they could stop him and embarrass. the democrats have become obstructionists. that's all they're good at. they're bad ideas, bad politics. the one thing they do is obstruct and that's why i'm
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waiting for you would never believe this i'm waiting for very good people like the ambassador to germany hasn't been approved yet. been in there for 11 or 12 months. we have angela merkel coming to the united states on friday. we still don't have our ambassador approved and at this rate and many of the papers checked it out yesterday, they actually said i was right. but it would be nine years before these people are, we have hundreds of people waiting to be approved and the democrats are taking 30 hours per person to take into maximum time. they are obstructionists, that's very bad for our country. i said to dr. jackson, what do you need it for? so we'll see what happens. i don't want to put a man through, whose not a political person, i don't want to put a man through a process like this. it's too ugly and too disgusting so we'll see what happens. he'll make a decision. reporter: so are you saying mr. president that you will stand behind him?
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president trump: oh, i would definitely stand behind him. he's a fine man. i'll always stand behind him. i'd let it be his choice but he's a man who has just been an extraordinary person. his family extraordinary success , great doctor, great everything and he has to listen to the abuse that he has? i wouldn't if i were him? actually, in many ways i'd love to be him, but the fact is i wouldn't do it. i wouldn't do it. what does he need it for? to be abused by a bunch of politicians that aren't thinking nicely about our country? i really don't think personally he should do it but it's totally his. i would stand behind him totally his decision. reporter: and mr. president if i could direct a question to you as well. you said that you and president trump came to some agreement on the way forward in syria. u.s. troops are really at the heart of any solution. how long, president macron, do you believe u.s. troops need to stay in syria? through the defeat of isis or do they need to stay through a
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stabilization period until an alternative to the assad government has stood up? >> first of all, let me say how proud and honored we are to be part of the international coalition today alongside with the united states troops in order to fight against isis. we decided to increase our contribution and we are involved in this war against isis and for sure, the very first goal of this intervention and this international coalition on the ground is to finish this work with them, with isis, and definitely to finish with our enemies and now enemies are isis and the terrorist group. beyond this military presence and beyond our troops on the ground, we will have to build, as i said, peace, a new inclusive framework in order to be sure that certain people will
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have the opportunity to leave in peace. all the different ethnics, all the different religions, all the different groups, and to be sure that there is no hegemony in the region. that's the diplomatic work that we've already started that we have to finish. that's something different so if you'll allow me i would separate these two issues. we are involved in the ground against isis, we will finish this war and is not to open a new war or to start a new war but at the same time, we have to open the new work together, that's what we decided to do, in order to build in the region a new framework and especially in syria. we will assess during the coming weeks and month what we have to do, because when you're probably much more at the end of a war, you have to adapt to the enemy
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and the reality on the ground so we are not here to say this day we will leave the floor. that's impossible because it will depend on the reality on the ground, but for sure, what we want to do now, is to finish this war, with our troops, and we want to fix on the long run the situation to have peace in this region, that's our duty, and it's not just with our troops, it's with our diplomats, our teams and with all of the alliances in the region and people involved. president trump: we've pretty much finished with isis and we're going to be making some big decisions in a very short period of time but we're working very closely together with france and with the president, okay? thank you very much. reporter: [speaking french] >> translator: mr. president, president macron for you now, you've enjoyed very friendly
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relationship with president trump, quite unusual compared to the previous presidents. at the same time we can see that you do not agree on a number of topics, there are more and more of them in the oval office earlier on iran, it seems like the initial deal with iran will not be able to be saved, so what about this relationship? can it have some concrete impact on france, can it be beneficial to france and to europe? you talked about reciprocal interest is that really the case today? >> president macron: yes, definitely. i believe the reason why we enjoyed this relationship is because of the relationship between our two countries. indeed, we have a different background, but it is maybe because we both are not politicians or typical politicians and this can easily
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change ones mind and if you listen to the press conference and watched us, you will have the answer to your question. regarding iran, we have an agreement regarding the jcpoa, but i think we are overcoming it by deciding to work towards the deal, an overall deal that will enable us to deal with the issue of nuclear issue but also treat it together with another three issues which were not being dealt with so far, so should the decision, which centers more than just the two of us, and have the conclusion being that the u.s. , the united states of america would walk away from the jcpoa in france would not move then our friendship would be wasted, but it is about making sure that we're each taking into account the position and the interest of our reciprocal
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countries. it is unprecedented. we've never before taken joint possession, joint stance on syria the way we did and on iran in favor of a deal that will enable us to cover the four pillars. there is intense work between ourselves and our teams otherwise we would not be in a position to do as much. in the past, sometimes, france argued that it was time to take action against chemical weapons and it was france was not followed by its allies including the united states at the time. it is not what happened at this time. we decided together what was possible and what was not, what was legitimate within an international framework is still members of the security council and we conducted an unprecedented military intervention at an unprecedented and level of cooperation and please allow me to pay tribute to our troops, to our army and
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to that of the united kingdom because we've led a unique operation, a proportion at one and we were able to do so thanks to the relationship so in syria, the credibility of the international community against the use of chemical weapons, you've seen it. you had the evidence that showed the relationship between our two countries and our friendship enable us to achieve some concrete results and this is an improvement compared to where we stood a couple of weeks ago. president trump: i think that we have very much in common i must say. i think many things that we certainly most things we agreed with, we can change and we can be flexible. you know, in life, you have to be flexible and as leaders of countries, you have to show flexibility and i think we actually get along on many of the subjects we discussed today and i will say france is a great
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country and i believe france will be taken to new heights under this president. it's going to be an outstanding president, one of your great presidents, and it's an honor to call you my friend, thank you. >> [applause] >> thank you very much. thank you. >> [applause] >> thank you, everybody. >> that wraps up the joint news conference from the east room of the white house as the two presidents walk arm in arm out of the east room and clearly, two presidents one from france and one from the united states who have built a special relationship, see the first lady melania trump now leaving that news conference as well to get set for this evenings state dinner held at the white house this evening. now at the end of the news conference the president with a summation quote if you will saying in life you have to be flexible, as leaders of countries, you have to show flexibility and we saw some of that in the news conference here today on many different issues,
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whether it be iran or syria, the french president saying that he was open to some sort of a new deal when it comes to iran, and it's unclear how that would take form, but that was said earlier in the news conference by the french president, with syria the president of the united states talking about bringing the troops home, but there was a big but inserted into that as well. just want to point out briefly that we are selling off in the stock market and we have been throughout this news conference the dow is now down by nearly 500 points. that's a 2% decline back to where blake burman was there covering the news conference for us. what stood out to you blake? >> three different headlines when you look at the news conference going in we were talking about how there was so many headlines coming in you can boil it down to three. first off earlier today the president had said that iran made a pretty bold statement saying do not restart the nuclear weapons program, or you will pay a big price. the president was asked here about iran once again and he
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leveled essentially this threat to iran and doubled down on his statement from earlier today. listen here to president trump. president trump: should have never ever been made. i blame congress, i blame a lot of people for it, but it should have never been made and we're going to see what happens on the 12th but i will say if i ran threatens us in any way, they will pay a price like few countries have ever paid. >> earlier in the day, president trump had also described to north korean leader kim jong-un and used the word " honorable" and that raised a lot of eye brows connell as you know the history of kim jong-un and his father and his family was inside that country. the president was asked essentially to clarify his comment and the president said he hopes kim jong-un will be able to deal in an honorable
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fashion so the president trying to sort of separate or at least clarify what exactly he meant when he described kim jong-un earlier today as honorable and then there is the nomination of the head of veterans affairs department dr. ronnie jackson who is the white house doctor not only for this president but also for president trump, for president obama rather and president bush. there have been some serious accusations leveled against dr. jackson in media reports and up on capitol hill as well. some are saying that some of those accusations aren't necessarily true. republican senators saying that. jackson is going through the nomination process right now and the president was asked if he supports jackson and the president was very clear that he indeed does but president trump also said that it will be up to jackson himself to make the final call as to whether or not he keeps his name in the ring or if he stays out. as you know, connell, mike pompeo is inching closer to becoming the next secretary of
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state as now there are more questions about who will be the next head of the va. connell? connell: live from the east room and we have our panel setup the studio in new york with full analysis of this presidential news conference and of the market sell-off. deirdre bolton is here with us this afternoon as is the one and only charlie gasparino and from the wall street journal editorial page, jillian melter is also with us so let me start with you following on what blake is talking about and we'll get to the marks in a second. the iran conservation was interesting as president trump has been very aggressive in his threats today towards iran and then it seems like president macron was open to doing something different with iran. what did you make of all of that >> yes, i do think there's a bit of a difference of opinion here and that is one of the fundamental flaws of the iran deal all around. we've seen him do what more than a dozen missile tests since this deal was inked and that's one of the difficulties that if i ran does not live up to the terms that it agreed to that it's very difficult to get those snapback
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sanctions in place to get the support and build it among our allies in the same way it was before and i think this agreement they're having flushes out some of the problems. i think the caution here is we're talking about north korea being open and honorable in many ways iran is borrowing from the north korean playbook and i think that that is a cautionary tale, as we consider whether or not we trust they're going to do do it: >> while all this is happening the market is selling auto of aggressively it's always difficult to say it had been down already but it sold off more while the two presidents were talking we're down about 500 points right now. >> i do think some of this is where we've been watching with the 10 year yields we spoke about that yesterday so we crossed that 3% line which is important to many people for many reasons. we talked about the possibility of the yield curve becoming more inverted which again it's not causation but every recession since 1975 has been signaled by this again not causation it's just one of these factors that a lot of people who watch the
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markets will point out, and it just begins to make maybe the average investor, if i can get 3 % for buying government debt do i really need to be in the stock market? you have that mentality and then i think even though google's earnings were great on the top and bottom line there are concerns going forward. >> to that point charlie i happened to read a note that came our from our friend during all of this, his point essentially was it's not always the news but the reaction to the news and as deirdre is talking about some of these companies come outnumbers aren't terrible but the reaction in the stock is as we see on the screen pretty rough. charlie: well you know it's hard to take a day and extrapolate where the market is going. we're going to get gdp numbers i think on friday that'll be an interesting barometer. >> and more earnings right? charlie: more earnings as we always do but the gdp numbers are key because we'll get some sense if the trump tax cuts are starting to work. again if you really want to worry about interest rates you don't worry about a 3% on a 10
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year. what you're worried about is 3.5 and 4%. why might you get that? you get that if the trump tax cuts don't create enough growth, bang for the buck where gdp does not hit it's 3.5, 3% bogey and therefore you have to issue a lot more debt. if you issue a lot more debt you'll pay much higher interest rates and then the calculation becomes okay, rates are going up , people will switch out of bonds to stocks and not only that that'll slow the economy. >> no that's interesting you're right because everybody makes this big deal about this round number and we do this in the stock market too. it's always 20,000 or 25,000 whatever it maybe. it's not this round number but what the next round number might be and what the outlook is and we've been building all these assumptions on the fact we'll have very very strong growth in the economy and maybe -- charlie: well we should theoretically if you cut taxes -- >> but with the tariffs going on the market is acting with a lot of uncertainty. i think if you're talking about the economic implications on employment on our ability to
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have consumer base, those are all things with lasting economic impact. charlie: tariffs are a tax increase. >> i couldn't agree more and i think too, one thing that's important to pay attention to is these world leaders are meeting the eu is making hey with the sunshine. you just saw them ink a deal with mexico and you're seeing eu in japan and seeing them negotiate with canada. these deals are all building with the exclusion of the united states. >> well it's similar to what we saw in asia what happened with t pp is the countries all went forward with their deal without the united states. charlie: well look at macron, i mean, his whole thing and he kind of alluded i believe to this, you know, some of it i couldn't pick-up with the language barrier and the translation, but anyway, i have a hard enough time with english, but you know, he's working through the traditional methods, working through the wto. where do they find common ground macron and trump? they find common ground on, they both believe china dumped steel, does bad stuff, steals
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intellectual property, they must be stopped. where do they differ on approach well trump does something which i think is really bad. he wants tit for tat tariffs. he's actually talked about it steel tariffs you name it i think net net those never work. they haven't had a very good history and they hurt american consumers and manufactures and farmers. macron wants to work through the wto. he wants to do some concerted effort which i think that's why listen why did we establish tpp? why was tpp important? >> well it's supposed to counter china. charlie: that was it so we took ourselves out of something to counter china and i think that's the problem with the trump approach to trade and it could hurt the economy and markets. >> the other thing the trade agreements expire the expiration s are on may 1 so i do think there's the timing of this visit from the french president to the u.s. is not exactly out of the blue and neither is the fact the german chancellor angela merkel. >> he's going to follow-up on friday he mentioned during the news conference but this personal relationship that they have that was almost that kind
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of funny moment at the beginning , a kiss or whatever it may have been but these two guys clearly like each other but to charlie's point -- charlie: does that matter with trump though? >> maybe that's all that matter s. charlie: trump liked jeff sessions at one point. >> this is our instant replay. want to break this down charlie? charlie: they love each other. >> got the handshake. >> [laughter] >> but they don't necessarily agree on a lot in terms of substance or would you take issue with that? >> i actually think they do. i think they both agree that assad probably should go, maybe he won't go or they're not going to make him go but neither one is a fan of assad and i was on the ground for the terrorist attacks in paris in 2015 every headline, they are anti-assad they have always been, so if president trump and the u.s. is looking for support and you heard president macron say, we have committed more troops we are very serious, the fight against isis is literally on french shores so macron has done
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a lot of things which actually human rights activists have gone crazy on. >> real quick on syria too that was interesting is president trump said he'd love to get out of syria but then he said we want to bring our incredible warriors home in this kind of thing but we don't want to give iran open season in the mediterranean almost sounded like they had a conservation i don't know if anybody else picked up on that a conservation maybe macron talked him into staying there for a little while >> 20% of isis at the very minimum is like this is a very real thing forrance, so they're not, actually macron has garnered a lot of criticism sending back illegal immigrants. he's gotten into a lot of trouble with human rights activists and also a lot of trouble on infringement of individual liberty laws so i actually think in that way, sort of the tougher stance on national security -- >> we got to run charlie real quick. charlie: isn't it hard to fight isis and iran at the same time? i mean, you fight -- >> syria. charlie: sunni, shiites, i mean, they did have a convoluted, i
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didn't think it was a coherent policy for the middle east. the way we're coming at this -- >> i do think there's some disagreement on whether assad should stay and i'll just say i don't think that syria- controlled by the russias add is necessarily much more stable than with iranian influence. charlie: i agree. >> guys we do have to fit in a quick break. thanks for the analysis we appreciate it jillian and deirdre and charlie who is engaging in a handshake/kiss during the break hopefully if all goes well. charlie: with whom, you? >> the markets today were down almost 500 points back to talk about that trump and macron and much more. just a moment. this is a jungle gym... and a baseball diamond... ...a mythical castle... and a grand banquet hall.
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>> back with all the breaking news this time it's the market down around session lows now, it's worse it's getting as they say we're down 2% dow jones industrial average is a 527 point decline. let's spend a few minutes talking about technology talking about the industrials earlier the 3% treasury yield earlier, alphabet, facebook and apple are all down, alphabet down nearly 5 % on what, if you just tuned in yesterday, in the afternoon, you would have thought and you may have been right by the way, the
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issues come up since then, adam lashinsky joins us now, executive editor of fortunes . i brought up our mutual friend's note to charlie gasparino a few minutes ago it's not always the news but the reaction to the news and stock wise today, this is pretty rough reaction wise, even though those alphabet numbers, you know, they weren't that bad. i know there are cost concerns and things but pretty good numbers right? >> well, they're very good numbers but people got very excited by the headline earnings number which we then found out was driven by a markup of their investments in particular, uber so i think investors are very emotional and they could be emotional on the upside and on the downside and they look at these costs and google is spending money like the proverbial drunken sailor and they start to get negatively emotional. connell: speaking of emotion what's the mood or emotion like these days out in silicon valley after what mark zuckerberg went through, as these earnings start to come out and there are
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concerns about the future and the privacy regulation and everything else how are people feeling out there? >> i think the mood is somewhere from schizophrenic to morose, and when i say schizophrenic, people are afraid there have been multiple hits to the psyche of silicon valley. there's the me too movement which hit silicon valley hard before it hit hollywood, there's a bunch in silicon valley and the privacy issues we're just having a meaningful impact on facebook maybe not on google maybe apple's latest iphone the 10 isn't doing so great but on the other hand, these companies continue to just mince money and more are going public not fewer so silicon valley is a little bit confused right now which is fun and interesting. connell: exactly, but i'm not surprised because if i was coming in this morning and before as you say we dug into the numbers on alphabet and everything else i think i probably would have made a take all these concerns maybe over
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blown, that maybe people don't care as much as we really think about privacy maybe we'll dodge a bullet because these companies are making a ton of dough but as we monetary policy into an afternoon on this particular day of the week it turns out now we're highlighting all the negative concerns. >> it's a great point and they have dodged these bullets many times, so if i had to sort of go up and analyze it i'd say this is a classic short term versus long term thing. this short term is almost nothing but good for these companies. the long term, that's where you make a judgment. today the markets making a short term judgment that the long term is bad. connell: all right man good to see you as always, adam lashinsky out west in the valley now, it'll be more technology coming our way tomorrow when facebook reports of course everybody will be watching that for comments about the privacy issue and anything else that might come up you've got amazon as well and microsoft on thursday so a lot of tech focus, markets down 534 right now.
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connell: what a day. breaking news all over the place. president of the france and president of the united states making news aall day long. their joint news conference is wrapped up. the president of the united states will be hosting the president of france for his first state dinner, 15 months into his administration. other side of your screen.
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the other story we're following, market selloff that has done nothing but accelerate. we're down by nearly 540 points on the dow. thanks for joining us on "cavuto: coast to coast." i'm in for neil. you're in good hands. here is trish. trish: you hand me that? connell: nothing i could do about it. trish: we're down 540 on the dow. as president meets with emannuel macron, president of france. they have a two-day meeting. a big, big official state visit tonight. this market really seeing a tremendous amount of downside, more than 2% right now. it has to do with a couple of things. for one thing the 10-year yield went above 3% today. it is back under, just barely. that kind of made everyone a little bit nervous, the idea that interest rates could be going up. nobody had to deal with that for a while, right? you have the fact, it is earnings call


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