two years. trish: there's going to be stalling tactics, i imagine. guys, unfortunately, i got to end the show right here. good to have you. we'll continue the conversation in the coming days. a market that's down almost 200 points, lucky you, liz, sending it your way. liz: in fact, you see the four-day winning streak in jeopardy, trish. oil is tumbling as president trump wages all-out economic war on friends and foe alike. at this hour, the commander in chief at a working dinner in a nato summit in brussels, belgium. might be awkward after he suggested that nato members increase military spending from 2-4% of each one's gdp. president then tying trade to defense hours after threatening $200 billion of additional tariffs on more than 6,000 chinese exports on everything from fish to fruit to tractors to hand bags to cuddle fish?

you got to see this list. our panel's ambassadors tell us whether the president is using economic might for the good of the country, or will it harm the country? plus, did pfizer fold? kristina partsinevelos on big pharma's reaction to the president's accusations of what he calls artificially high drug prices. and media's most powerful movers and shakers landing in the gem state as the crown jewels of major media could be traded like marvels among titans of business. charlie gasparino is there live with the camera and the scoop from the allen and company sun valley conference. stay tuned for that. one of the top media analysts in the world is here on set. craig moffett answers the what if's and insights where the media landscape is shifting under all investors' feet. we're less than an hour to the closing bell.

let's start the "countdown." . liz: first, breaking news, this is the screen is a live picture of a world cup watch party in london for the game that's absolutely captivating soccer fans around the world. england leading underdog croatia 1-0. england hasn't won in 5 2 years. but croatia has never won. pick your poison here. the world cup developments not just riveting the soccer world but the automotive world. one ofify at chrysler's auto unions called a strike at fiat chrysler's plant. why? they want to protest the $117 million paid by the juventus team for cristiano ronaldo. stealing him from real madrid.

what is the connection to fiat chrysler? there isn't a direct one. exor, the investment arm of the billionaire family owns 30% of fiat chrysler and separately owns 64% of juventus. those are two separate entities. doesn't matter. the union says why are you making us take pay cuts when you are spending millions on ronaldo? on wall street not much cheering, the dow is looking at triple-digit losses. down 183 points. all red on the screen for the s&p and nasdaq. a slew of different stock groups getting slammed by the escalating trade war between the u.s. and china. let's go through them. s&p 500 materials sector one of the worst performers. fertilizer giant mosaic among the companies leading the declines in the materials index, down 3%. freeport mcmoran and cf industries lower by 4 and 2%

respectively. slip it over to auto parts makers, gm, advanced autoparts, we have ford, all of those are down along with auto zone and o'reilly automotive and particularly hit are the chipmakers. they depend on china for much of their business. china makes a million pieces of electronics that involve u.s. chipmakers like broadcom, micron and nvidia and advanced micro devices. to brussels after calling out nato nations for not paying the fair share towards defense of the entire nato group. president trump is suggesting that countries not only meet the commitment of 2% gdp, which they're supposed to meet by 2024, but increase that to 4% of gdp on defense spending. plus it is a multipronged economic attack from president trump, beating up on these major global players on the

screen, criticizing angela mercel and germany for being a, quote, captive of russia's energy supplies, germany imports natural gas and this is days ahead of president trump's meeting with russian president vladimir putin. overnight, the u.s. unveiled additional 10% tariff on $200 billion worth of chinese imports. how will the president's actions continue to play out on the global stage, and what impact is this going to have not only on relations with allies but on our u.s. economy? we want to bring in former u.s. ambassador for special affairs at the u.n., stuart holiday and former u.s. ambassador to the gap, which had been the precursor to wto. ambassador holliday, begin with you, five members have reached, including the u.s., that 2% goal. he's calling for 4%, is that feasible at this point? >> i think it's going to be a

challenge. the first step is to get 29% which all the allies committed to in the wake of the invasion of crimea in 2014 and wales. they pledged 2%, there have been a few countries moving that way, that will be a good start. as a bargaining chip, the 4% is an interesting device but very difficult. these are national decisions by parliaments and legislatures to get a 4% across the board. liz: that's an important point, everybody thinks this is an angela merkel decision. democracies work, you have to have the parliament or congress weigh in on this. but germany isn't even one of, stuart, the five. greece is meeting the 2% and germany, the wealthiest nation in the european union is a nato member, is not. this part i get. >> yeah, and germany could do more as the president said. you have to remember germany is probably contributing a net gross amount that is significant because the gdp is much larger than that of

greece. so the question is what's the right amount to protect our allies? but we have remember there is also an arrangement to protect the united states security. there are boots on the ground, nato boots on the ground in afghanistan. all about us as an alliance, not about u.s. versus europe. liz: ambassador, the president went after germany for importing as the largest importer of russian natural gas in the european union. he said that here we're supposed to be protecting as alliance against russian aggression and yet you've got this deal. let's play a little of what happened this morning when he brought this up and then i'll have you comment. all right, i believe -- do we have that sound bite? >> a whole different story. the energy is a much different story than normal trade. liz: okay, is it a different story than, quote, normal trade, when it comes to energy?

>> well, i think, you know, it's obviously energy trade between europe and russia is i don't think -- that's not our main trade concern. we're obviously concerned about europe's reliance on russia, but you know, unlike the u.s., europe is more energy dependent than we are, they got to get it from somewhere, and in the meantime, you know, the broader question is whether europe is still strongly aligned with the u.s. and nato which stuart's talked about. i don't think that the energy issue is the major trade issue the administration has got to deal with at this time. liz: and ambassador, i hope you can hear me, i guess by that logic. >> yes. liz: the president had said that germany is captive because they import russian natural gas. we actually import oil from

venezuela. little bit. half a million barrels per day and import from saudi arabia. i wouldn't say we're captive or totally owned. those were the president's words to venezuela or saudi arabia, hardly. so does this ring as a logistical logic when it comes to this thought? >> yeah, i'm not really sure why the president was raising this point against the europeans. it seems to me he's been sort of looking for ways of taking europeans on when we should be working harder to strengthen our alliance with them because the real trade problems we face correctly cited by the administration are problems with china's behavior, and we need allies, we need greater support instead of getting into these fights with europeans and our other allies over products like steel and autos. we should be focusing on how to address the china challenge.

liz: ambassador holliday, the question becomes that point. are we stronger together against china or stronger apart? the conventional wisdom would be we're stronger together, and yet china continued to batter our intellectual property, and now we have the $200 billions in tariffs, does it send a message or do you anticipate that we might see some type of bending on behalf of china? >> well, i think we are stronger together. i do not think that having somebody else like china write the rules of the trade regime for the world are in our interest. that said, you're right, they haven't been effective. i don't know that this will change china's behavior in the short term because it's all about saving face and being strong in terms of not giving anything. i think they'll reciprocate, up to a point. i think they've gotten the message, especially on technology and intellectual property that we're not going

to stand for it anymore. there needs to be a red line drawn. we're going to need to work with our partners maybe not pressuring china but working together to create better trade framework. liz: we will have to work with our own congress. jeff flake, the senator, mentioned last night i think during our show, we're going to put something forth. a lot of the senators are upset about the tariffs, they hurt local businesses. today already the senate passed a nonbinding measure that gives congress a role in supporting national security tariffs. they don't like this. does this mean we're going to have a standoff between congress and, of course, the president? >> i think that's certainly starting to happen. i think there's major concerns in the congress about these national security actions on steel and aluminum. threat of actions on automobiles, which is ten times the size of the steel and aluminum industries and would really widen trade wars with

our major allies. and i think what they're really saying is we ought to be working with those countries, negotiating with them. we do need their support in pressuring china, as stuart says, to behave better by the rules, and i don't think that in the long run, loading costs on u.s. industry and consumers and precipitously raising tariffs is a good strategy. liz: ambassadors, thank you so much for talking about this. i don't know about all of you guys. we were reading this last night, my producers and i, artificial sausage casings, that's one of the things on the list. my god. what you're seeing in the markets underscores the new tariff threats. the likes of what we saw against china do have maybe the short term but still an adverse effect on stocks. to the floor show. sarge, i will begin with you, short-term, long-term, how long does this hit? >> we'll last until china capitulates.

they want a fight, they pick a fight, guess what? you're in a fight. pick on the u.s. 25 tariffs for decades. steal intellectual property? you want to pick a fight with the united states when we can last longer than you can? we can last longer than canada, germany, the president is 100% right. trade wars are winnable. everyone says you can't win a trade war. if you're not a sissy, if you can take a punch, you can win a trade war just by taking it here. liz: those children behind you, sarge, are like is that a principal? is that a school principal? he's yelling. phil, there is pain, is there not, though? we talk to steel companies, small ones that are already getting killed. we know solar companies are getting hurt even with chinese solar, this is such a delicate damp. >> it is, it really is, you have to take a look at the little picture versus the big

picture. if you're in a war sometimes, you're going to take casualties. when you're trying to get a free and fair trading world. liz: will the u.s. economy be the casualty, phil? there are some people who say this might tip us into recession. we're going into recession anyway. that's what happens after nine year long bull markets. >> well, that does happen, but actually, in a weird way, you know one of the reasons we go into a recession is people get too optimistic, they start overinvesting and have a pullback, and in a weird way, this is the debate on whether the tariffs solve the economy cause a pause and allow the economic expansion to go on bigger. we have to put it in perspective, okay? we're not talking about a chunk of the u.s. economy. talking billions of dollars but relatively small. and i think that's why the market, though the dow is down 200. we've been down here before on

the trade war fears, we bounce back every time, and you know, i think you just have to keep it in perspective. liz: gentlemen, thank you very much. i did want to mention oil is down 4% in the after-market. we had a huge inventory drop. i would have thought, sarge, that we would have seen it pop up, but we did not. gentlemen, we've got to run. so sorry. closing bell is ringing in 45 minutes. hockey season is over, but the power plays in the media world "game of thrones" has begun. media titans have arrived in sun valley, idaho. there is barry diller. they're already holding court, no doubt. and media king michael bloomberg in the mix as well as deal-making takes center stage. and then charlie gasparino skullking around, making waves with breaking news on media stocks you might own. he's live coming up.

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. liz: dow down about 197 points. what do these four american companies on your screen have in common? carrier, amazon, ford and harley-davidson? all have been targets of president trump since he's elected president. the latest to fold, pharma giant pfizer. yesterday after president trump weaponized his twitter account tweeting pfizer and other big pharma companies should be ashamed for having raised drug prices. by the way, pfizer hiked prices on 100 drugs on july 1st. hours after that tweet, the company said it would defer price increases for now. kristina partsinevelos is in our newsroom digging more deeply into this. the concession not helping pfizer shareholders. pfizer is down. how long will they keep prices static? is this till death do us part here? >> not till death do us part.

literally until the end of the year or president trump comes out with a plan to reduce prices across the board. yes, the president campaigned on this during his election in 2016. yes, he did come forward with literally a blueprint in may talking about this. within the blueprint it was a set of plans and ideas, no concrete penalties should a pharmaceutical company increase prices 5, 10%, that's the reason why, pfizer alone last week, increased the price of drugs on 40 product. 40 products. they said they're going to step back, roll back, not increase prices going forward. you alluded to the tweet, on july 9th, the president tweeted pfizer and others should be ashamed they raised drug prices for no reason. merely taking advantage of the poor and others unable to defend themselves while giving bargain basement prices to europe and elsewhere.

we will respond. let's talk about just the cost price structure. drugs are really, really expensive in the united states. according to the oecd on average americans spend $1,162 per person. if you're taking it into the larger context. that means 1 in 4 americans can't fulfill their prescriptions, that's according to another study based in 2015. americans can't afford it. huge portion of the population which is why it's a political issue that president trump has raised, and another big issue too is that why are you seeing these prices so high in the united states compared to other countries. you do have patents with a lot of the pharmaceutical companies. liz: let me jump in here about the pricing. al gore, when he was running for president, took on big pharma and tried to do the exact same thing. very interesting. this is more a democrat way of doing things. >> right. liz: the democrats have often said to big business lower your prices for the little guy.

is this good for capitalism? >> when you compare the price of drugs around the rest of the globe and the americans are being affected, i think this is a moment where maybe there should be intervention. yes, the r&d involved does cost a lot. takes over ten years to come out with a brand-new drug. liz: 17 sometimes. >> right. there's another study from 2005 to 2015, 74% of the patents that were filed in the united states were on existing drugs. this is a process called evergreening. what they do is tweek the patents ever so slightly to extend it longer, that means higher price. big question, are other pharmaceutical companies going to stop with the price hikes? nobody said anything. liz: we'll watch, thank you. dow is down 210 points. visa is bucking that red trend. with the closing bell ringing in 37 minutes. visa, second behind walt disney at the moment. among the dow 30 leaders after

kbw raised price target. visa, that's a nye annual high. talk about visa in just a bit. the industrial products distributor leading the s&p after reporting better-than-expected second-quarter earnings driven by industrial vending device sales and raised fourth quarter dividend. update on the miraculous rescue of the boys soccer team from a flooded cave in thailand. the rush is on for rights to their story as the first pictures emerge of the kids at the hospital. the employee of the year, anna. [music playing] (vo) progress is in the pursuit.

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. liz: okay, breaking news, we've gotten the first pictures of the boys rescued from the miles long flooded cave in thailand after an entire soccer team and their coach had been trapped for two weeks. i have to look at this. they're waving, giving i guess what's considered a high five

here. they're being treated. they're thanking nurses and doctors, if you're listening on xm13 clasping their hands and thanking them. the reason they're wearing facemasks is because they are being medically treated for something called cave lung, that may not be the term, i am totally claustrophobic, good to see them healthy. the boys were rescued with families and loved ones. we're going to break in with further updates as soon as we receive them. if only they had an iphone in the caves and could reach a signal. speaking of iphone, news of upcoming overhauls through the wall street community and every owner of the iphone 10 including myself wonder what is going to happen to this beloved device and speed and servicing

if apple discontinues the x in the fall. nicole, what do you think? . reporter: kiss it good-bye to the 10. one of the analysts i spoke to today spoke to several to get the scoop on the product. pricing, the pipeline for apple. there is a second generation phone coming, so here's what i heard from rbc web bush and scott redler from t-3. three apple iphones are in the pipeline, coming in 2018, maybe 2019. you can look for a couple of phones and one lcd. what's the difference? that 10 is the expensive one, 33% to get that screen on it versus the lcd screen. 18%. the pricing? the cheap are one, the 9, 699 to 749 and the 10s or 10s+ or the 11 and the 11s+.

899 or 999 and watch for the microl.e.d. display screen, that would be power saving but thinner, maybe a foldable phone. they both talked about autonomous vehicles, one apple ex-worker was charged with stealing self-driving car trade secrets. that's it, back to you. liz: that annoys me, they better not slow this down. i do not like that. >> they better not. these are supposed to be faster and better and you have to pay big bucks for them. liz: thanks, nicole. turning up the heat in sun valley. with the closing bell ringing in 29 minutes, a who's who parade of ceos from dreamworks, former dreamworks chief jeffrey katzenberg to bob kraft converging for the annual allen and company summit. so behind closed doors. multiple mega deals on the line. many wondering if sky will be the limit for comcast as fox

one-ups rivals offer to buy the leader. we've unleashed charlie gasparino among the meadows in sun valley. he's got exclusive details what's going on with the government's antitrust division as megamerger mania swirls. one of the top media analysts in the industry, craig moffett on all the what if's facing the media summit. when "countdown" comes right back. and now for the rings. (♪) i'm a four-year-old ring bearer with a bad habit of swallowing stuff. still won't eat my broccoli, though. and if you don't have the right overage,

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. liz: the heat is on high in sun valley. the biggest names in media and tech are in for the annual allen and company fest.

twenty-first century fox's rubt murdoch and james murdoch the center of attention, along with disney's bob iger and comcast brian roberts. merger battle between the three titans has entered a new phase. twenty-first century fox parent company of fox business upping offer to buy europe's sky, tops a previous bid by comcast of $30 billion. this fight is playing out on the side lines of grudge match for twenty-first century fox's entertainment assets. disney wants them, the ball completely at least for that part of it in comcast court or not? charlie gasparino. i want to start with at&t, this is fascinating, you're hearing government's aversion to the media, though it's gone through? reporter: well, let's be clear, the judge leon of the federal court, richard leon blocked the government's attempt to break

it up, to not make it happen. since then the at&t board approved it and closed the deal, but that doesn't mean the government can't appeal the ruling. it has 60 days from june twelfth from when the ruling came down. from our sources at fox business, d.o.j.'s antitrust division have privately decided to appeal it. the one fly in the ointment is coming from the solicitor general's office inside the d.o.j. which must approve any appeal. if they want to appeal to higher court, whether federal district courts, whether it's the supreme court, any decision that the d.o.j. lost, they have to get it approved by the shift shifter -- shifter general is putting up resistance to that. hard to roll the dice, you are rolling the dice. people inside the justice department are saying it's not

really roll of the dice. the d.c. circuit court of appeals is packed with more liberal judges that are consumer oriented and might not want the creation of a megamerger with a media company, at&t and time warner. they have until august 12th to decide. we know this is going on behind the scenes right now. we should point out justice department has no comment, but here's the interesting thing, liz, about this thing. this shows you d.o.j. hates the mega deals that combined distribution and content, and probably tells that you d.o.j. probably doesn't like comcast and fox merging up together. while it approved disney and fox which is a horizontal deal with content, it doesn't like the notion of comcast getting bigger. that's one of the things going through the markets today, and i reported this last week that disney telling fox business that they thought brian roberts

might not bid for the foxa assets, focus on sky, that's coming out today. we're ahead of this, it is very unclear according to banking sources whether brian roberts will go after all of our assets, part of our assets or just look at sky. that's why our stock is down today. look at a stock chart of foxa. you would have made a lot of money if you followed our reporting from last week. i took 2% out of fox shares. i'm sorry, i know i work here, but what can i tell you? liz, back to you. liz: i know you work there, we saw rupert and james murdoch. do they ignore their own employee as you threw questions at them? >> no! mr. murdoch is nice to me. i might have met james once, met laughlin once, maybe. you know who's not nice, the security here.

liz: still? >> very not nice. by the way -- well, you know, of course, i've broken a record. i made it through here, two-thirds of the day is over and i still haven't been thrown out. liz: well, that happens here in new york to you. good to see you, charlie. >> that's true. liz: charlie, you want to stay tuned for my next interview here. plenty of what if's flying around every media stock, to craig moffett of moffett nathanson here in studio. first to what charlie said, tackle at&t in a second, but comcast. what are they going after? you have door number 1, 2 and 3. >> two separate deals they're pursuing, it's not just fox but also separately pursuing the piece of sky that fox doesn't own, and they have said that they're in some ways more interested in the international piece of fox, which is really sky and star india than anything that fox owns in the u.s. >> so you're figuring they

don't go after the entertainment assets? >> friday is put up or shut up day, at least for the sky piece, they have to follow through on commitment to 15 pounds. >> 1250? >> so there are three options, they can drop out of both, the market would love to see that if you're a comcast shareholder, comcast shareholders have never wanted this deal, either of the deals, anyway. they could drop out of fox and continue to pursue sky, but that means an awfully rich price for sky, and without the studio assets of fox to help sky with the transition to being primarily proprietary content company, so there's problems with that. or alternatively, there's the kind of the milk toast, we will satisfy our commitment to bid on sky but won't raise on sky,

that sounds like dropping out of both. we'll see on friday i think. liz: of the three names, do you have one pick? >> well, look, i think sky has been -- fox has been the name to own. it's been the belle of the ball. liz: the 52-week chart is incredible. >> you are starting to see people rotate into comcast, ironically because they're betting comcast will lose, that's what they hope happens. >> at&t, we can put up your picks in the entire media space, but at&t already closed the deal with time warner. for all intents and purposes, can the department of justice appeal and somehow overturn this thing? >> in theory, yes. when they didn't specifically concede they weren't going to pursue an appeal, and so in order to go ahead and close the deal, at&t decided that they would keep time warner wholly separate until the end of the

60 days. so in effect think of it as an escrow, right? the deal is done but aren't starting with the mixing of the assets yet. so there is a 60-day clock. i think ultimately it's unlikely that the d.o.j. will pursue this, but as charlie said, there is clearly some frustration with judge leon's decision here, and there are a lot of people who think the decision was made incorrectly within the d.o.j., and that's what they're going to have to sort out. liz: craig, good to see you, thank you very much. >> my pleasure, good to be here. liz: by the way, craig has picks and pans, we'll put them up on facebook.com/liz claman. he gave us juicy names here. really important, the flattening yield curve. not the only ominous sign in the markets that are signaled right now. with the closing bell ringing in 16 minutes. gasoline prices doing something very scary and suspicious, that could spell big trouble for the

u.s. economy. jeff flock in chicago. reporter: look at them, they're rushing to fill up before prices go any higher, liz, or are they? come back in a minute. we'll give you the full story.

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. liz: if your wallet has been feeling a little lighter after stopping at the gas pump. this is not your imagination. hard fact here, nearly 30 states have seen a jump in gasoline prices. highest retail prices in years raising concerns about a potential threat to the u.s. economic -- how many times have we mentioned potential threats in this show. this one tends to actually take money out of your wallet for every penny that the price rises. price of regular unleaded gasper gallon seen a 35%

increase since november of 2016. how worrisome is this to consumers, in the thick of, i guess, jeff flock, the summer travel season? reporter: i don't think they're worried so much. economists are worried this takes money out of the pockets if they continue to rise, and that takes the bloom off the economic rose. ironically of course today, we're talking about this on a day that oil has the biggest loss in 13 months, down about $3, i think it's 5% is the decline today in oil for other reasons. you look at gas prices, we're at 287 a gallon of regular, national average, a month ago, down a bit from a month ago, down about five cents, if we look back a year ago, 60 cents higher than we were a year ago. gas prices have been rising since november of 16. oil has gained over the course of that time. at this station here in

chicago. this is a bp station off the expressway. $3.79 what they're paying here compared to that national average of under $3. oil stocks have done well over the course of the past year, how will they continue to do? i don't know. a lot of people think, liz, that the economy has been humming now, but i tell you if we get huge trade problems going forward, that that kind of chills the economy, and perhaps that means we've got a situation where demand falls off so gas prices fall off. at this point if i knew the future, i'd play the lottery. probably do just about as well, guessing where gas and oil prices are going to be. liz: we have a drawdown, this is very bullish. 13 million barrels last week and oil is falling and all the stocks are in the red. jeff, thank you, i think. stocks absorbing the shock. with the closing bell ringing in 8 1/2 minutes.

new tariffs on everything from chinese tractors to corn to clam juice? lobsters to yarn. plaguing the biggest names in business. up next our "countdown" closer has the names he says are teflon to tariffs. you've got to hear these. "countdown" coming right back. when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. you shouldn't be rushed into booking a hotel. with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia.

right now we're hovering as i said down 195. we're straddling that line. i need to get to nicole on the floor. >> everybody's portfolios is going up. >> industrials and materials, look at five losers on dow jones industrial average. just a turn of events, just a few points means the dow jones industrial average will be

negative for 2018. look at laggards today. chevron, caterpillar, dow, dupont, 3m and boeing, two of which industrials directly related to the trade war. you have chevron as oil drops over 3 1/2 bucks. you can see chevron a big laggard, down three%, liz. liz: keep an eye on it nicole. the trade war in part responsible for losses today could be worth it if it levels the playing field. as we figure that out, he says he has some teflon tariff stocks. kevin miller, cio funds is ready to evaluate. i like this, teflon tariff stocks. >> thanks for having me, liz. start off with one right away. visa, as you know, huge conglomerate with regard to

processing global transactions. technically, not technically, basically the tollbooth for global spending. 44 million merchants throughout the world, billions of cards distributed if you track sees' performance and compare that next to amazon, you notice there is some, some, similarities with regard to how they have been marching up. you know, if the tariffs do come into effect and things fet more expensive, visa makes their money getting a percentage of purchases made through their credit card. that means that the amount of purchases go up, they make more more money. liz: i would think as long as the consumer is buying something, food or real necessities visa will do real well. boeing is interesting one. you see that as a teflon tariff stock? how is that possible?

china is the biggest buyer of boeing. boeing sells most of its planes to china when it comes to numbers in asia? >> very good question. there is a huge backlog in commercial airlines airplanes much boeing is rotating and turning into putting out more of their high margin airplane, 737. boeing is diversifying out of commercial aligns. defense orders from the middle east, we don't see that falling off. likewise they're very smart recently acquiring a klx a parts distributor, in a very relatively high-margin industry. as these airplanes age, need new parts, they will be capturing revenue as a result of that as well. liz: okay. it is interesting you also like raytheon which on a day like today, where the president is, may not be totally serious but pushing nato members to spend

more on defense than 2% required of their own gdp. it is interestingly enough, down, maybe that's a bargain here. we have only a minute left. i'm interested to know if you think the 200 billion in tariffs that the president just threatened, will not go into effect until at least september, if that is what's at work, we have now the dow negative for the year. >> yes. the dow is negative. i always kind of look at s&p 500 which, year-to-date, as of last night's close was up 4 1/2%, compare that to the shanghai in china which was down more than 15%. there is 20% dispersion between shanghai and us. i feel comfortable china will feel more pressure than we are. i think what the president is doing is spot on. at some point in time we got to call a stop to the deficit that we have, and get this difficult

trading. [closing bell rings] liz: great to see you, kevin miller. he is right, s&p 500 up 7 1/2% for the year. stocks stopped four-day winning streak. negative for the year for the dow. liz claman, "after the bell." melissa: stocks diving today amid rising tensions between the u.s. and china. the dow ening the day down 215 points right there, near session lows. s&p 500, nasdaq falling for fourth session in a row. i'm melissa francis. david: i was getting used to winning for a while. melissa: i was not tired of it. david: never am. this is "after the bell." more on the big market movers. here is what else we're covering for you. we have a very busy hour for you. president trump coming out swinging in belgium, challenging the nato allies to honor commitments to boost defense spending, chiding them about a gas deal with russia he says will make the