tv The Claman Countdown FOX Business September 23, 2019 3:00pm-4:00pm EDT
the 2:00, i do the 3:00 and together, we create the market excitement. i agree with you. you know why things could start to move here, because, charles, we do have the breaking news that president trump has just finished up a face-to-face in new york city with the president of poland. we will in just moments meet the third of six heads of state he faces as the united nations general assembly kicks into high gear. his one-on-one with the prime minister of new zealand will begin shortly. of course, new zealand has a lot of dairy operations. we are waiting to hear about usmca. then of course, the u.s./china trade war is very much a hot topic at the u.n. just as reports reveal that a major trump booster and casino billionaire, sheldon adelson, apparently warned the president about how his trade battle with the world's second largest economy could affect president trump's re-election chances. will that temper the trade
tensions now that adelson may have weighed in? companies like kent bicycles, the nation's largest american bike manufacturer, want to know. kent, based in new jersey, operations in the carolinas, still feeling the pain. the biggest u.s. bike manufacturers did get a waiver last week that won't help as much as you might have thought. the ceo arnold tandler just back from asia on a hunting expedition, trying to figure out where he can move his operations. he's here in a fox business exclusive. and is unemployment in the cards for the ceo of wework? adam newman. we are going to go inside the drama of his scuttled ipo plans and the future leadership of the shared work space unicorn. on wall street, markets rising after earlier losses as september manufacturing numbers post a surprise increase. with the dow jones industrials up 55, the s&p better by 4, look at the nasdaq, up 10 points. plus, lord voldimort, emmy
award winning stocks and charlie breaks it on the big tech crackdown that has both sides of the aisle holding hands. less than an hour to the closing bell on this monday. let's start "the claman countdown." liz: breaking news. as the dow jones industrials see about a 150 point swing from trough to peak, we have news of boeing stock flat at the moment but the news is jumping all over the place. its $50 million financial assistance fund has just announced it will make a payment to the families of the 346 people killed in those two fatal 737 max jet crashes, one in indonesia, the second of course in ethiopia. the fund's administrators, this is just moving on the tape here, they say each family who lost a
member will receive $144,000 and will begin accepting claims immediately. don't know how that's going to go over. in the moment, we are looking at boeing, flat. let's go to the markets overall. the dow jones industrials, not flat, up about 51 points. high of the session, a gain of 54 so we're not far from that. that's a firm reversal of session losses as the s&p 500 is up four points. it's just 1% away from the record high we saw before, we are at 2,996 right now. apple, by the way, lists on both indexes and the nasdaq, too, apple moving higher at the moment by just under 1% on big news broken right here on fox business. it is reversing plans to shift manufacturing of its new mac pro computer to china, instead production comes back, where? austin, texas. they already have a plant there but the decision comes after the tech giant received tariff waivers on 10 of 15 requested
waivers. necessary components that are made in china, they need to be in the mac pro here in the u.s. and of course, what they will do is be able to get those waivers if they move most of the manufacturing to austin and again, we want to stress something about apple. apple is committed to making certain portions of its products, in fact, sort of the guts and the brains of them, here in the u.s. some of the hardware is made out in china but at the moment, apple is still committed to invest $350 billion in the u.s. economy by 2023. now, while apple stays stateside, tesla going east, as in eastern europe nations. the electric vehicle giant's always colorful ceo elon musk tweeting he expects drives in o slovakia, croatia and serbia to be coasting in teslas by next year. there's a nod to his country of
origin. the stock up just under 1%, $242.49. now, the steel teslas are made with getting less expensive. goldman sachs and jpmorgan cutting the ratings of multiple steel companies in a sign the banks still believe prices are not going to tighten up and firm up, in spite of import tariffs. downgrades hitting aluminum maker alcoa. it is down 18% year to date, it's down another .66% right now. let's go to president trump. he's looking to close some deals while he stands with world leaders at the united nations this week. the president scheduled to meet with the prime minister of new zealand at any moment. trade is of course at the top of the agenda. new zealand was the united states' 48th largest goods exporter last year. u.s. exports to new zealand in 2018 approximately $4.1 billion. topics for categories, aircraft
$1 billion, machinery, $508 million, vehicles, $448 million. still ahead in the coming hours today, president trump is set to meet with the presidents of singapore, egypt, and south korea. blake burman following every move from the white house. blake, as soon as president trump walked into the united nations this morning, he was pressed with questions about the july phone call with ukraine's president zelensky. let's talk about the significance up to the minute with six minutes off the top of this hour and 54 left to trade. reporter: president trump is acknowledging he did have this phone call in july with the newly elected ukrainian president zelensky, says joe biden came up and corruption came up. here's where this all fits into the equation with everything. right now, biden is saying that means that the president engaged in abuse of powe democrats, they are calling for the whistleblower complaint at the center of it all. this is revving up talk as it
relates to impeachment. they are calling for congressional investigation into that phone call. for example, chuck schumer has written to mitch mcconnell on this monday saying quote, this is a whistleblower complaints that has been labeled urgent and credibility not by democrats but by a senior level trump appointee. it is the senate's duty to take this national security matter seriously and to take action now. however, a source familiar with the call also tells fox that the whistleblower did not have first-hand knowledge of the discussion between the two leaders. at this hour, president trump is arguing that joe biden is quote, corrupt, his words there, in new york city as he's at the u.n. he says that biden should be investigated as he feels that biden's son hunter benefited from business dealings in both ukraine and in china because of his father's status as the vice president at the time. listen. >> i had a perfect phone call with the president of ukraine.
everybody knows it. it's just a democrat witch hunt. here we go again. they failed with russia, they failed with recession, they failed with everything and now they're bringing this up. the one who's got the problem is biden. as you look at what biden did, biden did what they would like to have me do, except one problem, i didn't do it. but biden did is a disgrace. what his son did is a disgrace. reporter: the president will meet with 12 world leaders on the sidelines of the u.n. general assembly. the iranian president not set to be one of them although the president did not entirely shut the door to some level of communication down the line. reporter: will you meet with mr. rouhani, sir? >> see what happens. they have a long way to go. we'll see what happens. we're doing very well. as far as a meeting is concerned, we'll see what happens. reporter: tomorrow morning, in the 10:00 hour, president trump is set to speak before the entire u.n. body. that will give us some sort of an indication as to what his next moves could potentially be
as it relates to iran. liz: back to business and back to the markets. we just hit a session high. the dow up 66 points at the moment to trade and of course, the markets did one of president trump's biggest financial leaders just give him a serious trade wake-up call? the "wall street journal" reports that billionaire casino magnate and gop donor sheldon adelson, pictured here with me a couple years ago, picked up the phone last month to warn the president about the broader implications and potential consequences of his ongoing trade war with china. now, to the business angle here, adelson has major exposure to china. his company, las vegas sands, derived more than 60% of its revenue last year from the chinese gambling mecca of macao. sources are saying that wasn't really the focus. his focus overall is maybe can adelson achieve what farmers, u.s. chip makers and even bicycle manufacturers, not to mention state leaders, could not up until now? will the president push now to
strike a deal which in turn could spark the next leg of a bull market in stocks? let's get to the floor shownd our traders. scott redler, what do you think? >> i think the market wants a deal and listen, the president has a sphere of influence around him. he trusts sheldon and sheldon has boots on the ground so basically what he was telling the president is listen, sentiment's getting a little sour, the longer this goes on, might be hard to repair so let's get this done. he's not going to be swayed just by that. he wants the right deal. i think this takes us a step closer. this morning the market held 2980 which was very important for the active bulls so as long as we hold that 2980, i do think we can get a power move to all-time highs but we need that deal and we need it soon. liz: it was, phil flynn, a headline from friday that brought the markets down and kind of derailed the efforts to close to the upside last week, and that headline was that we made a big deal of it here, because china had backed out from visiting a montana farm which was sort of an olive branch when it came to saying now we will look and consider
bringing in and buying more u.s. agricultural products. now we are kind of getting headlines who knows what was behind that cancellation. regardless, it is trade and the fed that moves the markets. >> i agree. i still don't know why they canceled. montana is beautiful this time of year. i would love that trip. right? guess what they did today? they went and bought beans today, soybeans and corn and pork today. so they are buying beans, maybe not in the amount that we want, and you know what, get them back to the u.s./china trade deal. yes, trump wants to get a deal but the bottom line is, he's winning the trade war the way he sees it right now. he's bringing the chinese economy to its knees even as you look at the manufacturing data in europe today, it took -- liz: yeah, but look at the price of soybeans, while up 1% today, same with oats. you talk to soybean farmers, they don't feel like they're winning. >> well, they don't at this time, but i tell you, short-term pain for long-term gain. in the soybean farmers, of course, they have a little bit
of their own blame here as well. they have been producing and overproducing grains for many, many years. they have better at it and better at it which is a good thing but at the same time, of course, when you overproduce for many, many years, and you have something like this happen, you don't have enough for a rainy day. so at the end of the day, listen, the farmers are going to win on this if we get a u.s./china trade deal and the fear that we are going to lose the chinese market forever just isn't realistic. liz: we are just getting headlines, fed heads are speaking a lot this week. now, mary daily of the san francisco fed is saying quote, the u.s. economy is in a good place. she says economic growth propelled by consumers, we knew the consumer was basically shouldering the u.s. economy, but she did acknowledge that businesses are worried about slower global growth. we're looking at the ten-year yield at 1.7%. dropping about four basis points. when she says the economy's in a
good place, i don't know what happens in about a month when the fed meets again to ostensibly decide once again on whether to cut rates. >> liz, it's all double-talk. again, i hate to go back to a sore subject, my diet, but it's all double-talk. i say i'm not eating a lot but i keep gaining weight. if the economy is in such a good place, then why are you lowering rates? why have you been lowering rates for ten years? why is apple 25% higher because of the buy-backs? you got to have one or the other. i don't know which one to pick. i'm still baffled by cost of living versus inflation versus wage gains. those are important things people should be thinking about. liz: you guys see the dow is back above 27,000. not that that's a huge deal but we like round numbers here. who was just going to jump in? scott? >> i think the market wants a little bit of both. the market wants to know that yield curve isn't inverted, we aren't heading for recession but
we have the fed as a tailwind. they cut by a quarter, but growth isn't horrendous so we have a little bit of growth, we have the fed behind us, technically there's a broad-based rally. there's a lot to like across the board right now. >> maybe. like liz said a couple weeks ago, there's only so much more you can do with the rates. the patient and the painkiller, all that other stuff, there's only so much you can do with rates. liz: six quarter point cuts left in the quiver of arrows. phil, scott, luke, thank you very much. we are looking at 45 and a half minutes before the closing bell rings. athleisure in high gear. nike second to the top ahead of its latest earnings report due out tomorrow after the bell. nike up 88 cents to $87.56 but lululemon is breaking out this hour on a buy rating. look at the stock jumping 3% as the brokerage initiates coverage of the brand yogis just can't get enough of.
the call, overweight, predicting more gains in market share globally. growth in the women's category and men's as well. better than expected sales in china, too. democrats and republicans actually agree on an issue? up next, charlie gasparino with new information on the big tech antitrust movement thundering through capitol hill and the storm it couldreate for silicon valley's biggest names. "the claman countdown" is coming right back. as a struggling actor, i need all the breaks that i can get. at liberty butchemel... cut. liberty mu... line? cut. liberty mutual customizes your car insurance so you only pay for what you need. cut. liberty m... am i allowed to riff? what if i come out of the water? liberty biberty... cut. we'll dub it. liberty mutual customizes your car insurance so you only pay for what you need. only pay for what you need.
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both the u.s. and canada due to the uaw strike. the latest round of cuts is on top of the 4,500 temporary layoffs that have already happened. the uaw strike as we said is going into its second week. right now shares of gm are pretty much flat. you can see intraday, if you call it flat, they were further down. the stock down nearly -- actually up nearly 12% so far this year. i do just want to mention that, you know, at issue are wages, health care, use of temporary workers, they shuttered lordstown, workers are not happy. of course, the company for its part says that among all auto workers, gm believes its uaw workers do quite well. there's not a lot that brings republicans and democrats together these days but one topic uniting both sides of the aisle is really turning out to be anger against big tech's alleged overreach. what are bankers and legislators from both parties saying about the tech crackdown? charlie gasparino. >> financial advisers, what they
are telling their clients. the sheldon adelson story is interesting. i had the tip on that last week. white house denied it. here's the interesting thing. sheldon raises a lot of money for trump. that's why he can make that call. that's why trump will back off. liz: why deny it? >> listen, why do theyeny anything? i'm just telling you, they did. i chose, sometimes when people deny stories, i go for it anyway because i feel more confident. i chose not to run that. but you know, whatever. i pick my ballotttle. i picked this battle on tech. we have talked to financial advisers, bankers who essentially deal with very rich people, they have contacts both in washington, both in the hill and at the white house, and they are trying the figure out what's the regulatory future of tech. all their clients, talking about their clients, million dollar plus clients are in google, apple, amazon, facebook. here's what they are telling us. my producer and i spent the last couple days speaking with several of these folks to try to
get a handle on what they are worried about. and they are worried about simply this. they are saying investors right now and the companies themselves are underestimating the regulatory crackdown, underestimating how much bipartisan support there is on various issues involving tech. there's huge bipartisan agreement that these companies have screwed around with people's privacy. huge bipartisan agreement on these companies -- among democrats and republicans that, you know, there's antitrust concerns. huge bipartisan agreement that there's national security concerns. huge bipartisan consensus that they avoided taxes. you often hear president trump talk about amazon avoiding taxes, you know, doesn't like them for political reasons -- liz: don't we want leadership in this area, though? when i'm talking about best in class? >> let me make this point because yes, we do, but here's where the tech companies think they are going to buy their way out of this. the wall street advisers that know what's going on say they
won't, that there is going to be a haircut on these stocks. i can't tell you how much of a haircut. they are all up today, by the way. fascinating. every time you report something bad, it seems like they go up. but all these companies have major bull's eyes, are under major scrutiny. the guy on the left is a democrat who is running one of the subcommittees that's heading the effort. the guy on the right is a republican, the doj antitrust chief. the one issue they disagree about, if you look, when you cut it down, i have spoken to a lot of people about this, is on breaking up the companies. the democrats favor a breakup. like
if elizabeth warren becomes president tomorrow, and there's a democratic congress, google will be broken up. liz: josh hawley on friday, the missouri senator, said he told facebook which by the way us down right now about 1.33%, told facebook get rid of whatsapp and instagram if you're serious. >> that's what i'm saying. the democrats really want to break them up. liz: he's a republican.
>> he's a republican. but there's more consensus. there is some consensus among republicans they don't want them to get bigger. they want to crack down. if you are in these stocks, i can't overestimate just what's coming down the pike. elizabeth warren wins the election, with a democratic congress, facebook and google are going to be broken up. they actually say it in meetings. if trump wins, or if there's elizabeth warren wins and the republicans keep the senate, well, you might not get the breakup because it's going to be hard to pass that. lot of republicans don't like breaking up companies just so you know. it's maybe a bridge too far. even so, there's going to be consensus on cracking
down, making sure these companies cannot make as much money as they can using private -- using data -- i didn't realize this. if you have, you know, alexa in your house, alexa is kind of spying on you. liz: oh, yeah. that's a no in my house. sorry. i don't mean to seem like i'm not hip. no thank you. >> if you have google g-mail,
they sell your e-mail. it's crazy. anyway, it's coming down. that's what everybody is saying. just be careful. depends who's running the show. liz: thank you very much. lord voldimort. what does that have to do with anything regarding snap and facebook? we will tell you in just a minute. each day a little sweeter.
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liz: from the battle royale on tech in d.c., the villain of all villains in the harry potter universe is at the center, yes, that's voldimort, of a new street fight raging between two social media's most famous names. at this point, facebook ceo mark zuckerberg may want to board his broomstick and take off after the "wall street journal" reports today that competitor snap, parent of snapchat, has compiled a dossier called project voldimort.
it details the social media giant's underhanded business practices and that's got investors ducking under the invisibility cloak when it comes to facebook which is down about 1.5% with just 32 minutes left of trade. snap is up half a percent. lord voldimort, if you don't know, the most villainous character in the harry potter series. to hillary vaughn on capitol hill. this comes in the midst of what charlie just talked about, the antitrust investigations into everybody from google to facebook. reporter: that's correct. also, it's not just snap that is feeling the bad blood they have against the tech giant, it's a lot of other startups that say they were bullied by facebook to sell out so now they are ratting them out by dishing out a lot of dirty details. one of them, like you mentioned, is snapchat who developed a does say of information against the company. they are calling it project voldimort. the documents show how facebook
plays hard with the competition including forcing evan siegel to take a deal on the table to buy his startup or face the inevitable, zuckerberg allegedly told him they would just duplicate the features on snapchat into their own platform. as we all know, that eventually did happen with instagram stories using a lot of snapchat's popular features. those are two big accusations we have been hearing from hardliners here on capitol hill that also want a crackdown on facebook. they are concerned that facebook has a corporate practice of targeting promising startups, buying them out in order to snuff out the competition. that's something that the house judiciary committee is also looking into. they requested e-mails from facebook executives that mention their competition, including snapchat, to see if this is a corporate practice of the tech giant essentially squashing the competition by trying to buy them out. liz: thank you very much, hillary vaughn.
we are watching the dow, as you see on the right hand part of our screen. up 63 points, very close to session highs. viacom investors saying serenity now, with the closing bell ringing in 30 minutes. up next, why comedian jerry seinfeld and all of his friends, his hit show about nothing, are creating a big something for viacom shares. and did you guys know that the global nail polish industry is a $10 billion market? how does an immigrant who spoke no english when she arrived in the u.s. end up dominating it globally? just download the latest edition of my podcast everyone talks to liz to hear her story. it's free on fox news podcasts.com, apple and google platforms. let me know what you think. "countdown" will be right back. the songwriting process. oh, here we go. i know i can't play an instrument,
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liz: if we can, let's take a look at netflix right now. we've got to tell you that netflix, even though it just signed the jerry seinfeld episodes in its entirety, you know what, it's the only one of the fang stocks that is now in negative territory for the year. we've got netflix down about 2.33%. you can see there, not a pretty picture. of course, netflix does have the advantage of global reach but it's heading to this huge battle between disney which is going to start streaming and apple, going to start streaming, not to
mention comcast next year. all right. there's an old saw that retirees can safely withdraw, it's always been this way, 4% from their portfolios each year. retirees, right? now barron's is debunking the long-time retirement rule, quoting experts who say that the 4% rule of thumb was devised way back using metrics from two decades agohich are pretty sure not to be applicable to present day. for starters, 4% may be too high a number for seniors who are now outliving their nest eggs and in turn may look to take on riskier assets such as stocks to help supplement their income. instead, barron's citing investment advisers say retirees must factor in not only the size of their portfolio at the age of retirement but debt, living expenses and location, location, location, meaning where they will be living out their golden years. some cities, much more expensive than others. depending on those factors, an ideal, read safer withdraw rate may be more like 2% or 3%.
go to tap water, get rid of the evian at the moment. let me get to jackie deangelis on the floor of the new york stock exchange with today's fox business brief. jackie: good afternoon, liz. first looking at netflix, now viacom getting a piece of the seinfeld success. the comedy central, paramount and tv land parent winning the exclusive kaecable rights to th hit sitcom which will air starting in october 2021. you can see shares are up a little bit over the flat line today, $24.97. meantime, dollar general investors hitting the buy button after morgan stanley raised the price target, pointing to increased confidence by the discount retailer's leadership and long-term plans. trading higher by almost 2%. and chewy shares, an investor's best friend intraday. the online pet goods retailer
upgraded to buy. shares more attractive with limited downside. chewy is trading higher by 4.5% as we head into the close. up next, apple thrills with its new tariff exemption while bicycle makers peddal their way to waivers. why are they saying the trade war is still breaking the chain for the business? "the claman countdown" will be right back. oh, wow. you two are going to have such a great trip. yeah, have fun! thanks to you, we will. aw, stop. this is why voya helps reach today's goals... ...all while helping you to and through retirement. um, you guys are just going for a week, right? yeah! that's right. can you help with these? oh... um, we're more of the plan,
minutes. what will they be talking about? they both have expressed reservations about libra coin, that facebook digital currency. who knows if that will be on the docket here. but we are going to be watching that very closely. we will bring it to you in moments when it becomes available to us. in the meantime, they will also be talking about trade. you've got to figure that. fox business was the first to report today that apple has been granted 10 out of the 15 china tariff exemptions the iphone giant had requested of the trump administration. but are all exemptions equal? the ceo of kent international, the biggest bicycle supplier in the u.s., told "the claman countdown" a few months ago that he was pushing the trump administration hard for a five-year tariff waiver on bicycle parts. forfeit fared to today and they got it but look at this paltry number. the exemption is for bicycles that count for a tiny 3%
fraction of all of what they had really wanted in kent's business t ceo of the company just back from touring several asian nations to hunt for alternative sourcing for his company's bikes and bicycle parts. we welcome arnold camler once again, chairman and ceo of the 100-year-old kent international, the world's -- the nation's largest supplier of bicycles and walmart's largest supplier of bicycles. >> one of the largest, anyway. liz: i gave you a bigger margin here. you are just back from asia but when you got the news that bicycles were going to be exempt, what was your first thought when you got the actual detail? >> oh, my goodness. we only got partial details and we were so excited. we felt oh, my god, we hit the jackpot. then we started to dig into it and saw it's only for fixed seat bicycles which is maybe 1% of our business and e-bikes are 2% of our business. so it was better than nothing but very disappointing.
liz: the e-bike issue really struck a very painful nerve, did it not, because you had already in an effort to navigate this very unfamiliar landscape, because it keeps changing under our feet, depending on which week we are looking at, you had already made a shift that ended up biting you guys, correct? >> that's correct. president trump told everyone get out of china, find other places. so we found a terrific e-bike manufacturer in taiwan. the price was 12% to 15% higher than china but with the tariffs of 25%, we figured it's a win. so we shifted about half of our e-bike production from taiwan -- from china to taiwan, now we are kind of left holding the bag there. liz: because he exempted the e-bikes that come directly from china. >> that's correct. liz: how much did it cost you to shift that production to taiwan? >> cost probably about $100,000 in technology and -- liz: so you did the right thing,
you did what president trump had asked and it was all for naught? >> that's what it looks like right now. liz: let's talk specifically about what we haven't heard lately and that is that familiar peter navarro cry of it's the chinese and the president would say the chinese are paying for the tariffs. you haven't heard that much lately. you actually have a receipt and we wanted to show it to people. we blocked out the proprietary information. >> that's correct. liz: show us what we're looking at as we see this receipt. >> okay. needs to be a little bigger for me. that's a custom invoice we get directly from cbp. on it, you can see that there is -- well, the one before that, you could see that the 25% additional 301 tariff is on there, plus the 11% tariff. when they say there's no -- china's paying, we are paying. liz: you paid a huge chunk of money. >> we're paying over $2 million
a month of additional tariffs right now. liz: wow. >> because of the 301s. on the next sheet you have there, the one after that one, it was the actual deduction from our checking account, the automatic debit we talked about. liz: okay. the auto debit straight from your bank account here in the u.s. >> that's correct. liz: to department of homeland security. >> to cbp. yeah. they automatically debit it from our account. approximately two to three weeks after the goods arrive. liz: we are done with the narrative it's the chinese who are paying for the tariffs at least from your perspective. now what? tell me what you are going to do. you just came back from asia where you went to different countries, scoping out different places but now that you have seen what happened with taiwan and the e-bikes, are you ready to pull the trigger? >> it's very confusing for us, because we are ready to go with cambodia -- liz: what are we looking at? cambodia, where you thought you might put up a plant? >> that's the land in cambodia where we are looking.
actually, what you see looks like a lake there is actually high tide. when it was low tide they fill that up with dirt and sand which sounds crazy to me but it's normal in cambodia. that's where the factory is going to be built. but we are a little bit nervous to tell them to go ahead because now with some progress with china, is there going to be a deal or there's not going to be a deal? liz: well, this goes back to the e-bike waiver and once again, to be clear, you made e-bikes, you were exporting -- importing them from china, you moved it to taiwan and then suddenly, you're still paying more because of the waiver that came in for the chinese e-bikes. >> that's exactly what's happening right now. so you know, we are able -- we are a flexible company. we have been in business a long time, as you mentioned. if there's a definite strategy and a definite plan, we can react to it. but the strategy and the rules keep changing every couple of weeks, so i feel remiss in
telling somebody to plunk down $10 million or $20 million for a new factory in cambodia or the philippines, then no more tariffs on china, we have a deal and then i go oh, sorry. liz: you have 200 employees. i just want people to know that, in south carolina and new jersey. good luck. we hope your wife feels better because you had to come back early from the asia trip because gail hurt herself. she's okay? >> gail took a fall. we are having a chair lift installed tomorrow. her spirits are doing great. she's a fighter. liz: well, good luck. thank you very much. arnold kamler of kent international. tough, tough navigation here when it comes to the trade war. while we await president trump, does wework need a new man to replace the ceo adam newman? reports are swirling that the company's cofounder and ceo of wework parent may be forced to take another role or perhaps head for the exits, as the company's ipo collapses. to kristina partsinevelos and what we are calling a we coup
because there's a war of egos here. reporter: definitely. reuters saying they actually are in talks at the moment, including mr. newman, to see if he should step down as the ceo of wework or more specifically, we company, because that's the parent of the company. some of the board members here include softbank. softbank is the largest investor. they invested $11 billion into this company and plan to add another $1 billion prior to the ipo. but as we reported on your show about a month ago, the delayed ipo that was scheduled for august, why, because there's growing concerns around the business model, valuation, governance. however, that puts the company in a really tough spot. like many other, you can call it a tech company, a real estate company, whatever you want to call it, they are burning through cash and need the money to go forward. it's either through an ipo or through investors. the big thing is how are they going to get rid of adam
neumann? according to various reports, they are looking into whether he's self-dealing. he has a stake in a lot of companies that lease back the property to weworks so he could potentially have a conflict of interest by being the landlord of the company as well as the tenant of the company. they are also looking into whether he took drugs while working. there was a "wall street journal" report about him smoking some pot on a plane. then they will possibly, this is another theory, he could step down or be put into the interim ceo while they look for another replacement. one of those big proponents is benchmark capital. they sit on this board and they have experience having or forcing ceos and cofounders to step down. they were behind the big push to get uber's boss to step down. however, if you put the cards in adam neumann's hands, he does hold the vast majority of the voting rights and could potentially fire the entire board. you are seeing, for some reason he's shaking trudeau's hand.
it would be tough if you were to fire the entire board because he needs a lot of capital. some of the members are softbank, benchmark capital. you have a lost big investors. we should probably find out within the next day or so where the company is heading but there are still a swirl of questions around the business model and now who will be the ceo. back to you. liz: kristina, thank you very much. again, folks, this is sort of a tale of warning. when you get into these momentum stocks or companies when they finally come public, you have to be careful and know what are the profits, what are the losses, who is the leader. with the dow jones industrials up 54 points, president trump is coming out in just moments with the president of singapore. what must they be talking about beyond trade and maybe even facebook's digital libra coin? stay tuned.
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>> we are going to be doing a lot of trade, a lot of military equipment, et cetera, et cetera. so i just want to thank you, mr. prime minister. >> thank you. >> it's a great honor. thank you. >> i would like to thank the president for signing this memorandum with me. a memorandum on defense cooperation between singapore and the united states. we have had this since 1990. we updated it once before in 2005 and we are very happy to up itdate it once more to extend for the next 15 years at least. it reflects our very good cooperation in defense matters between the united states and singapore and also the broader cooperation we have in so many other fields, in security, economics, counterterrorism and culture and education as well. we are very happy with our relationship. we hope to grow it and we also hope it will be a means for the u.s. to deepen its engagement in southeast asia and the asia
pacific region. thank you. >> okay. thank you very much. i thank you very much. [ applause ] we'll see you in the other room. thank you very much. >> thank you. liz: that of course is singapore's prime minister with president trump, signing a memorandum. the president referenced all kinds of trade discussions and defense purchases. any more information, we will get it to you. he is now up next expected to meet with the new zealand prime minister. all right. closing bell in seven minutes. "game of thrones" taking a
fourth straight best drama emmy award to end its eight-season run. the series about jostling for power, you know, i didn't see the danged thing. i'm the only person on the planet that hasn't watched this thing. also netting peter dinklage a best supporting actor. from the president's feud with the fed to the china trade feud to tensions in the middle east, that captures investors' interests. let's get to the real world game of thrones and the award-winning senior portfolio manager at ubs wealth management sees as an opportunity for your portfolio. >> how are you doing? liz: very well. give me the emmy award, so to speak, for what happens in the markets. >> i think it's interesting that "game of thrones" won over "better call saul" because that's macro. that's the big story. the big story is macro economics
right now. the interest in what interest rates are doing, what the fed is doing, what the president is doing with china, the idea of a qe trump, all these things are on the table. happens the real driver in the markets right now. liz: okay. right now, on the left side of your screen, let's take a look. you can see the president is now speaking. let's listen into the articulation of what the memorandum and the deal is with singapore. >> we do tremendous amounts of trade with singapore and the prime minister highly respected, one of the truly most respected men anywhere in the world. he's been my friend for a long time and we're doing very well. we do tremendous trade with singapore and we appreciate it very much, mr. prime minister. >> thank you very much, mr. president. as you said, we just signed an agreement to extend our memorandum of understanding on defense cooperation. >> right. >> it's the second time we are extending this. we have a very good relationship between the two countries but it also reflects our broader
cooperation in economics, we have an fta between our countries and the volume of investment, too. in singapore you are our most important foreign investor and in america, as small as we are, we have $55 billion worth of investments -- >> not too bad. >> -- in many different states and they tell me a quarter million u.s. jobs so not bad for a small country. >> not bad. >> we would like to do more and we hope that we will do more in singapore and also in the asia pacific region. >> we had a very successful meeting with kim jong-un of north korea and it was in singapore. people don't give that meeting as much credit as it deserves. the relationship was established and it was a tremendous success and we saw each other there, really got to know each other there very well and you've . >> we were very honored to host the first summit between you and
mr. kim. >> right. >> we're happy it helped to turn the situation in korea around and point it in the right direction and we wish you every success to continue to make progress on this very difficult task. >> thank you. it is moving along pretty well, actually. that was a great couple days we spent. thank you. thank you very much. reporter: [inaudible] >> i believe in clean air, clean water. we have the cleanest air, cleanest water than they have been before in our country. i like clean air, clean water. reporter: will you give us a flavor of your speech tomorrow? >> we'll bring up a lot, steve. we have a lot of different things to talk about. talk about everything that we're working on it would go on for two days. there are a lot of things to talk about. we have a lot of really great relationships. we have some relationships that are, let's call it information.
we're being nice. we'll be talking about iran. we'll be talking about various things we're doing. we're having tremendous success. we'll be talking about the economy. as you know, mr. prime minister, our economy is doing fantastically well. we have the best unemployment numbers we've ever had in most categories. getting better. we had some phenomenal results as i understand it. wilbur, we had a great couple numbers. larry kudlow, could you discuss that please? great numbers came out. >> pmi manufacturing up, up. important europe's was down. germany was down a lot. looks likes we're a turning point on manufacturing. >> others were down. we're up. we're getting numbers we never anticipated having. we're doing very well. other parts of the world are not doing nearly as well. but and i think we have tremendous potential upward. reporter: make the case to keep
the pressure on them in your speech tomorrow? >> i don't want to say now, steve. we have a lot of pressure on them now. more pressure than they ever had. iran knows they're in a position, a lot of things are going to happen. a lot of things, let me put it this way, a lot of things are happening with respect to the iran, a lot of more things than you would know, a lot more than the media knows. a lot of things are happening. i'll be discussing it tomorrow. anybody else? reporter: do you like the way rudy giuliani has been handling -- >> i like it a lot. i don't watch cnn because it is great news. i watched rudy take apart fredo. fredo's perform wants was incompetent. they don't give him credit. they take snippets wherever rudy was, if he mispronounces a word,
they won't show the whole. rudy giuliani took fredo to the cleaners. first time i've watched cnn in a long time. i hate to watch it because it is so fake. thank you very much, everybody. thank you very much. [reporte shouting questions] >> thank you. connell: president trump there at the u.n. busy day of meetings. he wraps it up in time for the closing bell on wall street. melissa: that was nice to him. connell: we'll get back to the president in a moment. stocks as they close up, kicking off the week in the green here for the dow, pushed higher in the morning by u.s. factory report that was better than expected. the dow closing about up 15 points. first day of gains in three sessions. walmart and proctor & gamble hitting all-time highs today. the s&p in positive territory as well. nope, down a little bit. just about to stay up. it ends up down by less than a point here in the final moments of