time, old gm, pre-bankrupt company. they did have bad days after earnings but usually you are talking about 2% or 3%. yes. this is all about trade and commodity prices and they do matter even though gm gets more than 90% of its steel from u.s. mills. when they can raise prices because foreign competition has a 25% tariffs, it really does matter. they now say it will be $1 billion this year so they undercut the performance in the second quarter which is otherwise good. a big headwind for the rest of the year. vonnie: currencies other than metal are getting higher. this is a triple or quadruple where me for gm. what would change if the tariffs go into effect and stay in effect? is there anything gm could do to offset those negative effect? already trying to do things to mitigate costs and trim here and there, where they can. but they can't do much. chuck stephens said on a call with analysts this morning that they have done as much as they can and they will continue to try to find ways to reduce costs and look at manufact

gm is the issue there. others like avery and dennison, they had highest costs but are able to pass them on pricing power really matters that's number two about boeing not all guidance is created equal. we have had companies raise guidance northrop raised it, they're not. at&t, generally not. and boeing, generally not. the problem here is guidance has to be a little better than the street's expects overall if it's not, off little problem. full-year guidance for boeing really hasn't changed that much, since the start early in the year, 1430 to 1450 today the street looked at that and said, okay, that's not bad, but they basically said that before and revenue is better. that's not good enough right now. so look, there's your numbers. you just need a little better. the revenue guidance they gave today. boeing is up 17% this year that's not enough to move the stock forward. >> and we've got qualcomm and facebook after the bell. you are not looking to put new money to work in tech at all are valuations that high

gm pretty much signaled that. they will not make as much as 650 like they said which would be more around six dollars a share. the macy's somewhere -- we may see that from ford. david: what do we anticipate, more from the same afford? david: 3.5 hours from now. rapidly. ford actually -- their core business has not been quite as strong as gm's. they have not had the self driving car and mobility service store that gm has had. similar number and similar damage from steel prices. their shares could take a big hit. david: thank you so much. that is david welch reporting from detroit. we have more coming up after the close. ford reports its earnings. i will be talking with bob shakes about their results. shery: coming up, we will bring you the latest headlines as president trump and eu commission president -- meets up away house. this is bloomberg. ♪ loomberg. ♪ ♪ scarlet: i'm scarlet fu. this is "bloomberg etf iq." the access, risks, and rewards offered by exchange traded funds. ♪ scarlet: momentum is in while

, gm brands, to other dribers. you're watching "cbs this morning." we'll be right back. ♪ are you ready are you ready ♪ >>> you're looking at an amazing moment right there. the first all black youths baseball team has won the little league championship game. they bead the capitol hill little league 14r, 14-7 last kn. they're headed to connecticut for the regionals next month. many picked up baseball four years ago when the washington youth baseball camp opened. >> i'm deciding who to root for. >> there hasn't been a baseball team until five years ago. already they're going to regionals and maybe the world series. >> there's been a concerted effort to resolve it, and, boy, have they had good results. >>> a florida officer intervenes to help a homeless man find a job. ahead how a simple gesture caug county is still threatening about 100 homes. the so-called 'marsh fire destroyed at least 1 h >>> it is 8:25. i'm kenny choi. this wildfire in contra costa county is still threatening about 100 homes. the so-called ma

a big day for trade as the yield curve visits the white house gm cuts guidance on higher tariffs. europe is mixed. 10 year around 2.94. facebook's moment of truth social media giant set to report tonight after the bell capping off a big day of corporate earnings, including ups, and coke. >> speaking of coke, crow james quincey will be joining us. >> and stock futures, of course, in focus boeing is falling on weaker than expected guidance. gm cutting its full year profit forecast shares also sinking in the premarket. >> and president trump sets tense trade talks. we'll talk with the head of the world trade organization about that and more. >>> it's an important day in the auto sector. two auto giants reporting earnings both cutting their outlooks and sad news out of fiat chrysler. a lot to get to with phil who has been busy working early this morning in chicago good morning, phil. >> good morning. we start with the news from general motors the new guidance for a full year earnings coming in lower than previously expected. coming in at $6 a share. previously in the range of $6.30 to

that was a major component of why gm tickets , citing steel and aluminum costs. ford has operational issues. they've been struggling several years. it is fair to say the commodity cost is a significant problem for them. they are a mess right now. they have problems in china, problems in europe, an aging product line up around the world. they are lucky they have the pickup here because otherwise they would be in dire straits. fiat chrysler, difficult start for mike manley. they also cited issues in china as one of the reasons. >> right. chrysler and ford are in a tough position. chinese brands have actually taken off in that market. that was not the case for a long time. you saw international carmakers were having a heck of a time in that market year after year. they could count on massive growth. gm, you see a little bit insulated because they have a local chinese budget brand. even they have had a hard time with the buick brand and chevrolet with the rise of domestic chinese brands. it is surprising to see fiat chrysler have trouble with the jeep brand in that m

peer to peer car rentals it is open now for gm owners and lessees. 2015 vehicles and newer. can't take an old gm model, has to be relatively new revenue split is like other rentals, 60% to the vehicle owner, 40% to the company, to maven. here is julia stein talking about how they came up with the revenue split of 60, 40. >> i believe it is market standard today we might revisit it later on, but we also provide 150,000 people who are willing to rent your vehicle, so we'll see how it goes. we are excited we're offering this we believe we'll see high growth of gm owners putting the car on the platform. >> how many are using car sharing in the united states it is about 1.5 to 2 million people who are active car share users in the u.s., a good chunk are peer to peer in the peer to peer market, there are a lot of nonactive users, people signed up for a service, may use it once every couple of months rates vary depending on the vehicle, depending on the program. you essentially set what it will cost for people to rent your vehicle. turtle and get around are two other companies acti

gm is cutting the full year earnings forecast and revenue forecast. gm is down 3 3/4%. fiat is cutting expectation as well. >> i think what you see, kevin mentioned it earlier, in addition to 17 million, we're starting to see that soften. why? because incentives are being pulled back. so they're making more profitable revenue than just driving unit sales to be ranked number one. interest rates are going up. you won't be able to do the 70 months, 0% financing. so we're starting to see some multiple impacts on the auto industry and dagen, to your point, i'm not sure, some will use tariff as an excuse, others will plow through it. maria: we'll see what the guidance says. that will be key through all the earnings. joining us this morning is dr.ly am fox, as well as darryl isa, along with judge andrew napolitano. a real estate co-founder and ceo, dali lens will give us a check on real estate this morning and dr. mik is with us as well. we've got a big two hours coming up. our top story this hour right now, aid for american farmers, the trump administration announcing $12 bil

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a lot of smoke and mirror with gm and others. bloomberg'sis international economics and policy correspondent. hearing a lot of talk. is it showing up in the real world? are we seeing it in economic and trade did a? and trade data? michael: this might be the week we start to see it. we are getting a lot of anecdotes. most major news organizations have reports of smaller companies laying off workers but jobsmay not show up in the data. big week of data in the u.s.. be lookinggoing to at new export orders and new orders in general to see if there has been any kind of pull back. in the jobs report, we will see in some of the key categories, whether we lost in the jobs are not. david: we may see some numbers? it may be too early because if you have five or six people laid off, given the rise of the labor force, that may not show up. we haven't had any major layoff announcements yet. david: thanks so much. welcome now, alex dryden. and stephen friedman. let me start with you stephen. are we starting to see a slowdown in capital investm

gm will give us quarterly -- well, gm and tesla we'll get quarterly sales from gm probably in the next hour or so >> so, phil, ahead of the -- we don't know whether president trump is going to go through with his tariffs on imported autos, which all the major automakers here have warned against. are there moves these companies can make in anticipation of that policy potentially becoming a reality? sourcing parts from different places, moving production, or that just takes too long and we don't know yet >> takes too long and it's too unpredictable. another way -- let me put it this way, i talked with one executive and brought up that scenario and the executive came back and said, which way would you -- where would you move your production to? because if you make a move and then you have moved your supply chains, you've made all these changes to go from one location to another, from one country to another, and then the tariffs don't go through well, now you've increased your costs and added on to your costs by moving it to another area you just can't do it it's too -- it's too intertwine

metro says thi was all a protes the gm talked about suspensions or possibly firing employees who show up late for work repeatedly. se union say if gm suspends anyone for showing up late, all the 9,000 employees they represent will take a three-day suspension in, essence a strike. the head of the union has sharp words for wedefeld. >> and he smiles lik he's doing us a favor. he sends out letters csing us his-w orkers. that's [ bleep ]. he's a bully. he's a bully. >> it's worth n notinge of this is coming at a good time with major baseball league all-star events takin i place d.c. >> there might it be folks using that came signed of language to talk about traffic on the beltwa l threees closed tonight for roadwork. crews resurfaci theoads on the outer loop over connecticut avenue. this is similaro the work performed a few weeks ago. crews say then p to finish sunday at 191:00 a.m. >> don't get stuck in that. on a weekend. >> no, not on a weekend liking this. >> no, huh-uh. we have a good weekend in store? >> i'd say so. a few changes. it's going to be a gradual change. that's how you wa

/day vs 58 gm/day) and more fat (114 gm/day vs 38 gm/day), meat, saturated fat, and cholesterol than native africans. compared to african americans, native americans produced a fraction of the secondary bile acids.it has long been known that people who follow a plant-based diet have less bile in their stools, so their capacity to form carcinogens in the colon is low. they produce about 70% less of the secondary bile acids linked to cancer compared to meat-eaters. after just one week on a plant-based diet, the growth of toxic and carcinogenic bacteria was reduced by 50%. after one month, their presence in the gut was reduced by 50%.the toxic effects of bile acidsincreased bile acids increased production of free radicals. free radicals damage dna and the ability for cells to repair themselves.in a 12-day study, subjects ate a diet rich in fat (50%) and meat and poor in dietary fiber. after one week they were switched to a low fat, fiber-rich diet. hydroxyl radicalsá dropped 13- fold.áhydroxyl radicals are one of the most destructive free radicals, which may increase colon cancer risk

in gm by a half a ford buy $600 billion here in. if there are further tariffs.com, you have problems there again. a lot of uncertainty in the auto space right now. we would be on hold for that reason. yvonne: who stands to lose out more? you talk about where we go and nafta talks and that will be a big question mark as well. a lot of these makers build cars in canada. could u.s. car companies be the worst hit? >> i don't think they will be the worst hit. i think that in terms of who loses, everyone loses. a lot of the car companies lose as car prices across the board go higher. contentnt of imported in u.s. vehicles will impact u.s. sales. deal are vehicles, a great of canadian imported or exported autos go right to the u.s. if you look at the trade balance between the u.s. and the rest of the world, we are talking about the eu, asia, canada, mexico. driver's seat the here. i don't want to say that a trade were is winnable, but other countries and regions have more anyose by a trade were or escalation of tariffs. i'm curious whether

gm and ford under tariff attack. forecast withfit supply chains at risk and president trump threatening a 20% tax on eu imports. >> welcome. talking about automobiles. what you were talking about, how are they going to deal with this trade issue. alix: really interested in that. having a direct effect on the market, dow jones off by triple digits. part of that is gm. class, the curve continues to flatten here in the u.s.. david: time for the morning brief. we will get new home sales data for the month of june. u.s. treasury auctions continue at 11:30 with the sale of 2-year note's. and after the bell facebook has been -- will be recording second-quarter earnings. alix: updates of outside the business world. has made at trump late-night proposal on trade before meeting with the european union officials calling on the tariffs.u.n. to drop the president meets with the european commission president jean-claude juncker. president trump is congratulating next goes president-elect and warned him about trade at the same time

gm is off 7% bill. >> yikes i'm bill griffeth. we begin this hour in d.c. as melissa mentioned, president trump is minutes away from sitting down with european commissioner juncker they have been butting heads before can this meeting produce a break-through on trade kayla tausche is at the white house for us right now. >> reporter: bill, the two sides have traded very harsh words very recently, the president last week calling the european union a foe and refreshing those thoughts of new tariffs on autos coming into the u.s. th europe is preparing a new retaliation list of its own. the president on twitter in the last 24 hours very vocal on trade, lamenting the impact that retaliation has already had on the farming community and agricultural america and also having some words for his critics, lamenting pressure that he's getting from some people to end these disputes more quickly. he said this on twitter, saying that people are snipping at his heels and that the effect that has is actually detrimental. when you have people snipping at your heels during a neg

car owners60% of the money and the rest goes to gm. the company al provides insurance on the ntal. >>> recalls in packaged crackers like ritz andsh goldfi over salmonella concerns are causing a stir at the grocery store. food-related illnesses are more likely to occur in your very own kitchen. the majority of illnesses are caused by cross-contamination of raw meat. any bacteria on our hands can be transferred to countertops, utensils and other food. the best way to avoid rnfood-bo illnesses is to thoroughly wash your hands after handling r meat. >>> a new stud by sunscreen shows why many of you may still be getting burned. even so, you're usingon a lot with high spf. t's not that you're using the wrong kind of sunscreen. it's that you're not using enough of it. it's not a matter of applying it several times out in the sun. it'sbout using the right amount, too. here's a good rule of thumb. adults should use the equivalent of a shot glass full of sunscreen to expose areas on the face and body. >>> this morning, z burger is asking for for

upt ie irv>> heci 'l aesideals" to att 'l aesideals" to att ♪ 'l aesideals" to att wh finand thhsn gm financial oncadee. 2ouin ufothdejomage60 , ♪ ence a 2018 escalade. community to pro ability, diversity and eyn st a arding h myedatdo. wtho yds d igstbeen taken f athilaywa croswa. sth breodllu here's what it looks like, higew pressure overhead, tomorrowms n. we got strong storms over ohio voweand there's the stopper getting organized, that arrives first, heavy period of remain00 areas closer to t coast would be moreany of heavy rains as it south to north. oudss flowte e a off the na iitn ocean, it will be cool. su sayrshowe a nd in the forecast. ie degrees ovghernit. powy agair accu-weather seven-day forecast, zip trip in come join the beautifulse iiont great either, we'll get stuck in a weather stab fothr understorms. it's not going to rain every day but we have the chance for heavy shnd nsah, back ove to you. >> minor league baseball team mes, baseball and making funnali of millennials >> the team is the montgomery biscui based on millennial tyereo and offer things like avodo and

gm is saying listen, we need free trade. we get parts for other countries. you raise the cost of countries -- cars and after they did that, which was unusual for gm, other automakers have piled on. they have issued more sentiments. >> we think of the auto industry , the dealers as being entities with significant clout in american society. in the administration do they feel they have currency? a lot of power bases and lobbying groups feel they don't have the ability to talk to visit administration the way they did with previous ones. the answeris point is yes. the automakers were getting good leeway from donald trump on fuel in missions, and emissions standards. trump was talking about watering allowed standards which them to sell more trucks and suvs. what i found interesting about the statement friday, the backdrop is gm has been talking to the trump administration about trade. it seemed like they had their gear. to come out and make this they reallyying don't see this as a good idea at all says maybe they were not being heard on this issue behind the scene

go on really no reason to own ford over gm. own gm >> mice price mart underpressure. >> it's about the earnings efb's focusing on that you look at the revenue side, they beat. they have strength there, but have been spending a lot of money recently i think they're doing all the right things stocks coming off the highs. makings a little sense on that miss this is a company that should be bought >> you're watching the industrials. worst performing sector many the past month >> this is the sector that i think you need to have on your radar to watch, but it's caught in the cross trade hair of the war. you see some of the car manufacturers that are seeing efforts being hit by china i think it's going to stay under pressure until we get more clarity. about what the tax tariff rs going to look like from china. as well as pr germany and from europe as we start to discuss auto tariffs, which are going to start to heat up in july >> oil prices are higher after mitting a one week low we're going get the strad frstrs first though, bill has

gm and ford say the average price people pay at the dealership, $35,500. speaking of general motors, it released its second quarter sales today. up 4.6%. the chevy bolt, its sales were down 22%, but keep in mind this is a vehicle that gm is selling fwloeblly and the company says globally the demand, especially when you factor in south korea and canada, globally the demand is increasing. so the company says today it will increase chevy bolt production in the fourth quarter. guys, back to you. >> great setup, phil please stick around for the conversation we want to bring in carl broward, auto trader and kelly blue book executive publisher to discuss the june numbers along with his take on the threat of global auto tariff welcome, carl. how do you read today's number as phil outlined looked pretty good. >> looked great. even as car sales have collapsed, truck and suv sales more than made up for it the overall impact is still growth, and truthfully growth in higher profit vehicles so it is still great news for the automakers today. >> phil, did you hear bob lu

the owners get 60% of the revenue, gm gets the rest. >> a little extra cash. not bad. iane kin g hall of "cbsmoneywatch," thank dee ng mad. that's yes for less. ross has the brands you want for back to school. and it fn better when you find them for less. at ross. and it fn better when you find them for less. ...and you suddenly realizes you're really into art? that's yes for less. every trend. every room. on any budget. it feels even better when you find it for less. at ross. yes for less. >>> check out this live view. right by the embarcadero there, the ferry building across the street, you have to wonder are people working already? or do they leave the lights on from last night? you will see drizzle across parts of the bay and the coast. temperatures will be on the rise especially inland. we'll have more in your full forecast. >>> fire officials in greece now confirming that at least 79 deaths are linked to the wildfires that have burned seaside communities near athens. rescue workers continue to search areas northeast of the city that are mostly affected by the fir

remember, it was gm that said it would have to scale back its production if the tariff wars continued. things are much better for homebuilders after we got new home sales for june. eight-month low with morgan-- mortgage applications falling-- fell this week due to persist in a facing the market. everyone is down anywhere from 2%-- two and half percent like lenhard to the user which is down to 7%. all moving lower. let's make it to the white house, please. president trump is tweeting ahead of today's meeting to perch a controversial terrified idea: pre-policy between the us and european union, but guess what. is not the european union that might stand in the way of the president's free trade future i did. the biggest barrier to president trump's idea may ironically be the united states loss. foxbusiness blake berman standing by at the white house where trade talks are going on. this is a surprise in the past hour or so. >> you know, this was a lot of tough words back and forth on twitter and from the eu and the presence etc. they were friendly face-to-face a while ago and that oval off

gm cutting its for your profits forecast, citing rising metal prices. fiat chrysler also reduces outlook as sales load in china. that is dragging down shares of ford ahead of its earnings report after the opening bell. are theo what extent losses we saw all linked to president trump and his threat on tariffs? gm, theertainly, automaker was reluctant to blame the president or complaint specifically about tariffs, but they noted it was commodity prices generally, especially steel and aluminum, which the president has taxed now. those prices are going up and it is hitting gm hard. fiat chrysler dodged a bullet. they said they have basically bought all of their steel for 2018, so they are pretty well protected, at least until next year. can happenmething with those before then, they can skip that altogether. that was definitely happening for gm, harley, polaris, and with fiat chrysler, their problem was more in china, not much trade related but more marketing. ata: jamie, we were looking the effect of the steel and aluminum tariffs. president trump out toda

those who own or lease a 2015 or newer gm vehicle can list their car on a sharing app. preapproved car share users can rent them. the owners get 60% of the revenue. g.m. gets the rest. they're hoping people will buy higher priced vehicles so they can offset the payments by renting. anne-marie. >> diane king hall at the new york stock exchange. thanks a lot, diane. >> all right. thank you. >>> still ahead, we have a mega millions winner. last night's drawing made someone a half billionaire. where that ticket was sold. that's coming up. i wanted it to last. so i kept on fighting. i found something that worked. and keeps on working. now? they see me. see me. see if cosentyx could make a difference for you- cosentyx is proven to help people with moderate to severe plaque psoriasis... ...find clear skin that can last. don't use if you're allergic to cosentyx. before starting cosentyx, you should be checked for tuberculosis. an increased risk of infections and lowered ability to fight them may occur. tell your doctor if you have an infection or symptoms. or if you have receiv

he wanted a partner to help shoulder that burden in june 2015, gm ceo mary bar a confirmed report that -- at that time she rebuffed the offer saying it was not in gm's interest october of 2015, ferrari listed on the stock exchange as well. as chairman of ferrari, he led the spinoff and all the way to the listing which has been a success, in fact fast forward to a few weeks ago in early june. in fact, sergio leading the presentation as an ambitious five-year plan to move the company forward. perhaps no surprise, a big focus on the jeep and the other brand which are most profitable by far. this is why the new ceo who is head of the jeep and ram division >> thank you >> we're joined live with the latest details what can you tell us about the new leadership >> reporter: yeah, good morning. live from the iconic headquarter. as we're talking, the top 20 managers of chrysler have convened how to implement the plan you were mentioning from the studio. a very, very ambitious plan. sergio march ki own i explained on the first of june one of his last public appearances. the goals are very high re

gm is certainly one of them. it has been here for 100 some odd years. a lot of car companies are building here. all are saying the same thing. which this will raise prices on consumers these taxes. it will make it more expensive to build cars and trucks in the united states. all not for nothing, we'll invite retaliation which means we can't export as many cars, it is a lose, lose, lose proposition. why you hear gm, toyota, honda, ford, everybody talking about this. the risks are significant. and certainly the uncertainty in the near term is already creating problems. neil: what is interesting, so many of these companies, foreign companies as well that have u.s. manufacturing plants, a lot goes back to the japanese carmakers case to ronald reagan when he wanted japanese automakers voluntarily limit their exports to the united states. so a lot of them set up operations here in the united states for which they are not being rewarded now it seems. >> yeah, you know, these car companies, may have started out as small import manufacturing, sales and service.

gm went up to 45 filled in that whole gap, maybe it's a good do >> good debate let's settle this. >> bring in former pimco ceo mohammed el ariane >> i want to get your opinion who is winning the trade war, are we >> in relative terms, we are winning and we will win the trade war, and i think just look at the performance of u.s. markets, relative to china and others, that is consistent what happens in absolute terms i think what the market has priced in, is the following, the tit for tat continues, ultimately, it doesn't lead to a full blown trade war, that we get still free but fair frayed is there a left tail sure there is. what the market hasn't realized, there's a white tail i call it the reagan moment for trade. that when people realize at the end of the day, the u.s. will prevail, it's a less open economy. ultimately you may end up in a position where the global economic terms is better off the market is pricing in -- >> we think about the reagan moment, most people will think about japanese automakers bringing production to the united states. is that what we're talking about mo

boeing, coca-cola and visa to report with gm, ford and facebook. drink your earnings to put the dow up 200 points yesterday. watching the numr

you saw this week that ford and general motors, gm has a big plant in tennessee. they announced they each lost $300 million this year. they have to tell that to their stockholders and they attributed most of that to the tariffs. you can't be in the zero tariffs world which is where the president wants to go and raise the price of steel 40 percent and still make cars and trucks in tennessee that are competitive to sell in the united states or export around the world, which we do a lot. >>paul: how many cars are made in tennessee remark you've got a nissan plant and a volkswagen any gm plant. how many of those cars are exported outside the united states? >> i don't know the exact number but it's billions of dollars of cars that are exported. and billions of parts are exported. the real employment in our state is with the 900+ auto parts suppliers. the way you make automobiles, a nissan rogue will go back and forth with its parts to canada, mexico and back to tennessee before it's finally built. that permits it to be built in a competitive way at a low cost and sold

m gm owns a hotel and faces more than a thousand lawsuits from victims. mgm file add suit. the hotel says it is protected under a federal anti terrorism law because of hired adequate security. >> there is confusion by the victims. they are in disbelief. we are getting an inside look at what could be the first commercial space capsule. it shipped to cape canaveral and to prepare for test launch. an unmanned test could happen in august possibly putting an astronaut inside by december. a report this month by the government accountability office puts a company's chance at meeting that deadline at zero%. >> dance off. making sure kids were okay at a house. the conversation turned into a dance challenge. >> that's how it goes. >> it is rare. >> always. >> we have got to get that video. here is a look at low clouds. we'll be in the low 60s. at 9:00 in concord at 70 degrees. then expect temperatures to jump up fast. we'll be in the mid-90s by 3:00 today. check out the seven day forecast. it shows we will have hot weather for some of the valleys. we start out with south bay. downtow

for the first time today on this issue saying the gm is trying to increase revenue and reduce costing the system. they say he's trying to protect worker jobs and their pensions. now we did speak to the mayor muirual bowser tod i who madet clear that a strike vote would be ille now the last strike was way back in 1978, so it' been a very long time since something like this has happened. now, metro also says that ere's continuous dialogue between metro and the union. they are trying to find common ground. if you want to read that entiren statement,ou go to my twitter feed @darcyspencer. >> all right, darcy. we'll continue following this story. thank you. >>> police in montgomery county need your help locating two young brothers from sver spring. detectives say 9-year-old chris wilson seen here on the left ann 14-year-old rd wilson jr. were last seen sunday afternoon at montgomery valley. the brothers are known to go to goshen plaza. oldest plazaas last seen wearing a red shirt with a picture of marilyn monroe on it. anyone with information should call the number on your screen. >>> let'

you want general motors, gm? look at the stock. the stock is off some 7.5% because gm is admitting that not only is it paying more for its steel, but of course gm cars, if they are exported, are being tariffed if they're going to china. what we're seeing similar with boeing, is warning after warning that this tariff policy of the administration is now starting to have unintended consequences. whether it be through the necessity of agricultural aid. look, put it this way, afa. when the president of the european commission, jean claude you juncker, who represents an organization who the president says is a foe says he's not optimistic about having trade talks, it shows the situation is serious. >> where does it go from here, is the big question. we'll hopefully see some progress this afternoon. richard quest, thanks so much, as always. >>> coming up, secretary of state mike pompeo will face off with lawmakers this afternoon amid continued questions about president trump's private meeting with vladimir putin. will we get answers on wh

at route 28 montgovenue, right lane is blocked but ame volume so lit no major slowdowns there just gm rosslyadto problems on the beltway innerhe wo lodrow wilson bridge. any questions at erin fox5le.c.y that again, any 5 estions at erin foxc. on twitter. back to you. incobo cok up gtrion with the n. mo star what are toys go for sixpera figtureur is 71 degrees. ♪ive look at theer this. >> at 495 u.s. one. traffic moving along well. this is the beltway, by the wagivenig'sht e beasperin end chris dixon. the families were called to the stage where they were met with standing otion avathree coh e trying to defendacnde stu fntro4 which left 14 others dead. s, andth, sheased 're unimpressed. they tookthe w poster whic featuresnd sea suerperhlao pyed jason mamo have $360,000 and you're a huge f of "star wars" then this is for you. sof othng darth vader with an extended light sabre areff i dallas. there are fure figuresia o trumd through the skie they're jeff goldblum statue inel ctiebra anniversary.k's 25t e statue which m trends pi w i saw o this yterdaynd a miss it.>> goldblum.ant him to

example for you, gm, which imports car parts, says tariffs could lead to a smaller gm forcing gm to cut jobs or raise prices by thousands of dollars. toyota speaking out saying the tariffs could make the camry $1,800 more expensive. all of this is culminating to this friday. this is sort of d day, the day u.s. tariffs on $34 billion worth of chinese goods goes into affect in beijing. guess what, they are expected to retaliate. that's the first phase of u.s. tear riariffs on china. another $16 billion is under review. that's why you are seeing stocks under pressure right now on wall street. investors are worried a trade war will slow u.s. economic growth and wind up hurting corporate profits. >> thanks so much. >>> joining me to discuss this is max boot, cnn global affairs analyst. great to see you, max. >> good morning. >> first and foremost, should anyone be surprised that this president doesn't want to be part of something called the world trade organization? >> nobody should be surprised, because donald trump has made his animosity to free trade clear for decades. what's striking is

a gm car can sign up? >> there are some rules. it has to be a model it's 2015 or more. you have to be vetted. if you do it, someone will come and inspect your car and outfit it with decals and put the technology in it. it relies on the technology that lets the renter access your car. you don't ever have to see each other. >>> is the idea if i have a gm car and say it costs w5 $00 a month, my program to own is $500 a month, the days i'm out of town or on vacation, i can lease it out and try to recoup some money. >> exactly. not only that. say you live in new york city. during the dae -- the theory is it's an asset that most people have that sits idle.ame with you'>>ss sicay a new financing mechanism? in other words they want to get more people who will buy a car and it is no going to cost so much because of what norah just outlined. >> if you're monetizing maybe after a while you'll trade up. >>> welcome to "cbs this morning: saturday." i'm anthony mason with michelle miller and dana jacobson. coming up thi

tariffs taking a bite out of gm's and chrysler's bottom line. is ford faring the same? the results from the automaker. the numbers you need to know coming up next. and the miles an. he's gonna get mine -but i'm gonna get a new one. -oh yeah when it's time for your old chevy truck to become their new chevy truck, there's truck month. get 18% of msrp cash back on all silverado 1500 crew cab lt pickups when you finance with gm financial. that's $9,000 on this silverado. plus, during truck month make no monthly payments for 90 days. where we're changing withs? contemporary make-overs. then, use the ultimate power handshake, the upper hander with a double palm grab. who has the upper hand now? start winning today. book now at lq.com. this is no ordinary coffee. it's single-origin kenyan coffee from the nyeri highlands, 6,000 feet above sea level. but how do you really know that the beans journeyed to the port of mombasa and across the pacific? that you can trust they're 100% authentic? ibm blockchain. a smart way to track every step, ensuring this coffee did indeed come from

for gm this week. it's not just about the tariffs in the trade and how will that affect pricing in each prospective countries and continent, it's also the cost to build these cars with the cost going up as the dollar trades up in commodity prices move around. it's going to be interesting to see the forward guidance from ford and gm specifically forward because they are cutting back on their sedan or line so they are going into full speed with trucks and suvs. so it will be interesting to see how the cost is passed on to the consumer because they have warned they will pass it on to the consumer and how it will direct some forward guidance into third and fourth quarter of the year because other stocks have struggled in 2018, and they want some of their sea legs back under them and it's an opportunity to do that. >> let's keep going in that vein about auto stocks and cost going up and, by the way, for it is one of the auto companies who will be at the white house for this event in "made in america product

a big day for trade as the yield curve visits the white house gm cuts guidance on higher tariffs. europe is mixed.

meantime, he is bullish on gm. we will hear from him next. this is bloomberg. ♪ scarlet: "what'd you miss?" steve eisman, the money manager who predicted the collapse of subprime mortgages before the financial crisis in 2008 is picking winners and losers in the auto business. he spoke to "bloomberg surveillance" today. >> if you were to look at my portfolio, there are things that are singles and doubles, potential home runs, and for example, the one stock in my portfolio that has not worked yet but has the potential for a big home run is general motors. >> in what way? >> on the long side. look, the stocks are having issues and that is well known, but general motors and google are the leaders and autonomous driving. if autonomous driving takes off, it is possible that the economist driving division of general motors will be worth more than the whole company. >> tell me about profitability. we were just looking at amazon and four cents on the dollar -- at four cents on the dollar. gm is not comparable to amazon but i have a margin of 19 and

. ♪ rishaad: gm and chrysler as terroristsngs recap on the auto industry. higher -- prices higher. 's earnings forecast. carmakers in this neck of the woods, our auto analyst. the u.s. is an extremely important market. second-biggest car market in the world. better numbers out of hand i -- hyundai. >> for hyundai, we have a relatively positive view on that south korean auto company. remember last year, the sales in china plummeted more than 50% in certain months because the chinese were boycotting some of their vehicles. now we are seeing recovery of that and it is a great time. they have interview -- introduced a couple of suvs globally. that is helping them and we will see what happens to the u.s. automakers in china because with the tariffs spat between the may and china, u.s. sales be getting boycotted like the south koreans had last year. that can play well into south korean and japanese. haidi: in terms of the impact on these steel and aluminum tariffs on the likes of nissan? steve: i think that will be an to hear what they have to say about these tariffs. gm, itlisten to for

get 18% of msrp cash back on all silverado 1500 crew cab lt pickups when you finance with gm financial. that's $9,000 on this silverado. plus, during truck month make no monthly payments for 90 days. lou: left wing national media meltdown goes on, co-host of the view, whoopie goldberg dragging judge jeanine pirro into a screaming flash on the view, look at what whoopie does when she can't land handle the. >> how long has the deep state been there and who is running it. >> i want to answer your question, our opening statement, how horrible it is that donald trump is -- you said, whoopie, you know what is horrible. they end up murdering children of american citizens, what is horrible we have sanctuary cities. >> say good-bye. lou: that is remarkable. i got the feeling that whoopie and judge did not get along. joining us now dr. going t goinr of new book. why we fight. whoopie was you know she was tested beyond her limits, there by the judge. judge jeanine pirro not backing up one ounce good for her. >> don't get into an argument with judge jeanine pirro. >> that was the thing i was worri

down 77. 25,161. >>> look at gm. tariffs apparently according to the company, biting into gm's profit forecast. they're looking to the future saying tariffs will hurt them. to your point, kristina. general motors up 37. it is down two bucks. that is a whopping 6% drop. >>> general dynamics very strong profits. they make gulfstream jets and navy ships. that is up 1 1/2%. >>> higher profit at another defense contractor, northrop grumman. healthy demand for fighter jet parts. that is what they're doing. why is the stock nearly down 4%? i don't know. i'm trying to find a reason for you. we'll look at it. >>> rosy outlook from hilton. strong demand stateside but again the stock down 2.7%. we'll figure out what is going on there. the. >>> price of oil this morning is where? $68 a barrel. average price of gas around the country staying put at 2.84 cents per gallon. dow industrials down 72. >>> "the wall street journal" reports that google and microsoft are offering their cloud-based services to manage the oil and gas indust

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union leaders claim that metro gm is violating the contract. find out how this affects you. >> we're hours away from the biggest amazon sale of the year. kicks off3: at this afternoon and will last a day and a half. >>> president clint t presidemp meeting with president vladimir putin this morning. his is a live look outside ahead of that meeting. this is the first summit between the two leaders. more on what they will talk about, live from finland on "today." >>>hu isolatederstorm possible. tomorrow, we watch some showers and storms roll through. doesn't look too bad for the rest of the week. lower humidity. that will be nice. >> that is the forecasthis morning. we appreciate you waking up with us. >> the ♪ ♪ summer's calling. the 2018 escalade is ready to move. our best offers on the 2018 escalade are here. join us for the made to move sales event. get 0% apr financing for 60 months, plus $2000 down payment assistance when financed through gm financial on a 2018 escalade. breaking news. high-stakes summit. president trump and russian pres

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