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tv   Making Money With Charles Payne  FOX Business  August 6, 2018 6:00pm-7:00pm EDT

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liz: less than 7 hours before u.s.-iran sanctions snap back. adam shapiro is here with "making money." adam: the united states preparing to reimpose economic sanctions on iran in just a few hours. midnight tonight. we'll discuss how iran may respond to that. but first president trump touting tariffs to pay count national debt. china is calling the tariffs extortion. edward, how do you respond to that, extortion. reporter: that's very strong language coming out of china. there are no plans for the trade representatives to meet. chinese state media went on to
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say that the chinese are ready for a protracted war over trade. records are going on to say the chinese people are willing to endure economic hardship to get over this hump and beat the united states. they say the united states is trying to crush chinese economic sovereignty. the chinese announced they are not going to change any of their practices, that is, protecting american intellectual property or lowering tariffs. the plan we announced of 25% tariffs. the chinese targeting the energy sector. liquefied natural gas exports and products related to mining. president trump said playing hardball on trade is his thing president trump they think we
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can't -- president trump: they think we can't go any higher. we can go much higher. these are the worst trade deals ever made in the history of the world. nobody made deals where we give away our country to other countries. it's sheer stupidity. reporter: the president getting support from democrats and some republicans. >> president trump has had a tremendous impact on this entire trade debate and i think he's wing. he has had an effect on the chinese, on the chinese markets. president trump wants to protect our intellectual property and he wants to us win. reporter: the mexican trade representatives will be here in washington, d.c. to work out the last three issues the mexican trade minister said are on the table. the deal will be take to the kns
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to see if they want to sign on. the trade minister says he believes a finalized nafta could be done in principle by the end of august. >> they said they were getting the water for the canadians, come on in. adam: there is some kind of stipulation there be a percentage of automobiles manufactured in high-wage places, that would be the united states. will this fly with the ustr? i know you have good sources. any hint about what these other three issues might be? >> one of them is the sunset clause. that was not discussed when the trade representative was here. and that's wages. the percentage of the car mat was made by high-wage work. mexico is offering a concession on that front. mexico saying they are willing to bring their price for worker up to $16 for a small percentage
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of workers because their economy can't afford $16 an hour for all workers. we'll see what happens with the negotiation back and forth. still, the u.s. trade representative testified that he believed that the end of august could be a date for a revised nafta in principle. this should be a big month as we get to september. >> the 90-day requirement kicks in august 7. we'll keep this discussion going. we want to bring in our panel, gillian melchoir from the "wall street journal." ford o'connell, and kevin walling, a democratic trad just. sunset clause is it five-year renewal. >> i think it's a bad idea. businesses make these investment decisions, they want certainty about everything from how long
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the trade deal will be in effect to how this will be lit kateed. what this has done is throw a lot of uncertainty into it. we are seeing the trump administration saying we might have something soon. the economic impact will take about a hyundais. unless you do skinny nafta, then you will need congress to debate this. that's at least 90 days. this is pushing it past the november elections. adam: we heard wages rising to $16 an hour. the lower wages for uaw workers are higher than that. how do you get it past the uaw workers? >> the uaw believes president trump is moving in the right
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direction in terms of trying to renegotiate nafta. i think this is a positive sign. if you told me nine months ago mexico would be more willing to come to the bargaining table than canada in terms of renegotiating nafta. hopefully mexico and the u.s. can get together and bring canada into this. adam: do you think they can get a deal with the mexican government by the august 27 deadline in because then it has to go to congress. it's 90 days and that would take us past the mid-term elections. >> that's a good question. 90 days is a hard and fast deadline with the new mexican government coming in that was elected this past july. but we have seen and lot of deadlines pass by the wayside.
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so i'm cautiously optimistic as are the canadians in a recent story this morning that they are optimistic this will happen. but there is not a lot of evidence showing the deadlines have been met as part of the negotiations. >> the other big issue has to do if you have a lawsuit. where do you sue? that hasn't been resolved yet? i will let gillian get in on this.
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what we are asking the united states -- and i'm not second-guessing the administration. but if i'm a business owner it seems this is against my interest. >> investors want to sue in their countries. especially as we are seeing a rise in protection i'm. you don't know that domestic politics won't get out of hand. that's why it's important to have that agreement ahead of time. that's something that's guarantee for them to be willing to put forth their money. people are already dealing with the uncertainty. it just piles on additional risk. >> can we do a bilateral deal with mexico and not have something on the books with canada? can days our largest trading partner if you take out the e.u.
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>> you could do anything you want. you could have a bilateral deal with mexico. can days our second largest trading partner and can days our second largest. only china surpasses both of them in terms of the two-way trade. by having both of them locked down moving forward it makes it easier going forward because we know china is not going to give up. we agree the unity on the north american continent at the end of the day is a good thing. adam: does it make sense to wrap it up if we negotiate with mexico and canada? >> as a democrat i'm excited that negotiations have taken place of threats and tariff fights. adam: reports say russia could launch a massive attack on our electrical grid.
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house that national security is at stake. private companies are the front line of defense. there is a narrow and fleeting window of opportunity before a watersheds 9/11-level cyber attack. the doj is putting together an aggressive strategy to target the individual hearing. u.s. officials are look at measures to deter them from breaking into the grid. also financial measures as well. including assets seizure and sanctions. this forward-leaning strategy comes after russian hackers breached control rooms giving themed the ability to take the nation' power grade off line. they are looking to send a strong message to countries like
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iran, north korea, and china and russia. adam: i don't know if this is in the realm of what you were covering. but has congress said whether they would be willing to provide fund together select companies to make sure they have the correct security protocols to prevent what we know happened with the russians bing side these control rooms? >> we know the private utility companies are looking for military to help out. they don't feel they should be solely responsible to combat the security issues with attacks pouring in from all over the world. whether they are given resources in the foirnl of money or technology, they are saying they
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need help here. adam: joining us, lizza, are we prepared? we know the russians were inside some of the control rooms. should the government be providing militariosis answer or even funding? should it be providing that so the russians or whomever can't get back in. >> these attacks are as old as snowden. the concept of the u.s. being proactive and hack back is not new. right now especially with the electric grid, the private, public and government-owned companies need to come together. while some are asking for federal help, some from still saying we want to maintain this
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on our own. adam: how do you get all these parties together? it seems rear behind the 8 ball or are we ahead of it? >> it's like someone pulled the fire alarm and people saying should we use a fire extinguisher, call the fire department or let it burn. right now they are letting it burn. it's ludicrous that everybody isn't coming to seal this up. the kind of security breaches happening in this country for ages goes on. the only thing on the who rye zon, liberty eclipse from the department of energy. they will simulate what happens if our grid comes down in a major municipality. how do you recover from that. they are starting to get some exercises going. this is a band-aid on a gushing wound. >> i lived in cleveland. walton hills was the scene of the tree branch that took out
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the northern part of the east coast. twa. 2003. i had a high school reunion. >> there are three major electric grids throughout the country. east coast, west coast, and texas. the fact that they don't have better security is ludicrous. adam * without electricity we won't have facebook. they have an idea to join with banks, and i spoke to a spokesperson from facebook. they said we aren't going to agree gait pore save or provide your personal data. we just want to provide you on messen jerp veal time looking that your check account. here is the statement.
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curt, do you believe them? >> you have a company with recovery modes on two fronts. one, their stock. and two, they are seeing an he roaftion their user base and they are look for more engagement. the second thing they have to deal with is the p.r. campaign that is a nightmare. for the company we once trusted to bring us back together seems like a potential evil threat in our lives if we reveal too much information. the time cog not be worse for facebook and public perception. >> i realize how things looking be a problem. but lisa, somewhat about how things look. what facebook might be providing is a legitimate service.
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do you believe that's their goal or do you think they are trying to aggregate your personal data to be sold. >> this kind of financial data is regulated by an alphabet soup of dieta privacy provisions. it would be difficult -- of data privacy provisions. i don't see why the major institutions would agree to hitch their wagon to facebook. adam: accord together "wall street journal" they are not going to do it. both of you, thank you very much. i know we'll keep following that facebook story. a major glitch at wells fargo sent hundreds of people into foreclosure. we are going to be back right after this. s you drive safely.
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adam: wells fargo the latest big bank to behave badly. hundreds of families lost their homes after the company revealed a computer glitch was the cause of them losing their home. these are people who had fallen behind on their payments. but the glitch made it worse. >> aness calculation is how -- a miskawlingmiscalculation is hows fargo wants to characterize it. they sent aside $8 million. $12,800 per person won't help them buy their home back.
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they were eligible for relief in their home loans. and these mortgages. and because of these miscalculations they didn't get that relief. this is a running long laundry list of airers. friday when they made this announcement they paid up $2 billion for a 10-year investigation when they misstated some of the ownership and the qualifications to get the loans. look at this list. let's start with 2016. it unraveled in 2016 when they announced there were 2,000 fake accounts that were open. the chairman and ceo had to step down. we had the consumer protection agency fines for auto loans that
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were selling unnecessary insurance policies with them. this goes on and on. that's why the federal reserve took the unprecedented move to stop wells fargo from going any further. you have to take care of problems on your homes before you take care of business. adam: we are taking aim at wells fargo for behaving badly. jpmorgan chase foreclosed on 4,000 members of the military who were serving overseas and they had to pay a huge fine. with wels wells fargo, did they ever claw back? >> in terms of how much they clawed back, they said this is part of the punishment. especially with the commissions earned. a couple of those.
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adam: the cfo was also in on this in the clawback. >> also the brokers who opens the accounts to make sure they earned higher commissions. but this is the world of banking. >> some of the employees, they are still making the employees go to mediation. selling those or doing what the managers were having them do with the fake bank accounts. have they settled that issue? >> i think that's still in negotiation and under review. there are lots of moving parts in this. who ultimately bears the shoulder of responsibility for this long list of bad behavior? >> unfortunately people who do bear it are the shareholders. >> you say that because actually in the depth of april until now,
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wells fargo have been outperforming because they use their idle cash to buyback shares. >> imagine how much more they could increase. but susan li always good to hear you and see you. >> you are projecting. adam: thank you very much for joining us. the trump administration is reimposing the first found of iranian sanctions. we'll discuss what iran may do in response when we come back.
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>> our policy is not regime change, but we want to put unprecedented pressure on iran to change their. so far they have not shown any interest in doing that. we are not going to allow iran to get nuclear weapons. adam: the first round of sanctions on iran are set to go
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into effect at midnight. how will iran respond to these sanctions? here to discuss, deneen borelli. kelly jane lawrence and don braley. deneen, it's companies that may do best with iran. a company could wind up having its bank accounts frozen. >> the president is keeping his promise, that is to change the bad deal that was initiated under former president obama by was bad on so many levels. there is also the sunset clause which would allow them to make changes to the agreement and we wouldn't necessarily know by the. make changes. so there were so many things
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with this agreement that the president has issued. and he's keeping his promise to make sure they change their behavior. >> how could you think iran responds to this? each action of the team hurts them even more. if they try to shut the strait of who arstraitof hormuz, how d? >> what they have been doing is desperately trying to keep europe on board with the jcpoa. they have been lobbying hard. even some former officials i hear, u.s. officials, have been in europe trying to get them to keep the deal and ignore the u.s. sanctions. let's face it. iranian leaders have a lot more to worry about than u.s. sanctions. they have had the deal with iras
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a matter of respecting international agreement and security. do you think european countries are willing to let their companies do business with iran? >> i think iran is cornered. eventually this deal with collapse and put iran into the brotion they have to come back to the united states and ask for a new deal. if iranian leaders listen to
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their people and the people who put the rouhani regime in place, we'll see what we can do to move forward. adam: the president said he would be willing to meet with mr. rouhani. >> he has opened the door for hem to do so. we'll see what happened. there are more sanctions to come if their behavior does not change come november. adam: if the president were to meet with rouhani, a state sponsor of terrorism. they take actions against our allies and against us. would that be a prerequisite if they stop doing that the way the president brought north korea to the negotiating table? >> iran has actually killed u.s. soldiers in iraq. the regime is responsible for that. they are responsible for terror. hezbollah, the syrian war.
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they have to know the regime is willing to change and i don't think they are. adam: is this quick flash diplomacy? >> this is the president's modus operandi coming on strong and hoping it plays out in his favor. north korea has an established nuclear program. and the iranians do not. there is a lot of differences here we need to look for and see how it plays out. i just think that the supreme leader and president have been very quiet on this. maybe they are listening to their people, and this will put us in a stronger position down the road. thank you for being here.
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we'll be right back. [music playing] (vo) from the beginning,
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wells fargo has supported community organizations like united way, non-profits like the american red cross, and our nation's veterans. we knew helping our communities was important then. and we know it's even more important today. so we're stepping up to volunteer more and donate over a million dollars every day. so our communities can be even stronger. it's a new day at wells fargo. but it's a lot like our first day.
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adam: it appears to be a failed assassination attempt on his life and president maduro said far right groups from colombia have been detained. a small group calling itself the national movement of soldiers in t-shirts has claimed responsibility. here to discuss, allen west. and we have gillian melchoir back.
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colonel west it's possible maduro staged this event to have some kind of crackdown on the opposition within his own country. is that accurate? >> you read a lot of the reports out there. some were saying it was a gas tank explosion. i would think if someone was going to try to do something such as an assassination attempt it would be been closer to the vicinity he was speaking in. in the past 20 years, no one from the opposition groups tried to assassinate hugo chavez or himself. adam: they are trying to blame the clommans. colombians. you would think they would have blamed us. they have always blamed us for the situation they are in. >> in a second-hand way he tried to blame the united states of america.
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nicolas maduro said the policies they tried to institute have failed. the nationalizing of production. it's possible he created this to shift the blame away from the failures to crack down on those opposing him. adam: you have an economy that's collapsed. a country that can produce oil. they don't own their oil. the chinese own their oil. could you see some kind of chinese action to secure their oil supply that's owed to them? >> i think the likeliest scenario is if this was an assassination attempt it many the venezuelans who did it. the most of shocking thing was maduro pulling out of his pocket an empanda and eating it while
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people are starving. i would say that's probably the likeliest. if he's resorting to this as suspected that he staged this alleged assassination attempt. you have people starve. a million people have left venezuela to seek refuge in colombia. how can they survive? they can't survive. the only ally he can depend on is cuba, and cuba can't carry the weight for them. iran has tried to make inroads with venezuela. so the only other person he could try to come to is china. but that will extend their logistic lines of support. and we are putting economic pressure on china as well. up next, a new report says north korea refuses to abandon nuclear
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adam: north korea urging president trump to drop sanctions. to my panel, dean chang, a senior research fellow with the heritage foundation. and walks is allen west. how do the north koreans expect the united states to take them
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seriously when we know they haven't altered the programs they said they would. >> it's not a bad negotiating position. they are trying to leverage something for any concession they give. so they say, okay, we have given 55 sets of remains. rather than viewing this as an act of a civilized country. they right as a bargaining chip. they want us to give them something before we go to the next step of denuclearization. adam: i believe the extended number is 5,300. >> i don't think we should extend any concessions to north korea. we need to operate from the position of the moral high ground. they barely turned the faucet on. so we need to be able to get on
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the ground to verify what is happening. from a political aspect, north korea is trying to do everything they can at this moment to stall things. they are probably hoping the republicans lose in the house of representatives and that will take away a strong arm for the president going forward. adam: the president controls the foreign policy of the united states. would it have an second in. >> probably not. but that doesn't mean the north koreans aren't going to try. the north korean foreign minister is visiting iran. just as there are froacts previous administration is trying to talk europe into upholding the jcpoa. adam: how should we respond to the north koreans and drop the sanctions? >> i think one of the most of
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important things we could be doing would be to pressure the rurgses and china on the maximum pressure efforts. adam: we are not best buds with the chinese and with the russians i don't even know where to begin. would it be realistic to go to them and say pressure the north koreans? >> i don't think it would be. we know russia is in bed with iran in the middle east. we are look at those axis powers all working towards a single goal. the most of important thing is to economically and diplomatically isolate north korea. we should hold the limit exercises to show we are in a
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state of readiness. >> i think the north koreans would probably hold exercises and renew missile tests on their own. but i agree with colonel west. just because the north koreans won't be happy is not a reason for to us with hold what we have to do. adam: the stakes are high and rising for the special election tomorrow in ohio. we'll take a look when we come back. fely. but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost. . now that you know the truth...
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>> state senator troy balderson battling danny o'connor in tomorrow's special election for a house seat in the suburbs of columbus, ohio. squarely in the republican hands except for one time. since 1920, but republicans are worried this time around. kevin walling is back with us along with rnc spokeswoman
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kayleigh mcenany. wouldn't the appropriate thing here be to say, you gotta win. democrats got to win. just because they've got a strong showing doesn't mean much. just like number two at the indy 500 never got to have dinner with lindy vaughn. >> exactly right. 50 plus 1. it's a nail-biter race, very close. we are confident the republican troy balderson will pull it off in the end particularly because danny o'connor flip-flopped on nancy pelosi saying i won't support her and flip-flopped on the airwaves on msnbc. not the model a conor lamb. >> i know his message has been health care and retirement issues. the nancy pelosi are going to bite him in the rear or is he going to be able to pull this off? >> this race isn't about nancy
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pelosi as much as the republicans want to make it about him, coming out and saying over and over again that he will not support her for leadership of the democratic party. what this issue and what that race is about is about john kasich's efforts to expand medicare. democrats's efforts to protect expanded medicare across ohio. focus on affordable health care. focus on pushing back on republicans who want to take away protections for preexisting conditions, and this race should never be that tight. >> might not be that tight but let's listen to what the president said because he was campaigning for the republican troy balderson just the other day. here's the president. >> we have the greatest economy in the history of our country. we have things that have never happened before. [cheers and applause] >> look, if the democrats get in, they're going to raise your taxes. you have crime all over the place, people pouring across the border. why would that be a blue wave? i think it could be a red wave.
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i tell you what -- [cheers and applause] >> should be a red wave. >> i spent eight years in northern ohio, cleveland. that's a very persuasive argument. the economy is strong would and resonate not only in cleveland but columbus where the congressional district is. seems the republicans have the advantage. >> what you're seeing out of this race is o'connor saying i want to work with the president when it comes to trade and tariff policy. i want to work when it comes to bringing manufacturing jobs to the columbus area. work to protect the affordable care act and the ban on discrimination when it comes to preexisting conditions. there is avenues which we can work with the president and that's a message resonating in the suburbs of columbus. while the republicans want to spend all their time talking about nancy pelosi. no one cares about that. >> kayleigh, boils down to who has the most people. are the republicans going to turn out enough supporters to defeat the democrats? >> yes. no doubt.
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20,000rsvp's for trump's rally in ohio. i'm not worried about our base. what i am worried about are ohio voters being deceived by some of the talking points that kevin just spewed out about him being a trump ally. danny o'connor is not a trump ally. talking like nancy pelosi on tax cuts. >> there you go again, kayleigh, there you go again. >> exactly. >> nancy pelosi, it's not about nancy pelosi. >> let me finish, i sat there and listened to your whole thing. he is against tax cuts, wants to repeal tax cuts, savered the average family in ohio $1500. he's against money in the pockets of the people of ohio and he's a nancy pelosi puppet. i will say that loudly. >> nancy pelosi puppet. there you go. >> let you have the last word. >> sure. this race should never be this close. >> she is presumably the leader in the house for the democrats, why shouldn't he embrace her. >> yeah, because nancy pelosi's
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ratings are underwater in that district as are donald trump's below 50% in this district. >> donald trump -- >> look at your numbers. >> we're out of time. i appreciate you being here. we'll watch the race tomorrow. right now lou dobbs is next on fox business.. lou: good evening, everybody. our top stories tonight, the trump administration cracking down on iran. reinstating sanctions after pulling out of the disastrous obama nuclear deal. national security adviser john bolton joins us tonight. he's here to talk about the trump administration's tough new stance against the islamist regime. robert mueller putting a star, so-called, witness on the stand on day five of the paul manafort trial. but significant questions of credibility loom over the entire testimony of the former manafort associate, rick gates. also

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