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tv   Cavuto Coast to Coast  FOX Business  May 14, 2024 12:00pm-1:00pm EDT

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lou? >> jim tannen in jersey shore. i am going jersey. i was thinking my home state. stuart: i will go with florida. all right coastline. the answer is minnesota which you got it right, the coast guard, every one thousand people in minnesota, there are more than 143 boats. you've got 140 -- ashley: you can use it for five days. stuart: a boat is a surefire way of losing a lot of money. better have friends in boats. wealthy relatives with boats. time is up. coast-to-coast starts now.
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>> moments from now, president biden expected to tout a rosie economy from the rose garden. timing could be worse. will he address the harder than pected inflation report? will he mention the new tariffs on china that could raise consumer prices even mor or a new report showing credit card dinquencies are soaring past pre-panmic levels? haggerty.rd from bill hour. to geto this our. weome.get stted. to cavo coast-to-coast i am cheryl casone he in for neilavuto. ale picture fromhe rose garden where president bidens set give a speech on the economy, jobs, follong big newsn inflation and tariffs. edward lawncstanding bat the white house with the latest.
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>>eporte month oventh, harder than pected. seng the fed chama taking longer than excted to co no rate ts in the near term and the cpi inflion report flation, 3 is a trend, four consum.e big proems for the the present is set to announce tariffs, heants t add chinese imports one hured% tariffs% taffs on electrical vehicl from china, 5 on solar cells and semiconducto, 20% on sealant aluminum tarif, 25% to 50%n certain medical products, 25 on a ship tohore cranes. the saactic dold trump used on the chinese. i asked this yesterday.
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>> in july019 candidate biden sa tiffs ochina are abive poli. hae president changed his >> i am ing toe miful we have always had ncerns on chs unfair trade picies. 've been c aartration dia trade deal with ina,aid to increase ameran exports or >> reporter:epublicans cal th political theater. >> presint ben is despere trying to ok tgh on china anit is t workin it'sot going to wo becse h aeady made us s dependent cticamaterials used in electricehics. >> reporter:e will see h these tariffs.racterize how do you lkbo t
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econy with the harder than excited inflatiorepo, that's a biguestion. are going to be watching. let's gereaction from republi pres are wghinon amicans. toy's repo, the present expect to lk about h wonderfuthe onomy isnd how eat the job market is. how es he sell that ssage the americapuic wn th are paying e icat home every day f food, groceries, gas? >> the american publ aren't buying i he ll tk past the publicn th but every americ citizen saw credit card debts have gone up to before the pandemic. every middle-class person is living paycheck to paycheck. the pain is enormous. inflation is up 20% since
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presidbiden came into ofce and persist in polies the keep energy pricesigh, economy.ry picies on the erything he does has been you have a treasury trying to deal with this by inrting yield curve or hold mortgage rates down, dangerous steps trying to address this. >> themerican consumer i 34 trillion and rising.t. how does the president again address the rising debt we are eping the chinese out from bringing in products that at this point a lot of things we need, medical supplies, solar panels, aluminum steel, solar batteries, this is a president who wants us to drive electric vehicles but is kicking the chinese oufrom the electric vehicle market.
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i assume that a political move. indeed. in termsf dealing with flation, he could stop spending all the money tt is baked into the system from the stimulus we never need. these green projects, green programs, billions of dollars still lined up to come into the economy will hurt the inflationary ande's not going to do it. with respect to the tariffs, some cparison to donald trump's tariffs but donald trump imposed tariffs for strategic reason protect domestic industries china was competing against. what president biden is doing and what i expect here in the rose garden is trying to blame the chinese for the fact that he has distorted the market, they use regulatory mandates, subsidies, solar panels. we don't have the infrastructure to support it, he will try to defect tariffs on china.
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this is activity we tend to see from the biden administration. cheryl: what will be here as we wait for these remarks? certainly what is happening with the us economy will he front and center and he will come up with an answer, looking at the polling of the new york times siena poll which shows in 5 of 6 swing states president biden is losing to donald trump substantially. >> was i better off when donald trump was in office, president biden, the answer was clear, donald trump's economic policy worked, the deregulatory, when he came into office, the tax cuts and jobs act put the economy on a growth that was double. president biden won't do that at all. unloading inflation on americans, americans feeling the pain.
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cheryl: what are you doing? >> at the end of this year trying to deflect the biden administration from doing more damage. this is a difficult time, probably the nba coming through and defense authorization standpoint. as we move to the next one. cheryl: is there a concerted effort among senate republicans to get more done considering the disarray in the house? that is troubling for you to watch as other colleagues told us, they are frustrated with lack of action. >> the house is under control of republicans. coming back to the senate, the senate is under the control of chuck schumer. talk about disarray and lack of strategic direction, it has been hard. cheryl: i feel like more has
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got mcconnell pushed in the senate even with democrats in charge of the senate where the republicans are in charge of the house, that push and pull is frustrating for many americans who want to see things done, actions taken. this is washington to proceed. >> just last week was a piece of legislation, most americans support this, this is not to count illegal aliens on the census for portion of congressional districts. the republicans in the house came together, every democrat voted against it. they want to count illegal aliens in the census. every democrat voted against me but they control the senate. cheryl: thank you for joining us. let's take a look at markets, major indices are finding direction is investors are digging into that.
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the wholesale inflation. all this ahead of tomorrow's consumer price report. what does this mean for the next decision on rates? here with chief global strategist jay woods joins me now. that is the big question. does this push the idea of another fed rate cut further down into the year or if at all? >> got the speaking in amsterdam and kept it longer. all lies on the cpi number, the ppi, offer all-time highs, focused on the march revision and numbers won't go into the fed inflationary preferred gauge which is the pce and cpi unemployment and tomorrow you see fireworks which way that is an don't anticipate a slow boring day like we have now.
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rallying 1% after it is higher for longer, looking at rate sensitive stocks and this is interesting times where the market is saying things, and we see how market reacts. cheryl: one reason during the session, they got that revision. the bigger question is the shelter component. several folks came on the air, analysts i talked to yesterday, shelter component was easy and we see that reflected in tomorrow's standard and the energy price component higher again as we go to the summer driving season. that's going to be a market negative. you have recession talk. >> don't no one to throw recession talk out the window
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but you mentioned shelter, one of the largest components coming in little bit. energy is expected to rise, we haven't seen prices come down at the pump and it is the summer driving season and you want to watch individual stocks, walmart on thursday, we dodged a bullet in home depot, people pulling down on high income level and price ticket items and exchanging spending habits. with high end names with sweet greens, chipotle is not high end and we see a dichotomy there. interesting for walmart, a low income base, to start to rollback prices, what does inflation affect them. you have cpi and walmart, by the end of the week, better
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idea if this rate cut narrative is possible. cheryl: walmart announced a bunch of corporate layoffs. great to see you. something else traders are focusing on, recent history. meme stocks are back, several names up again today. charlie gasparino is here. it is you and i circa 2020. and 21. charles: para biotic early 20 one. you should point out between the time you take stock in particular, amc reached its high which is post reverse split high which is $70 which would be $0.70, $0.78, reverse split.
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this stock has been crushed. amid all the hype, pumping on the internet, the next apple. average people who fell for that hype on social media lost tons of money. people who made money where the insiders, sold $43 million in double digits, if he sold around to be conservative, 39, that would be $390, sold higher than that. this is risky territory. think of what is causing all this. not because amc is doing rate cuts. they actually -- by the way, they actually deleted
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stockholders even more today. gme the same thing, trouble balance sheet not doing great. i would say this. i don't care what people buy, don't tell me these are great companies because they are not. if you are gary gensler, think about corporate priorities, in the private sector just yet, they are climate controlled. and stopping global warming in 30 years which is impossible to measure. and markets and stocks and allow people to trade 0 commissions or something that farias is there. and met with one of the scammers.
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and whether either, and some better on that. and that's the priorities. getting torched. after this. and not going to do anything about that. and got torched on the use. and small investors. the guys pumping and dumping.
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>> we want to turn your attention, downtown manhattan. donald trump and a loss in his hush money trial is his lawyers grill michael cohen, ♪
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cheryl: donald trump's hush money trial reaching a pivotal moment as michael cohen is back on the stand. the latest on cohen's testimony. >> reporter: we start with the appellate court decision that came down zisman, the gag orner -- the gag order will still be gagged. the judge acted appropriately when he decided to to stop the former president from attacking jurors and the family.
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the judge's daughter worked for a democratic consultant firm whose done political work for president biden. michael cohen back on the stand, brought the jurors in this case directly to the oval office. testified about reimbursements after he shelled out $130,000 to stormy daniels, tied the former president directly into that. the heart of that case are those checks, 34 counts of business records the trump knew about and they were meant to reimburse them. cohen testified they met in the oval office in february 2017. the new president told him he would pay cohen back for the money he paid storm lee. cohen never said was trump himself who did those records and trump told someone else to do that.
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cohen said he continued to serve as trump's personal lawyer lying about stormy's deal. in 2018, when they were awaited by the fbi, became despondent and angry. trump called and said don't worry. i was scared, said cohen and wanted reassurance trump had my back especially since this was related to issues related to him. i had the president of the united states protecting me. the gag order doesn't gag the former president from attacking the gag order so we can be sure there is heated and searing comments from the defendant that comes out of court later today after finding out the gag order slaps him on his mouth. can't attack those people. we will hear from the former president about that. cheryl: he will have pages of
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notes ready to go and talk about issues of the day. let's get reaction from brian clay. your reaction to what you heard from michael cohen this morning. >> after the jury drinks the michael cohen kool-aid and the dust clears. at the end of the day there is not a shred of evidence that ties donald trump to directing somebody within the trump organization to falsify documents with attempts to interfere with the election. it's not there. all cohen says is at a meeting trump said i will pay you back but nothing shows -- there's no text message, e-mail, any documentation that would support the proposition that trump came up with this scheme of billing $35,000 a month for services that were not carried out by michael cohen. the most important testimony you got out of cohen that helps trump's cases two things,
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trump, cohen said this, trump told him, quote, go figure it out, trump is abdicating to cohen to figure this out. cohen says wise oberg came in and it was his idea to come up with the scheme to pay me back $35,000 a month. it was wise oberg's idea, not trump's idea. at the end of the day trump's lawyers need to cross-examine cohen, reminded jerry he lied with the taxi scheme he was involved in years ago doing the same thing. concealing money. one of my first questions would be as integer you cashed off those checks, $35,000 checks for work you did not perform up. cohen it. cohen is committing fraud. cheryl: if you are the prosecution, if michael cohen is your star witness, sounds like it should be wise oberg that is the star witness but where is he? i know he is in prison. >> great question.
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alvin bragg made a colossal mistake. he charged wise oberg with a separate crime that wise oberg, $1.7 million of tax evasion that he pled guilty to and in return wise oberg got a promise to not have to testify at donald trump's trial. that is superdamaging to the prosecution. at the end of their you want to bring wise oberg in and he will say whether trump told him anything but he will not show up in the courtroom. all the prosecutor is left with is a convicted felon who i believe was part of putting this scheme together to get repaid. cheryl: greg jarrett, former attorney wrote a great piece summarizing what he had yesterday and he said basically everything michael cohen has backfired on the prosecution and he said when that recording was played in court, it seemed to help, not hurt, the defense,
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cohen is referring cryptically to payments made to kill a story but that's not a crime and that no point yet have we seen out in bragg able to prove that there is that secondary crime which is election interference. that's where the true charges come into play. if alvin bragg can't prove election interference, all of this theater we've been watching the last four weeks is meaningless. no? >> absolutely and i got a step further. i can talk to greg jarrett about this. how about this one, how can there be election interference with trump writing checks in 2017 when the election was over? it was over on november 8, 2016. how does any of this have anything to do with interfering in an election that already took place? that's trump's best argument in closing. cheryl: thank you for the analysis. we've got a lot more coming up. our auto accidents damaging your bank account or your car? we will dig into it next.
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cheryl: president biden is about to make remarks on the economy in the rose garden, the same day we got a report that
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shows americans debt rose to 17. $6 trillion, the percentage of households missing payments continued to rise. joining us, economic disconnect is showing up in the polls, political polls, it's the economy, stupid. it's the younger voters and undecided voters that seem to be responding to the bad economy. >> reporter: you have states donald trump lost in 2020, the sienna paul saying he is winning in double digits over president biden in a head the head matchup in nevada and a lot of this is because even though biden likes to boast close to 50 year average unemployment, good stock market, the fact is inflation is the hidden tax on every one. we've had a 19% increase in prices since president biden takes office. there is a sense that biden is
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berating young voters rather than -- >> making them, talking about harder inflation data and that's the story for every american, at the grocery store or in a restaurant or gas tank. and prevalent again tomorrow. how are we going to politically deal with that but the white house and the campaign. they are allergic to unleashing the deregulation, at war with the far left, and in the last three months, wholesale prices which are a leading indicator, the prices get past on.
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this, part of these tariffs, he is going to triple down on the trump tariffs. and appropriate policies, they want to trickle down on these tariffs and chinese evs, and an economic strategy for that. no demand for that. they are 7% of cars sold. and it is so leakproof he tends to not see the reality, he think they are going to be positive momentum, he keeps thinking this manhattan trial will save him. voters vote with their wallets and our feelings are fact that weekly wages are down 5%.
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cheryl: it's not wage inflation. wage inflation is one thing but when we get jobs reports, multiple jobs. one person working 2 or 3 jobs, you have the elevated jobs number. beneath the surface is where we find the reality. we will modern -- monitor president biden's comments at the white house. what cause for all the high credit card debt, auto repair costs skyrocketing. jeff flock is in southhampton, pennsylvania with more on this. what can you tell us? jeff: night have to put it on your credit card. the donor engine for a hyundai alondra, that's a special table to purchase here. a $5000 table to accommodate dropping engines algorithms because they are so complicated, you take the engine out to do what could be looked at as a simple repair,
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show you that in a second. look at this number, the cpi, 8.2%. if you've got a mercedes, what model is that one? >> this is a special model, e63, these are powerful motors. jeff: this guy has a bad water pump. a couple hundred bucks, take one out and put the new one in. >> you would expect to pay 3 $400 for a water pump repair, this one is $2,800. the whole front end needs to be taken apart to gain access to the pump. jeff: you've got to take the engine out to access the water? >> sometimes yes. to replace the water pump while removing the front end of the car. a lot of cars we have to remove the engine to service it.
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jeff: the other thing these days, used to be you could repair stuff. now, from 85% to 88% of repairs involve replacing, you have to replace something that used to repair, like sensors and all of this assisted driver stuff. >> very rare we repair stuff, usually find a failed component and replace it with another part. jeff: this one had a situation with a bump in the front bumper. no damage to the front. it was all fine but the sensor was damaged. >> damaged by impact. jeff: that had to be replaced. the thing that had no damage cost how much? >> it was $1500 total to repair. jeff: ouch. everything costs more, i will stick with my 2003 ford ranger
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pickup. i can crank the windows down myself. it is a beautiful thing. cheryl: smart decision. thank you for that. let's bring in power of the future founder daniel turner. how bad does this get with more evs on the market, president biden is at the white house putting tariffs on the chinese, doesn't want evs to come to the market but americans can't afford the repairs on the evs they have right now. >> do you hire a mechanic or it professional? there is is so much technology in them and that's not a good thing or bad thing. it is something the markets will determine, the markets would figure out how to repair them and how to higher mechanics to repair them and the supply-chain for these parts but when you have a huge government program with so much pressure to purchase evs, supply-chain can't keep up and you get an awful lot of chaos. jeff mentioned they are not repairing parts, they are replacing, what did they do
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with these components. after-the-fact materials, we don't know how to use the batteries. causing problems in the ford markets. cheryl: if you have any damage or accident, for quite a long time. americans seem to like that car. >> if markets were allowed to operate, we are forcing people, forcing them in certain places like california where it would be illegal to buy combustion engine car or this product so charging stations aren't being built fast enough, mechanics haven't been hired or trained fast enough. and markets weren't allowed to have this come into the marketplace.
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and buy a green environment of agenda creating chaos. cheryl: looking at tesla and honda and the big three as well. what happens to carmakers if we have a change in leadership in november and policy change is drastic? >> great question and if you are the ceo of one of these company's and you see these mandates from the biden administration but you know there's a chance biden will be gone in a couple months, what do you do? you are trying to run your workforce, order your products, trying to create a vehicle. that's a problem being caused by bad government policy. big government is not good for healthy economy. cheryl: expensive for the little people. good to see you. coming up, the us and china are holding the first talks on artificial intelligence in geneva the same day president biden announced these new tariffs on china.
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cheryl: all lies on a i is google unveils artificial intelligence ventures at its annual developers conference. susan has the latest on what google is planning. susan: just before they unveiled their latest updates open ai pretty much just like the scarlet johansson movie her, chat gpt raising the bar in the ai stakes. the new ai converses, translates and gets you answers in milliseconds. open a i says it's free for most users and twice as fast. open ai ceo sam altman says what everyone else is thinking. feel like ai from the movies and it is a big surprise to me that it is real. open ai, the release the plays
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just a day before google holds its developers event, google i/o at the top of they are and this is where they will unveil the latest ai updates, it's new initiatives, new announcements on its ai powered search of improved ai assist, with chat gpt and microsoft's copilot. we live in a heightening ai arms race. among big tech giants, the ones with the actual deep pockets they can afford to spend. alphabet, spending close to $50 billion this year, going into ai meta-blooge $60 billion each of this year. most of that already earmarked for a idv element. in a few weeks time apple will hold its software developers event, you can imagine with $160 billion in cash at last
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count, you can bet that tim cook and apple are spending big to keep up in the ai race. iphone, open ai and announcement it if you believe the reports, that could be announced in a few weeks. i recently hosted trillions of dollars in investment capital attending that event and they tell me it's a bifurcated market attracting dollars, i haves and have nots, the consensus add sector, artificial intelligence, ai, the pick of investor spending, a lot of dollars spent and thrown at this heightening battle. cheryl: the backdrop of office is president biden announcing tariffs on $18 billion worth of imports from china. with reports from the rose garden and most of his remarks
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were china and tariffs. this at the rose garden where president biden, happening the same day china and us envoys are holding their first talks on artificial intelligence risks. senior fellow gordon chang is here to break it down. how do we have these conversations in geneva face-to-face with the chinese when at the same time president biden is standing at the white house saying he will tax china for electric vehicles at one hundred%. >> from the biden administration, it's easy. they believe they can manage competition. the phrase is compete where we have to, and cooperate where we can. that's what the biden administration thinks it can do. not sure i can see that with malicious and militant regime. the biden administration believes that the path to go. cheryl: we are never going to allow china to control the market, to control these cars
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period. he accuses them of theft in remarks from the white house. one of the things the chinese are dying to do is to get into our electric vehicle market. they can make an electric vehicle for $12,000 and sell in the united states. how strongly do you think china will fight is tariffs? we've got a statement from a chinese official saying it slammed the biden administration. i ask you this because it is the chinese and they are famous for circumventing the rule of law. >> there will be more friction but there needs to be friction because china is engaged in predatory trade practices, some of them criminal and the united states needs to do something about it and of course the chinese will get angry and that means friction. this is the path we have to go. china will retaliate. xi jinping's only realistic
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option for saving the chinese economy since he turned his back on consumption and the property sector, his only realistic way going forward is to export his way out of problems which means access to global markets and especially access to our markets. this will get fierce. cheryl: last time i saw you xi jinping was in europe, moving on to hungary. do you think this is part of that move? did he expect this to happen? >> he expected it to happen because they said it was going to happen. after those visits to beijing reiterated that. the chinese were on notice this was going to occur. cheryl: good to talk to you about this issue. we have more coast-to-coast after this. ♪
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cheryl: before we turn it over, markets are trying to find their footing after harder than report.d wholesale inflation
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investors are waiting for the price report, that is a big market mover and we see another sticky report, means the fed will be cutting rates. and have the news for you then. the rundown podcast, the first episode u can listen to each monday and friday. you've got apple, spotify, out tomorrow morning, you see the index report, as marketseact to that and the breaking business news, thursday, another big story for that. back tomorrow, neil. jackie deangelis taking you to the next step.

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