DOW JONES INDUSTRIALS AT THIS
MOMENT.
>>> ALL RIGHT.
TO MAJOR DEVELOPMENTS IN THE
TRADE TIFFS AND TALKS.
WE NEED TO LOOK AT HOW GERMAN
LUXURY AUTO MAKERS ARE DOING,
SPECIFICALLY BMW.
IT CERTAINLY IS FEELING THE HEAT
AFTER REPORTING LOWER THAN
EXPECTED EARNINGS, CITING
ONGOING TRADE TENSIONS AS ONE OF
THE REASONS.
FOREIGN AUTO STOCKS OVERALL AT
THE MOMENT ARE GETTING HIT AND
THIS LEADS TO A QUESTION.
WILL YOU OR WON'T YOU BE PAYING
MORE FOR YOUR NEXT LUXURY CAR.
THAT QUESTION IS LINGERING WITH
AMERICAN TAXPAYERS AT THIS HOUR,
AS THE WHITE HOUSE CIRCULATES A
DRAFT REPORT BY THE U.S.
COMMERCE DEPARTMENT OVER WHETHER
TO IMPOSE TARIFFS ON AUTOMOBILE
IMPORTS TO PROTECT NATIONAL
SECURITY.
REMEMBER, PRESIDENT TRUMP
THREATENED TO HIT CARS WITH THE
TARIFF OF UP TO 25%, CITING THE
NATIONAL SECURITY ISSUE WHICH
MANY PEOPLE SAID WAIT, WAIT,
WHAT?
HOW IS A MERCEDES CONVERTIBLE A
NATIONAL SECURITY ISSUE.
WE HAVE EU TRADE COMMISSIONER
CECELIA MALSTROM WHO PREPARES TO
MEET WITH ROBERT LIGHTHIZER
SUPPOSEDLY TOMORROW.
FOX BUSINESS'S BLAKE BURMAN IS
LIVE AT THE WHITE HOUSE WHERE
THERE WAS A FLURRY OF TRADE
ACTIVITY TODAY.
WHAT'S GOING ON?
REPORTER: LOT OF MOVING PARTS,
ESPECIALLY OVER AT THE WHITE
HOUSE, CONSIDERING THAT THE
PRESIDENT AND HIS SENIOR
ADVISERS AS IT WAS DESCRIBED TO
ME EARLIER TODAY, MEETING HERE
AT THE WHITE HOUSE TODAY AS IT
RELATES TO TRADE.
SENIOR ADVISERS OF TRADE.
AND THAT ONE OF THE TOPICS THEY
WOULD BE TALKING ABOUT WOULD BE
THE POTENTIAL OF AUTO TARIFFS.
AS YOU OUTLINED, THE PRESIDENT
HAS MADE THIS THREAT, ESPECIALLY
DATING BACK TO THE SUMMER OF
EARLIER THIS YEAR, OF POSSIBLE
20%, 25% AUTO TARIFFS ON THE
EUROPEAN UNION IF THERE IS NOT A
TRADE DEAL, FAIR TRADE DEAL, AS
HE SEES IT, THAT COULD BE STRUCK
BETWEEN THE TWO.
SO THAT IS ONE TOPIC THAT THE
PRESIDENT AND HIS TRADE ADVISERS
ARE DISCUSSING TODAY AT THE
WHITE HOUSE AS CECELIA MALSTROM
WILL BE MEETING IN WASHINGTON
TOMORROW WITH HER COUNTERPART,
ROBERT LIGHTHIZER.
YOU HAVE THAT TRADE ACTIVITY
GOING ON, THEN OF COURSE KEEP IN
MIND THERE IS THIS MAJOR TRADE
MEETING SET TO TAKE PLACE OR
MAJOR MEETING AND ONE OF THE
COMPONENTS WILL BE TRADE, WITH
PRESIDENT TRUMP AND PRESIDENT XI
JINPING OF CHINA LATER THIS
MONTH IN BUENOS ARIES, ARGENTINA
AT THE G-20.
WOULDN'T SURPRISE ME AT ALL,
CONSIDERING YOU'VE GOT THE MAJOR
TRADE PLAYERS IN ONE ROOM WITH
THE PRESIDENT TODAY, THAT THAT
TOPIC WOULD BE BROUGHT UP AS
WELL.
LARRY KUDLOW, THE PRESIDENT'S
TOP ECONOMIC ADVISER, SUGGESTING
TODAY THAT AS IT RELATES TO THE
CHINESE AT LEAST, THAT THINGS
COULD BE MOVING IN THE RIGHT
DIRECTION WHEN YOU TALK ABOUT
COMMUNICATION.
HERE WAS LARRY KUDLOW EARLIER
TODAY.
>> WE ARE NOW COMMUNICATING AT
ALL LEVELS.
WE ARE WORKING AS I SAY ON
BACKGROUND MATERIAL AND
PREPARATION, WE ARE WAITING FOR
CHINA TO COME BACK WITH SOME
THOUGHTS AND THE PROCESS IS
ONGOING.
REPORTER: REMEMBER, JUST A FEW
WEEKS AGO THERE WAS BARELY ANY
CHATTER AT ALL BETWEEN BOTH OF
THOSE SIDES.
BY THE WAY, STEVE MNUCHIN,
TREASURY SECRETARY'S CHINESE
COUNTERPART WILL BE VISITING THE
U.S., WE ARE TOLD, IN THE NEAR
FUTURE.
SO ADD THAT ON TO THE PLATE AS
WE BARREL TOWARD THE G-20 HERE
IN A LITTLE MORE THAN TWO WEEKS.
LIZ: YOU JUST SAID SOMETHING
REALLY CRUCIAL.
YOU SAID THINGS ARE STARTING TO
PERHAPS LOOK BETTER BETWEEN THE
U.S. AND THE EU.
BLAKE, TAKE A LOOK AT THE
FOREIGN CAR MAKERS.
THIS IS BMW.
IT'S MOVING HIGHER BY 2%.
I JUST LOOKED AT FERRARI, TICKER
SYMBOL RACE, JUMPING ABOUT 2.5%,
3%.
WE SEE A VERY STRONG MOVE IN THE
FOREIGN AUTO MAKERS.
HERE'S DAIMLER UP 3.5%.
I THINK THAT ARTICULATES
SPECIFICALLY WHAT YOU JUST
TALKED ABOUT.
SURPRISING CONSIDERING BMW JUST
CITED TRADE PROBLEMS AS PART OF
THE REASON THEY HAD BAD NUMBERS.
REPORTER: THERE'S A DIFFERENCE
BETWEEN A THREAT, WHICH THE
PRESIDENT HAS MADE, THEN
OBVIOUSLY THE NEXT STEP WOULD BE
MAKING THAT JUMP TO GO TO THE
20% OR 25%.
THIS SUMMER, THEY KIND OF ROLLED
OUT THIS FRAMEWORK.
THAT SEEMED TO DIAL THINGS BACK
AND NOW THE PRESIDENT'S TRADE
TEAM IS TALKING ABOUT WHETHER OR
NOT THERE NEEDS TO BE A NEXT
STEP OR NOT.
LIZ: YOUR BMW SUV IS IN THE