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WE HAVE RECORD INVESTMENT COMING LIKE WE'VE NEVER SEEN, AND WE ARE PULLING AWAY FROM THE REST OF THE WORLD BECAUSE OF YOUR LEADERSHIP AND THE POLICIES YOU DID FROM DAY ONE IN TERMS OF DIGITAL ASSETS AND TECHNOLOGY, IN BRINGING BACK AMERICAN MANUFACTURING. YOU'VE DONE IT AGAIN, INCREDIBLE ECONOMY DURING YOUR FIRST TERM, AND WE ARE SEEING THAT CARRY OVER HERE.
PRESIDENT TRUMP MEETING WITH HIS CABINET AT CAMP DAVID. SCOTT DOESN'T SAT DOWN WITH FOXBUSINESS TO TALK ALL THINGS ECONOMY. EDWARD LAWRENCE GOT THE EXCLUSIVE NOW.
TALK THE HEAD OF THE CABINET MEETING YOU SAW, AND WE TALKED ABOUT GDP. THE TREASURY SECRETARY BELIEVES THE NUMBERS ARE NOISY, THINKS THE WILL AND THE YEAR BEFORE 2%.
WE RELEASED OF THE AMOUNT OF OIL AND PETROLEUM RESERVE GDP, SO CORE GDP WAS QUITE STRONG, AND WE SEE MANUFACTURING DOING WELL IN THE JOBS NUMBERS FOR STRONG AND CONSUMER A STRONG. HE WAS A TECHNICAL ADJUSTMENT, AND I WOULDN'T WORRY ABOUT IT.
SECRETARY FOCUSING ON CORE INFLATION BECAUSE HE BELIEVES PRICES WILL FALL QUICKLY ONCE OPERATIONS IN IRAN AND.
THE ENERGY CAN AND WILL BE VOLATILE, BUT WE WILL GET TO THE OTHER SIDE OF IRAN WAR AND WILL COME DOWN. LAST MONTH WE SAW THE BIGGEST DROP IN MANY YEARS, SO WE HOW QUICKLY IT RESPONSE TO ENERGY PRICES.
TREASURY SECRETARY AND TRADE REPRESENTATIVE TALKING TO COUNTERPARTS YESTERDAY, SENDING A WARNING TO CHINA. LISTEN TO THIS.
WE EXPRESSED CONCERNS RARE EARTH ARE NOT FLOWING FREELY AS THEY COULD. THEY'VE TAKEN MEASURES DETRIMENTAL U.S. BUSINESSES, AND WE SAID IF IT CONTINUES, WE WILL PUSH BACK.
READOUT FROM THE CALL IN CHINA IS THE EXPRESS SERIOUS CONCERN OVER RECENT TRADE RESTRICTIONS FOR THE UNITED STATES ON CHINA. SECRETARY DOESN'T SAID THE PAST ON THE CHINESE AI MODELS. THEY HAVE EVIDENCE OF U.S. WATERMARKS SHOWING THEM THAT IT'S STOLEN TECHNOLOGY. A LOT OF FRUSTRATION GETTING FROM THE U.S. SIDE RELATED TO THE THINGS CHINA IS DOING DEALING GOING ON FROM CHINA.
THANK YOU SO MUCH. ON THE CHINA, ALL OF US, AT LEAST IN ECONOMICS LIKE HOW DOES THIS KEEP HAPPENING? CHINA IS INVOLVED, OR TECH TRANSFER THAT GOES ON IF YOU WANT TO OPERATE IN THERE. WE WILL TALK ABOUT TESLA LATER. THEY ARE THINKING SITTING OFF THE CHINESE BUSINESS THAT WE STILL TALK ABOUT IT. IS THERE ANYTHING THAT AND BEGUN SO OUR ADVERSARIES DOESN'T STEAL OUR TECHNOLOGY AND MAKE IT CHEAPER AND RESELL IT BACK TO US?
I DON'T. ONE WOULD THINK THE ANSWER IS YOU WILL NEVER STOP CHINA. I DO THINK THE SOLUTION SUCCESSFUL SO FAR AS TO PUT BUSINESSMEN IN THE WHITE HOUSE RATHER THAN PURE POLITICIAN, BECAUSE PRESIDENT TRUMP AND HIS PAST MEETINGS WITH CHINA INVESTMENT BACK HERE. BUT I WILL GO IN AN INTERESTING DIRECTION, BECAUSE IN THE INTERVIEW EDWARD LAWRENCE HAD, HE WAS TALKING ABOUT MANUFACTURING AMERICAN MANUFACTURING. SO THEY OFFSET SELLING IT BACK TO US IN CONTACT WITH THE GUY I'VE FOLLOWED AND REPORTED ON FOR YEARS IN ILLINOIS AND MARYLAND. HE MAKES STEEL BASKETS. WE THOUGHT THAT WAS DEAD. HE'S NOW NOT ONLY DOUBLED IN THE LARGEST PLANT HE HAD WITH THIS WEEK HE ACQUIRED ANOTHER COMPANY SOMETHING THE SIZE OF HIS COMPANY BASED ON AMERICAN MANUFACTURING, ALL AMERICANS MAKING AMERICAN PRODUCTS. SO MAYBE THE BEST SOLUTION TO TRY TO DEAL AS PRESIDENT TRUMP KEEPS DOING, AND WE WILL SEE WHAT THE MEETING BRINGS, DO WHATEVER AND TRY TO REESTABLISH AMERICAN MANUFACTURING, AND THAT WOULD BE THE BIG LEGACY THE PRESIDENT LEAVE ON HIS ADMINISTRATION, BUT I DON'T THINK PEOPLE TALK A LOT ABOUT THAT. YOU TALK TO MANUFACTURERS, HE WILL TELL YOU IT'S ON FIRE, NEVER BEEN BETTER.
I COME TO YOU WITH MORE TO SIX. WE TALKED ABOUT IN MAY THE AVERAGE, THIS IS BACK OF THE ENVELOPE MATH, OIL ON AVERAGE WAS 105. IN JUNE WE GOT DOWN TO 85, AND THAT'S WHY YOU HAVE THE BIG DECLINE IN PPI AND CPI NUMBERS. JULY YOU ARE DOWN TO 80. MOST OF GETTING A DECLINE, AND WE LOOK AT THE CPI NUMBERS IN A COUPLE WEEKS FOR JULY. BUT FOR NOW, IF THE NUMBERS HOLD, YOU COULD CONTINUE TO SEE DEFLATIONARY FORCES WHEN IT COMES TO OIL. AND A LOT OF PEOPLE LOOK AT PCE AT 37 AND SAY YOU ARE STILL ALMOST DOUBLE OUR TARGET, AND I STILL DON'T LIKE THE WAY I FEEL.
AND THAT IS REAL AND VALID, AND PRICES AT THE PUMP MATTER, AND THEY WILL MATTER GOING INTO THE MIDTERMS. SO I AM HOPING WHATEVER HAPPENS THAT WE STAY AT THIS $84 LEVEL OR LOWER POTENTIALLY WITH THE MARKET HAVING CONFIDENCE IN THE FACT THAT THE PRESIDENT KNOWS HOW TO HANDLE THIS, AND WE ARE GOING TO WIN. BUT WHAT I DON'T LIKE ABOUT THE OIL STORY IS THE TIES CHINA HAS TO IRAN AND UNDERSCORES, IT'S TWOFOLD, AND OIL PRICE, BUT ALSO ENABLING OUR ENEMIES, AND THERE'S NOTHING ABOUT THAT THAT I LIKE. BUT PROVES AGAIN THE SAME WAY YOU CAN'T TRUST IRANIANS, HE WILL NEVER BE ABLE TO TRUST THE CHINESE EITHER. AND IT'S A CONVERSATION ON GOING FROM TRUMP FIRST TERM UNTIL NOW PRESIDENT BIDEN BACKING OFF THE NOTION. EVERY PRESIDENT THAT BACKS OFF A THREAT KICKS THE CAN DOWN THE ROAD FOR SOMEBODY ELSE TO DEAL WITH IT LATER, AND WHEN IT DOES, IT UNDERSCORES WHAT YOU'RE TALKING ABOUT. HE WILL BE ABLE TO TAKE CHINA DOWN AND FORCED REGIME CHANGE AND CHANGE HOW THEY DO THINGS. YOU HAVE TO GET CONTROL AND USE LEVERAGE IN TERMS OF BRINGING MANUFACTURING HOME, AND I KNOW SOME OF THIS CONTRIBUTES TO THE INFLATION PEOPLE DON'T LIKE IT, BUT THE LONG-TERM GOAL IS NOTEWORTHY. AND NO ONE WANTS TO BECAUSE IT'S HARD, AND NOBODY WANTED TO GO AFTER THE IRANIAN REGIME BECAUSE IT OUT AND THEY ARE WORRIED HOW IT WILL MAKE THEM LOOK AND WHAT THE LEGACY WILL BE RATHER THAN THINKING ABOUT EVERYBODY ELSE'S FUTURE LONG-TERM. SO I CREDIT THE PRESIDENT AND GIVE HIM MAJOR KUDOS FOR TAKING ON SOME OF THESE ISSUES. GROWING PAINS ARE HARD, BUT ONE WE FIND NEW WAYS AROUND THE STRAIT, DEALING WITH CHINA IN A DIFFERENT WAY DOESN'T HAVE AS MUCH LEVERAGE, YOU CAN CONTROL THE ISSUES BETTER.
I WANT TO TALK ABOUT ONE AND A HALF% GDP. WHAT IS INTERESTING IS THE WAY -- I WANT TO DISMISS ONE AND A HALF PERCENT BECAUSE IT'S A LOW NUMBER. BUT WHEN YOU IMPORT ALL OF THESE THINGS FOR MANUFACTURING, IT'S A NEGATIVE SIGN FROM GDP. SO MEASLY 1.5 BECAUSE IMPORTS SUBTRACT FROM GDP. BUT IF YOU UNDERSTAND WHY WE ARE IMPORTING, A SOLID ECONOMY UNDER THE SURFACE, CAN YOU EXCUSE ONE AND A HALF%? WE KNOW IT IS VOLATILE.
THE CONSUMER WAS STILL SURPRISINGLY STRONG. CONSUMER SPENDING HELLO CONTRIBUTE INTO GDP ASSISTED SPORTS. STRATEGIC PETROLEUM RESERVE SALES, THE TREASURY SECRETARY MENTIONED, THEY DID DEDUCT FROM GOVERNMENT EXPENDITURES. THEY ARE LOANS, AND THAT WAS A DRAG ON THE WAY, THE GDP NUMBER WAS CALCULATED. HOWEVER, IT WAS A WASH, SO THAT RELEASE LOUDLY WAS A WASH AND WAS NOT A DRIVE OVERALL BECAUSE THE OIL SOLD OR LOANED, SHOWED UP AS AN INCREASE AND OTHER GDP COMPONENTS LIKE EXPORTS AS AN EXAMPLE. IT WASN'T JUST INVENTORY, SO THAT IS NOT THE REASON THE ECONOMY WAS GROWING AT ONE AND A HALF%. AND BY THE WAY, I GOT A HEADLINE, ONE THING, PRESIDENT TRUMP LED ON UKRAINE. I WILL HOLD UNTIL LATER.
I'M ALARMED BY THE SURPRISINGLY LOW LEVELS OF OIL SUPPLIES INTERNATIONALLY. THE FLOW OF OIL AND PETROLEUM RESERVE, YOU AND I TALKED ABOUT HITTING BOTTOM, AND IT KEEPS FALLING.
IT'S NOW AT 18 AND CHANGE.
NOW IS 80 FOR THE FLOOR? I DON'T THINK SO, BECAUSE IF IT FLARES UP AGAIN, WE COULD SEE OIL, AND GLOBAL OIL CRISIS 120 BECAUSE OF THE SUPPLIES, NOT GEOPOLITICAL RISKS. WITH THE OTHER THING YOU SAID IT BEST, IT'S GREAT THE PRESIDENT, A BUSINESSMAN AND OFFI