 Team NASAC is down by 18 points US futures taking a hit this morning There are reports that President Trump has now proved tariffs on $50 billion worth of Chinese goods an official announcement is expected today from the White House The president's approval coming after a meeting yesterday with top economic officials including Treasury Secretary Steven Mnuchin Commerce Secretary Wilbur Ross and Trade Representative Robert Lighthizer now the affected imports would face 25% tariffs joining us now Melissa Armo of stockswish.com Melissa, let's get your take first on the response. Well first off the market response We're seeing quite a sell-off this morning. Definitely. I was surprised when I got up this morning how big we were down I mean, we're all aware that these tariffs were coming up this week But I think we're down a lot this morning And I would be shocked if we don't fall today because the market really didn't rally a whole block this week Where I thought we would after the summit I thought we'd take off like a rocket and we really did it and we kind of Just held we were strong we held and now work up and down big this morning You know it's interesting because it's kind of been an on-off situation with a potential trade where whether we're talking about the Europeans or the Chinese or the NAFTA Negotiations which are frankly falling apart between Canada, Mexico and the US of those three things What's the most the biggest concern that you have right? I think the biggest concern is tariffs that the market overall for the last few months has not liked tariffs The market reacts negatively every time we're dumping out on the tariffs And we haven't seen enough of a rally over the area for the S&P at least to get back over the highs or the Dow The the NASDAQ has had a great run though. I'll say that and that's been tech I mean Amazon made new highs yesterday Netflix made new highs yesterday But overall the market does not like tariffs and that's the biggest That's the biggest thing that I see that would hinder us from going higher in the months and then in the upcoming months You know I've got Mitch and Jack with me from Shinnecock Hills And I want to go out to both of you on this issue of the sell-off that we're seeing guys Mitch see you first that trade war Investors having a pretty rough reaction today to what has frankly been talked about for weeks that we would have a very Uncomfortable trade war going between ourselves and the Chinese now. It seems pretty pretty clear. It's gonna happen And and shall I'm a little honestly surprised at the markets reacting and I do agree that the market doesn't like tariffs But I think it's been pretty well Communicated and telegraphed by the administration that tariffs are gonna be a strategy that they're gonna use to get Chinese and some other countries Attention, we'll see how the day plays out in the markets But I wouldn't all be surprised if as the news Evolves over the day that the market could even turn around today and Jack I mean yeah Yeah, I was just gonna say you are you're you're a double threat frankly I mean you're on the financial side of the business as well as the form of football player and all of this What do you say about the markets right now, Jack? I? Think it'll recover really fast. I don't think this will be you know a long-term situation I mean we have tears but at the end of the day You know the Trump administration are using these tests also negotiate on other foreign policy Obviously with North Korea and all sorts of things so I think it's just the beginning I think you'll see a lot of backing forth over the next probably a couple months But at the end of the day you'll see some stability come back into the marketplace all right well guys I want to move on to another big story. We're following another market moving story It is official AT&T completing its purchase at Time Warner That was fast just two days after a judge ruled that the deal could proceed over objections from US Antitrust regulators. This is a cash-in-stock deal worth about 81 billion as of Thursdays closed Melissa Do you think the government is still going to come back and appeal this the judge in his ruling specifically said that's not to you Yeah, let's hold the government. We really don't advise you trying to take this any further Sure, and where would it go would it go to the Supreme Court then if they did that the probably and then we dragged on for even further So that's probably why he asked for that. Also. There's so many other Ones coming up the Fox a deal with Disney and now Comcast betting for that so this this was a big ruling and to be honest with you I don't think it's good for consumers. I don't think it's good for consumers We're gonna have less and less companies So it's a it's a big deal if the Justice Department does not go and say we want to proceed with this further because I don't think It's good for consumers. They're becoming a monopoly sooner or later There's going to be like two or three companies you can go and watch TV with and they're controlling prices and not only that now They're controlling the content so they're creating the content Controlling what you and I see and they're gonna fix the prices It's a match because I've heard the other side of the coin from other analysts that covered that space and say that they think that Consumers might get a bigger break because of this because you're gonna have you're gonna have Apple try to get into the game Or you're gonna have Amazon try and get to the game. What do you think? in a time of Rapidly evolving technology I think you can never look at who the players are today and think it's static and those are the only players if you look at Deals and other industries when there's been evolution of technology the real competitors may not even be there today So I think you have to really look at it over time I also think we're at the beginning of merger mania and the floodgates are gonna be opened We were on a judge nap the other day and he said that every law firm on 6th Avenue was Hiring in their M&A practice. I think that's right. I think you can see a tremendous amount of deals The first quarter was big for deals And I think that's gonna be something we can see throughout the rest of the calendar year if not into 19 as well and Jack one of the hottest things right now when it comes to whether it's live streaming or Distribution on a global perspective is sports whether it's soccer or golf or football and all of that could really change as well the broadcast and component of professional sports Definitely, I mean times are really changing in sports right now You know it's a race for content as we all know so we'll see as Mitch said a lot of different players will start coming into This market, but as it relates to sports I mean you gotta take into account also the new gambling laws I mean this is really gonna change the game when it comes to the content and viewership I think you'll be able to really hone in a lot of more streaming dollars Just because you're gonna have certain eyeballs that normally wouldn't be watching sports You know from their their laptop or from their their iPhones So I think you know you're just seeing the beginning of an industry swing right now Yeah, I mean as a consumer It's exciting, but we'll see how the business side of it plays out also guys We're looking at the US economy seems to be revving up just as other major economies are losing steam We saw the of course the European Central Bank holding it just straight steady through next summer We got that decision this week. It's been a busy week the Fed raised rates by a quarter of a percentage point yesterday Melissa, I still want to start with you on this one Simple explanation for the divergence Well, obviously the US economy is just stronger So they're holding off there because they're trying to build themselves up. They're a little bit behind us right now So that is the one positive thing right now. I'd say as far as looking at the overall market I still think the market holds the uptrend because the economy is so good And we have the savings with the tax plan for the corporations this year But the problem is right now in the next few months I know everyone was saying earlier. They think the markets gonna hold up today We were at a critical level this week and we didn't get over that level I really think we're lower right now and you know, even though the economy is great I don't want people to get all Crazy and paticky because the economy is good. It's a temporary sell-off if we have it temporary Yeah, well, we we actually talked this week on Fox News about the flattening yield curve Don't think those words have ever come out of my mouth on the business network But that was something that kind of showed that the Fed. I know Mitch is laughing about that right Mitch final word to you Who talks about that we did Yeah, and the one thing I talk about right now is the fact that the dollar is gaining strength because our economy is growing Faster than some European economies, which may not be great for markets because so much of the earnings of the S&P 500 Are earned abroad the market actually benefits when the dollars weak So we'll we'll see what happens and how that plays out. All right guys. We're gonna come back to you and Shinnecock kills We've got a lot of stories for you to comment on I know you're both ready to roll on that Melissa Armo Thank you so much for being with me. It's great to have you on FBNAM as well Very very excited you're one of my favorites. All right coming up FBI