Wells Fargo CEO Exclusive, Trump on Xi and Powell, Weak ADP Jobs Report 6/4/25

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 4 June 2025

⏱️ 48 minutes

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Summary

Carl Quintanilla and Jim Cramer spoke exclusively with Wells Fargo CEO Charlie Scharf after the Federal Reserve lifted its 7-year, $2 trillion asset cap on the bank. Scharf also reacted to a statement from Senator Elizabeth Warren (D-MA) critical of the Fed's move. The anchors also discussed trade tensions, along with a pair of President Trump's social media posts: One said China's President Xi is "EXTERMELY HARD TO DEAL WITH!!," the other called for "too late" Fed Chair Powell to cut rates in reaction to the worst monthly ADP jobs report in two years. Squawk on the Street Disclaimer

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street.
0:04.7	Don't miss a minute of the action. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintanillo and Jim Kramer at post night of the New York Stock Exchange. David Faber has the morning off. We've lost some of the pre-market gain as ADP employment comes in in the weakest in two years, smaller businesses cutting jobs on a net basis.
0:22.2	Plenty of data on deck today as those aluminum and steel comes in in the weakest in two years, smaller businesses cutting jobs on a net basis.
0:22.1	Plenty of data on deck today as those aluminum and steel tariffs kick in.
0:26.4	Roadmap begins with this stalemate in trade talks.
0:28.9	The president says that she is, quote, extremely hard to make a deal with.
0:33.3	Elon Musk, blasting that tax bill, calling it a, quote, disgusting abomination.
0:37.7	We'll talk about the fallout. and a big milestone for Wells Fargo.
0:41.4	The Fed finally lifting the asset cap.
0:44.2	Charlie Sharp is with us here at Post 9 exclusively in a few moments to talk about what it means for the company's growth.
0:51.4	Let's begin, though, with trade tensions between the United States and China.
0:54.5	Overnight, the president posted on truth social, quote, I like President Xi of China,
0:58.5	always have and always will, but he is very tough and extremely hard to make a deal with.
1:04.0	We still, Jim, don't have confirmation from the Chinese side that they will talk on Friday.
1:08.4	Right. And without a call, you run the risk of saying, okay, we thought it might be the weekend.
1:13.0	We thought it might be Wednesday.
1:14.6	We don't know if it's going to be Friday.
1:16.2	It's hanging over us.
1:18.0	Also, it's this story that we keep hearing about about the magnets, including an incredible thing about the idea in the journal that maybe we have to go back and make
1:29.4	motors there. It is a level of hardball that I think really tests Trump. Okay, I'm going to, I think
1:39.2	he's, I think he likes it. I think he likes it. And I think that this is the sign that he does like it because he would keep quiet if he didn't feel like this wasn't the kind of negotiation that he used to make with banks. And I think, I'm not saying she met his match because she can take an incredible amount of pain because he lives in a totalitarian environment. But this will be incredibly interesting.
2:04.0	And it's got, it's the rare earth versus some of these plastics.
	...

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