thanks so much for watching "strange inheritance." and remember -- you can't take it with you. ♪ ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: happy fourth of july weekend, everyone. thanks so much for joining us. welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. great weekend to you all. coming up, philanthropist michael milliken is here, and then later on in the program, attorney general bill barr is here to discuss the rethinking of the u.s./china relationship in few exclusive sit-down, coming up. but first, i want to introduce a new weekly segment looking at all the issues of the day, highlighting the big moments on

"mornings with maria" with top newsmakers of the day. watch. ♪ ♪ maria: they seem to have used this pandemic as an opportunity to gain more ground while the rest of the world was dealing with the pandemic. >> yes. well, first of all, in the initial stages of the epidemic, they then started this mass diplomacy to try to get goodwill. maria: i know you are still believing that this v-rebound is still intact. what are your expectations for the second half of the year, nancy? >> after a 25% drop the in the second quarter, i think by the third quarter you are already seeing signs that growth is rebounding sharply. maria: you have to to study chinese culture, and that's why they're in these camps. >> i don't know if you heard the phrase that secretary of state mike pompeo uses, he calls the stain of the century. maria: should i be more worried about being with people if they

have the antibodies? >> no, no. we don't have any evidence that individuals who have recovered from covid are any type of risk to other individuals. maria: this is a stake issue, right? the governors will decide about mail-in ballots, is that right? >> i believe so. and yet you see all the left states are going to do this because it is ripe for fraud. maria: what do you think about ocasio-cortez's response? it's not enough, the continued move to defund the police goes on. >> i think the whole concept of defunding the police is ludicrous. some twisted way to try to get revenge for the murder of george floyd. maria: is the rest of the world with the united states in seeing this law and the impact of it? >> yeah. you asked when is it going to stop, it isn't going to stop. the chinese government has basically made a decision they're going to put the pedal to the metal on this. they view themselves as the world's most powerful country,

destined to be. maria: meanwhile, a record-breaking jobs report for the month of june showing the economic recovery from the covid-19 shutdown is in full swing. take a look at the numbers. the u.s. economy added 4.8 million jobs in the month of june. that blew out the expectation of 3 million jobs. the unemployment rate also fell, it is now at 11.1%, more than a percentage point lower than the expectation of 12.3% on the unemployment rate. joining us now to discuss that and all of the talkers of the week is former jpmorgan chief economist, anthony chan, thank you so much for joining us. a lot of issues to be discussed given a busy week from china to upsets in our cities across our country, to very good news on the economy. your reaction to the jobs numbers for the month of june. >> maria, i'm very excited with these numbers, and the thing that gets me the most excited is because, as you know, last month everybody was very upset with the unemployment numbers because

the government, the bls admitted itself that somehow it was counting some people that were not at work as being employed, and that number seemed to be a lot bigger than it normally is. so it probably understated the unemployment rate by as much as 3%. the government, of course, got the memo on this, they fixed it, and now that distortion is almost nonexistent. they estimate not more than 1%. so these unemployment rates that we're hearing today are actually a lot more realistic, and they're real. the headline number, 4.8 million, is another number that makes me very excited onion-farm -- on non-farm payrolls. you've got a similar number. so, again, more confirmation that these numbers are good numbers. maria: it's a good point. and 4.8 million is actually a record. we've never seen this kind of job creation in one month. is it fair to say that even though the recession is going to be steep in the second quarter

and probably in the first quarter, the recovery has now began? i mean, has the recovery begun? >> oh, there's no doubt. i actually believe that the economic recovery began in may of this year. you're starting to see some improvement. certainly in the third quarter you're going to see positive economic growth after a dire growth rate in the second quarter. that probably contracted real gdp as much as 30%, but we're going to probably see about a 20%. the only thing that concerns me, maria, is that analysis that i've done finds that in this recession, what you saw was more of the service-providing jobs that were lost, about 14% of those jobs lost through the month of may. and not as many jobs lost in manufacturing, and historically in recessions you get manufacturing getting hit harder. you might say why is that good or bad? manufacturing tends to recover a lot quicker than the service sector. to this economic recovery has

begun, but i think the jury is still out as to how rapidly we'll be able to continue to recover. but there is no doubt in my mind that the recovery has begun and will continue. maria: anthony chan, good to have you on the program. thank you so much. on the economy this weekend. don't go anywhere, my one-on-one with michael milliken on vaccines is up next. stay with us. ♪ ♪ there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving.

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♪ ♪ maria: welcome back. a potential breakthrough in the race to beat covid-19. phaser and the german biotech company biontech has adopted a vaccine that shows promise, currently in the fourth early stage along with projects involving moderna and inovio pharmaceuticals. johnson & johnson also is planning to start human trials for a vaccine at the end of the month. for decades, michael milliken and the milliken institute has

been studying life-threatening disease. i spoke with him about the race to develop a vaccine. >> there are millions of people that we know that have had this virus that have never been tested. so the question is what can be done. and i think one of the issues that americans, you know, prize very highly is their freedom. but at this point in time there's a partnership, and wearing masks and other things is is part of that partnership. my particular focus, maria, has been on a solution for this coronavirus. there are more today than 400 potential treatments whether they're antivirals, antibodies, more than 150 vaccines, and bringing those to use with by the people -- by the people in controlling the coronavirus. maria: yeah. i want to talk to you about that because the efforts are wide and deep. the innovation in this country

is strong, but your institute has the covid-19 treatment and vaccine tracker. tell me about the track orer, because do you think one of the reasons that we're seeing the spikes is because we're just doing more testing and tracking, or are we actually seeing the threat that this is getting worse? >> i think the answer is both. more testing, but i don't think it's getting worse. having more people have the virus, we know better how to treat a person with the virus. the medical system is far better prepared. there are antivirals that are working. we are very excited about a few of them that are working through our medical foundations right now and in clinical trials that quite possibly can prevent the virus from going to your lungs, particularly for men. so i think we're going to treat this better, less people are going to be in icus or need ventilators. out of the percentage of the number of people diagnosed.

but this has not gone away. but what has occurred is the greatest movement ever in history by the biomedical industry and by government. maria: you mentioned the impact on men. talk to us about cancer drugs, in particular prostate cancer drugs and what you're seeing as they address the covid-19 crisis, mike. >> we looked at testosterone, and we discovered research that we had done back in 1999 on drugs that are in the public domain in generics today. it appears to substantially reduce or prevent the movement of the virus into your lungs. so this is, these are drugs that have been going into human beings for decades. i've actually been on one of these myself for 27 years. there are other antivirals that are extremely promising here, and we've been very focused on those immunology treatments that

have little side effects for the person but can stop the inflammation in your lungs which has led, in most cases, most of the death that's been involved with. maria: unbelievable. this is so fascinating, mike. i want to come back to this because i also want to talk about the antivirals occupant there. but let me turn the conversation now to the economy because this most recent quarantine going on in new york, new jersey and connecticut where the governors said, look, anybody from hot spot states coming in will have to quarantine for 14 days before going out and about in new york, new jersey and contract, is this going to worsen what has been a recession, obviously, a serious contraction in the economy? we are expecting a serious contraction in the second quarter. how do we get out of this, mike? >> since you and i first started talking about this a few months ago, everything has accelerated. we talked about j&j, johnson & johnson, the most valuable health care company in the

world, having a vaccine, making it available to the world. going into human beings in january of 2021, that vaccine is going into human beings in july of '20. so everything has been accelerated. the second area is testing and tracking will give us more -- we're talking about delaying fear, not stopping the opening of the economy. and all of the restrictions on movements just push it out. the medical community, fda,cdc, hhs, barta, nih, they are accelerating these efforts. they are making financial commitments so that if something works, it'll be available to us. hundreds of millions of vaccines will be available in the fourth quarter of this year. we don't know if they work yet -- maria: wow. >> -- but they will be available. maria: this is an election year, mike. how do you avoid politics getting involved?

there is a report out that says president trump is pressuring the fda to get a vaccine out before the election. is that even possible? >> fda doesn't need to be pressured. they're challenging themselves. no, they're not going to bring anything that isn't safe. johnson & johnson's not bringing anything that isn't safe, moderna and so on. thousands and thousands of people have already been given the vaccines, and the oxford vaccine has committed more than a billion dollars to it. maria: tell me about the therapeutics and the antivirals, mike. how important are these drugs going to be as sort of a bridge until we get to an overall vaccine? >> antivirals such as gilead or these adt drugs, antigen deprivation therapy, are going into human beings today. these are safe. they've been approved. they've been around for years, and many of them appear to have a very positive effect on

controlling the virus. if. maria: my thanks to michael milken. my interview with the attorney general, bill barr, is coming up next. ♪ ♪ oh, we love our new home. neighborhood's great. amazing school district. the hoa has been very involved. these shrubs aren't board approved. you need to break down your cardboard. thank you. violation. violation. i see you've met cynthia. at least geico makes bundling our home and car insurance easy. and it does help us save a bunch of money. two inches over regulation. thanks, cynthia. for bundling made easy, go to geico.com

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♪ maria: welcome back. well, the outright theft of intellectual property by china is forcing u.s. leaders to rethink a partnership with the superpower including convincing american companies that doing business there should be part of the solution and not the problem. if move supply chains out of china. in my exclusive sit-down, attorney general bill barr tells me about the doj's efforts to crack down on china's espionage and even the playing field.

>> fundamental challenge to the united states. since the late 19th century, our opportunity and our growth, our prosperity as a country has come from our technological leadership. we've been the technological leader for the world. in the last decade or so, china has been putting on a great push to supplant us exprison sitly -- explicitly. they want to be the leader in all the future technologies that are going to dominate the economy. and so what's at stake is the economic opportunity of our children and our grandchildren. whether we can continue to be the technological leader of the world. the chinese have embarked on a very aggressive program during this time of stealing and cheating in order to overtake us. they've stolen our intellectual property. they steal our secrets of our future technology, they're stealing the future of the

american people. if they start leading in some of these fundamental foundational technologies like 5g which will be the platform of much of our future manufacturing in the united states, they will have tremendous leverage over the united states. if all our industrial practices and our manufacturing practices are built on a platform that they dominate, they will have ultimate leverage over the west. so i think this is a, this is a competition for the future. they haven't been competing fairly, and the president has confronted this when no one else has. and the american business community has been a big part of the problem. if -- because they're willing, ultimately, many of them, to sacrifice the long-term viability of their companies for short-term profit so they can get their stock options and move into the golf resort. that's what's driving some of this. they're not taking a long-term view and the national view, the american -- of maintaining american strength.

maria: well, i was talking with one money manager the other day, and he said, look, maria, i'm not going to call good guys and bad guys. it's not my role to call out good guys and bad guys. so, yeah, the growth is in china, and that's where i want to invest. >> well, you know what? we're not speaking german today because the american business in the past didn't think that way. they stood with the united states. and all the privileges expect benefits and the -- and the benefits and the stability and the rule of law and the ability to profit as they do both as companies and individuals comes from the strength of this country. maria: so should it be a law that if you are working under a grant, a united states grant at a university, you're not allowed to take money from the chinese communist party? >> we are clearly cracking down on researchers and others that are sent over here to get involved in our key technological program -- and, by the way, this is not just weapons systems. this is agriculture, this is

medicine, this is robotics, this is artificial intelligence and so forth. it's the whole gamut of important technologies going forward. maria: so are they seeking out people like the chairman of the, you know, chemistry department at harvard to try to get those people to work with them? are they seeking people out? >> chinese efforts run the gamut from more traditional espionage of recruiting people to work for them explicitly to cultivating relationships that they're then able to use, and the people frequently are not completely attuned to the fact that they are being used as, essentially, stooges for the chinese. so it runs the gamut of things. and sometimes some of these high-sounding programs are used to the advantage of the chinese. so, you know, the american business community, we need their understanding of the nature of the prop problem right now. -- the problem right now.

maria: so what about the huawei threat? we know there are back doors in some cases where data in the huawei infrastructure goes back to the chinese communist party. we talked about that a lot. is that true? >> yes. maria: would the consider acquiring -- >> i would say, you know, there's certainly the capacity to do that and a very high risk of that. maria: would the u.s. consider acquiring ericsson and nokia to send a message to the world that if you use ericsson-nokia, you've got the backing of the united states government as an alternative to huawei? >> so, i mean, i gave a speech a while back saying that it was, the two companies best positioned to compete with huawei are ericsson and nokia. but unlike huawei, huawei has the backing of the chinese government, and all the chinese government money. so just to give you an example, for 5g network facilities, the

total global principal market is probably around 90 billion, and the chinese have set up a fund of over 100 billion to subsidize it. so they can go to countries and is say we'll put this in cash-free. you know, very cheap money. so that's what we're competing against with huawei. and companies like ericsson and nokia are the strongest western competitors in this sector, and i gave a speech saying that, ultimately, the west has to rally around these companies. whether that means private ownership or state involvement. maria: so you would be okay taking a stake, even if it's a minority stake, in these companies to offset the threat of huawei then? >> that's not a decision for the justice department. i do think that the west has to pick a horse or horses. maria: my thanks to attorney general bill barr. don't go anywhere, more "wall

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maria: welcome back. coming up next weekend on the program, don't miss it, we've got a big show coming up. the president of the dallas federal reserve bank, robert kaplan, will be my special guest to talk about the fed stimulus that is now almost 50% of the gdp. so join us next weekend at this time. and be sure to tune in this weekend on "sunday morning futures" on the fox news channel. we've got a replay of my interview with president trump this weekend on sunday at 10 a.m. eastern on fox news. join us. and start smart every weekday right here on fox business, tune in weekdays from 6-9 a.m.

eastern for "mornings with maria." join us to is set the tone for the day every weekday. that'll do it for us this weekend. thank you so much for joining happy fourth of july, independence weekend. i'll see you again. ♪ ♪ gerry: welcome to the "wall street journal at large." america should be celebrating independence day in the traditional way this weekend, watching parades, marveling at the fireworks displays, drinking beer at baseball games. but, of course, nothing is as usual. instead of joyfully commemorating the nation's freedom from those terrible british, many americans find themselves this year incarcerated, yearning to breathe free from continuing and renewed lockdowns. with infections on the rise in a number of states, our current rulers are, of course, ordering