This is a rush transcript from "Your World," August 20, 2020. This copy may not be in its final form and may be updated.

NEIL CAVUTO, FOX NEWS ANCHOR: We are monitoring the president of the United States in Pennsylvania.

And, as if on cue, the markets doing exactly what he was -- been talking and has been talking about in this speech. The Nasdaq hit yet another record, its 32nd of the year.

We're also getting wind that S&P is very close to hitting a record as well. I stand corrected, the Nasdaq at its 35th record of the year, and all of this a huge comeback from the lows we were experiencing back in March.

All the major market averages are up at least 50 percent from those levels. So, the president was trying to point out in remarks in Pennsylvania today that is the trend that is their friend, not only in Pennsylvania, but across the country, the Dow itself up as well.

The president making his pitch, if you want to see all that go away, if you want to see your 401(k)s shattered, go ahead and elect the other guy, all this at the same time that other guy, Joe Biden, is prepared to reintroduce themselves to the nation tonight as the Democratic Party's standard-bearer.

But, of course, he's facing some competition from a president who will not be passive and will not take all of this lying down or being inactive.

This is the third battleground state he's visited this week. And in Pennsylvania, and its 20 electoral votes, it is a prize he is not willing to give up.

Welcome, everybody. I'm Neil Cavuto, and this is "Your World."

So many fast-moving developments, first on the president and the mission that he's on in battleground states like Pennsylvania.

Bryan Llenas is there -- Bryan.

BRYAN LLENAS, FOX NEWS CORRESPONDENT: Neil, good afternoon.

The president behind me is still speaking here in Old Forge, Pennsylvania, which is just three-and-a-half miles away from Scranton, which is the former vice president's birthplace. But this is also just really important in terms of what this state represents and what this area represents, blue- collar workers.

The same workers that gave him Pennsylvania in 2016, as well as really the election in 2016, live in this area in and around Scranton. His message thus far, partly an economic one, saying that Biden is going to raise your taxes by some $4 trillion.

He also said that what's at stake in this election is -- quote -- "the survival of our nation." He talked a lot about being the law and order candidate, mentioning a lot about the riots and the protests in the cities across the country.

He also went after Biden, saying that, even though he was born in Scranton, he's not really a son of Scranton, saying that he left Pennsylvania at a young age. And if you closed your eyes for a moment, Neil, it almost felt as though you were at a speech back from 2016.

He talked a lot about the same economic points he had mentioned. Here's partly what he said to the voters here in Northeastern Pennsylvania.

Oh, I apologize. We don't have that sound.

But the bottom line is, is that his message here is, look, if you put in Biden, we're going to have fracking -- you're not going to have fracking, you're not -- it's going to be harmful for the farmers with NAFTA.

Of course, he is trying to really drive that wedge issue on fracking, because Pennsylvania is a big natural gas state. And fracking here is a big issue. Biden has said he is against an outright ban. But his running mate, Kamala Harris, says that she is for a ban.

So that is an issue here in Pennsylvania that he is really trying to hit on as an economic message here.

President Trump, Neil, won this state by 44,000 votes. He believes that he can win this state again by pulling up that blue-collar voter -- white vote here in the state -- Neil.

CAVUTO: Bryan Llenas, thank you very, very much, my friend.

In the meantime, Joe Biden, his big night, but he's got to compete with a president who is not going to be a passive player in all of this and just let the Democrats have their day, especially when the president argues that so much of what they have been saying the last few days at their convention is just wrong and foolish and risky and dangerous.

Right now, we go to Jacqui Heinrich, who is following the Biden campaign very, very closely here.

What's in store for Joe tonight to counter the impression that he can't get the energy and enthusiasm? That's the rap against him, Jacqui. He's trying to disprove that tonight, right?

JACQUI HEINRICH, FOX NEWS CORRESPONDENT: He sure is, Neil.

And we have been wondering all week why there's a stage in this empty parking lot roped off behind me, especially because Biden will accept his Democratic presidential nomination inside the Chase Center tonight.

That's the same place Kamala Harris accepted her nomination last night. We just learned that, later on this evening. 100 cars will fill this parking lot, so people can watch the final night of the DNC like a drive-in movie.

The campaign says Biden will deliver a positive vision hinging on his core belief that the country can be united, working to establish him as a tested leader who can guide the country out of chaos and crisis created by President Trump.

And the campaign responded to the president's efforts to undercut Biden's nomination, including with a stop today in his hometown of Scranton, Pennsylvania.

(BEGIN VIDEO CLIP)

SYMONE SANDERS, BIDEN CAMPAIGN SENIOR ADVISER: We actually appreciate President Trump going out there, because the American people will get to see a tale of two presidents tonight.

You will see Donald Trump doing what he always does, talking about himself, lobbying attacks. You will see Vice President Biden tonight talking about the American people.

(END VIDEO CLIP)

HEINRICH: Tonight, we will hear from eight one-time rival candidates, plus Biden's daughter Ashley and his son Hunter Biden, often the target of the Trump campaign over allegations Hunter wrongly profited from his father's role as V.P.

There will also be a tribute to Beau Biden, who died of brain cancer in 2015.

Now, the challenge of this virtual event is conveying emotion and energy. I was inside the room last night when Kamala Harris accepted her historic place on the ticket. And, Neil, you could really feel just how much this pandemic has changed things.

Harris accepted the nomination with a live audience of only a few dozen members of the press, all socially distanced and wearing masks. The monitor behind her displayed an empty room. She read off a teleprompter with some words underlined for emphasis, with no crowd energy to feed on.

And when she finished, she stood alone facing a video wall, with only the sounds of her own clapping, echoing through the room, until the DNC pumped in audio of supporters at home. Listen.

There was no big hug between Biden and Harris at the end of the night. They're still socially distancing. They held their arms out to each other from a good distance and gave a sort of air hug. And then, when she walked backstage, you could hear soft clapping from the very few staffers who were there to congratulate her.

Biden will accept his nomination the very same way tonight -- Neil.

CAVUTO: All right, Jacqui, thank you very, very much, Jacqui Heinrich with the former vice president.

In the meantime, I want to take you to New York City right now, a New York City courthouse, where we understand that Steve Bannon is soon to be arraigned on charges that he was involved in a fund-raising scheme as part of a We Build the Wall campaign, where some of those funds were used by he and a couple of other principals for their personal wishes.

And what's so thorny about this, of course, he's the former campaign adviser to Donald Trump, of course, the president saying it's been a few years since he's been talking with him, and he was not really up on the details of this, but this privately funded wall effort the president wasn't keen on anyway, wanted the government to do it, and that whatever they were concocting wasn't something he was keen on in the first place.

But, again, we are expected to see Steve Bannon enter that courthouse, if it hasn't already. There is likely to be some bail here. He is not a dangerous flight risk, but we just don't know. But we will be going to that very, very shortly.

In the meantime, all of this simultaneously going on with these warring campaigns.

We have got Kaylee McGhee of The Washington Examiner with us. We have also got Phil Wegmann of RealClearPolitics.

Phil, end it with you, begin with you, on all the crosscurrents. It's very unusual to see the party that's not having the convention being so in-your- face while the other party is having its convention.

But the Trump forces seem to think this is the strategy to take, because they're going to use and leverage every single day they have. Do you think it's working?

PHILIP WEGMANN, REALCLEARPOLITICS: Well, it's certainly what the Trump campaign is going to continue to pursue.

They are not going to give up on any earned media time. They're going to be making their rebuttal as things happen.

And, as I just reported, tomorrow morning, Vice President Pence is going to be on fire morning shows, including "Good Morning America," to rebut what Democrats have been arguing at their convention, and then to preview what's going to come next week.

The Trump campaign, at this moment, they're not taking anything for granted.

CAVUTO: Kaylee, the Bannon news today, which we will get it into a little bit, is this just noise? I mean, the two have broken off their relationship, even though Bannon has been quite complimentary of the president, but they have not dealt with each other for a few years.

This privately funded wall effort was something, as I said, the president really wasn't impressed with, thought that the government should do this. There's more money there. There's more substance there, better walls to be built there.

So where is this going?

KAYLEE MCGHEE, THE WASHINGTON EXAMINER: Well, I think it's indicative of a couple of things.

First of all, it just goes to show that Trump often does not surround himself with the best people. He obviously chose Steve Bannon from the get- go. No, they haven't had a relationship for a while, but this was once his trusted adviser.

And, second, it's important to note that you haven't this scandal and then you have the recent NRA scandal, in which the New York attorney general accused the NRA of basically hoarding money and taking from these dues.

I mean, these are huge problems that both really encompass the Republican Party. And yet I haven't seen many GOPers denounce either.

CAVUTO: I'm wondering too where this goes, Phil.

I mean, it's all politics. I get that. But I'm wondering if some people are thinking that, did Democrats go over the top yesterday, all but saying the president is single-handedly responsible for those more than 170,000 Americans who died of COVID, knowing full well this was a worldwide virus?

Is there a sense that they did go too far, or is that the point, they want to go far, they want to keep pounding all these issues that happened under his watch?

WEGMANN: Well, that creates a contrast, because, from the beginning, Joe Biden has argued that his candidacy is one that is going to unite the nation, bind up the wounds, and bring us back to sort of normalcy.

But it's interesting that you have a candidate who's going to be accepting the nomination of the Democratic Party, and then at this convention, on the first day, you had a speaker who said that her father had passed away from COVID, and that his only preexisting condition was listening to Donald Trump.

Then, on day three, like you just mentioned, another speaker said that President Trump did not care about victims of gun violence. It's certainly a mismatch.

But I think what -- the takeaway from this is that the electorate is so divided at this point that the left likely sees those remarks and gets energized by them, where the right is turned off. And I wonder if there are going to be many voters left in the middle who are going to be willing to make up their mind based off of those kinds of emotional appeals.

CAVUTO: Kaylee, could I ask you this as more of a psychological question?

But the administration has painted Joe Biden to be everything but a cross between Mr. Magoo and plant life, and that if he just shows up tonight, delivers a smooth speech on prompter, whatever, doesn't faint, does he come out OK?

In other words, has Donald Trump potentially set the bar so low that Biden ought to do just fine?

MCGHEE: Well, many past candidates have benefited from lower expectations. Even Trump, to a certain extent, benefited from the idea that he was outside of the political world, and that he could bring something new into it.

But the accusations being made against Biden don't just question his political experience or his ability to govern. They question his mental fitness and his physical longevity. I mean, those are huge accusations.

And the fact that his campaign has removed him from the public eye to a certain extent -- he's done very few media interviews -- him and Kamala have only done two interviews so far, one with Cardi B and another with "People" magazine. So, he's kind of reaffirming these accusations that the Trump campaign is making.

And I don't think that one speech is enough to combat those.

CAVUTO: No, I think you raise a good point. I think both of you have as well.

Say what you will of the president. He takes on all comers, talks to the media all the time, either hopping onto Marine One or at a venue, not happily, but he takes them all on. And this rope-a-dope or hide from the public strategy, I don't know how much longer that helps him, but we will see. I'm talking about the vice president here.

But, guys, thank you both, very much.

I do want to take you quickly back to Lower Manhattan right now, where about Steve Bannon will again be facing formally these charges that he was trying to skim off the top of a $25 million We Build the Wall fund that promise that no money was going to anyone else, but the building of that wall.

David Lee Miller on what he could be facing right now -- David Lee.

DAVID LEE MILLER, FOX NEWS CORRESPONDENT: Hi, Neil.

The court appearance is now under way. It is a remote court appearance because of the pandemic. So, Steve Bannon is not actually in the courtroom. This is an electronic link.

But, moments ago, he entered a not guilty plea. The former campaign manager and adviser to President Trump is charged with two counts, conspiracy to launder money, as well as conspiracy to commit wire fraud.

And this is based on a newly unsealed indictment that says a crowdfunding campaign for We Build the Wall raised more than $25 million, some of which Bannon and three other men allegedly put in their own pockets.

A portion of the indictment says -- and I quote -- "The defendants each received hundreds of thousands of dollars in donor funds from the We Build the Wall, which they used to pay for a variety of personal expenses,, including, among other things, travel, hotels, consumer goods, and personal credit card debts."

It goes on to say -- quoting again -- "The defendants repeatedly and intentionally led the public to believe none of their donations would be used for the personal benefit of the defendants."

And the indictment even quotes Bannon during interviews and public appearances as saying: "I did this kind of as a volunteer, and we're a volunteer organization."

The indictment says, through an unnamed nonprofit, Bannon controlled more than $1 million, some of which he then diverted for his own expenses. It quotes Bannon in interviews and public events saying, again, this was a volunteer organization. A year ago, on Fox, he talked about the success of this border wall campaign.

(BEGIN VIDEO CLIP)

STEVE BANNON, FORMER WHITE HOUSE CHIEF STRATEGIST: We have stopped the incursions 100 percent since we built the wall.

I'm down here in Arizona. This private group is We Built the Wall that the triple amputee hero Brian Kolfage, the Air Force veteran, has founded.

We have raised about $25 million.

(END VIDEO CLIP)

MILLER: And you just heard Bannon mention Brian Kolfage. He has also been indicted.

Authorities say, as part of the scheme, the men used fake invoices and fake accounts. And when they feared that they were under some type of investigation, they allegedly then used encrypted software to communicate during this alleged conspiracy.

If convicted, Bannon and his co-defendants, Neil, each face 20 years on each of the two counts.

Again, repeating, Steve Bannon in court this hour entering a not guilty plea before the judge -- Neil.

CAVUTO: All right, David Lee, thank you very, very much.

Other developments on foreign affairs we have been following, one is progress on a possible China trade deal. That one is weirding everyone out, because they didn't see that one coming, but it's good news.

Here's what's worrisome news. Iran is showing off some new missiles that clearly violate almost every agreement the country had with almost anyone else in the world. We are threatening still more sanctions.

The Iranians are protesting. And now the secretary of state on the wires saying, don't even think about it -- after this.

(COMMERCIAL BREAK)

CAVUTO: All right, the Lower Manhattan Courthouse, where virtually, at least -- everything's virtual these days -- Steve Bannon has pled not guilty to charges he was essentially bilking a fund that he started to raise private funds to build a wall at the border.

Ultimately, they raised about $25 million. The charges are that he and a couple of other key partners were skimming money off the top for personal expenses and that sort of thing.

Right now, prosecutors say, the parties have apparently agreed on a $5 million bond package for Bannon. Mr. Bannon is quite wealthy from his days at Goldman Sachs, what have you. So, we assume that means that the money is there to pay for this, and that he will not have to stew in jail while he's waiting for presumably a trial.

But that does also mean that at the -- for the time being, he's not deemed a flight risk either. So, again, a $5 million bond agreed to on the part of Bannon, Steve Bannon, to fight charges, he says, for which he is not guilty. We will keep you posted on that.

In the meantime, more talk of the big convention and the biggest night tonight, but the biggest thunder came from the president's predecessor last night. Take a look at this.

(BEGIN VIDEO CLIP)

FORMER PRESIDENT BARACK OBAMA: Donald Trump hasn't grown into the job, because he can't.

And the consequences of that failure are severe, 170,000 Americans dead, millions of jobs gone, while those at the top take in more than ever.

(END VIDEO CLIP)

CAVUTO: Robert Wolf with us, a former UBS America's chairman, a close confidant and friend of Barack Obama's.

Robert, I thought that was a bit over the top. First of all, this is a worldwide contagion. For Barack Obama to state, not even insinuate, to state that those deaths are all exclusively on the president of the United States, when this has affected almost every country on Earth, was that a cheap shot?

ROBERT WOLF, FOX NEWS CONTRIBUTOR: I don't think it was a cheap shot.

I mean, the president is not blaming COVID-19 on President -- President Obama is not blaming it on President Trump. What he is saying is that he owns the response.

CAVUTO: He's blaming 170,000 deaths -- he's blaming 170,000 deaths on him.

WOLF: Well, what he's saying is, he owns the response.

And you have reported -- and so has everyone else -- that the response has lacked protocol. It's been incoherent. Trump has made comments that only 15 people will get it. We have gone in and out of masks, in and out of reopening, closings.

So, it has been incoherent. And we're underperforming the rest of the world. The facts are the facts.

And even today, we don't have real best practice protocols on reopening either schools and/or states.

CAVUTO: But the one thing I noticed in this speech -- and we can argue about what the president knew and what he should have done. And I'm with you in terms of things that he should have caught, things he should have been aware of early on. You can say that almost about any other crisis, I grant you as well.

But the way he framed his remarks -- he's a very eloquent, powerful speaker, but the lion's share of them were about Donald Trump, very little said, with some praise that he's a fellow brother and all this, of Joe Biden.

And I'm wondering whether it refuels arguments that there's just not enough to promote about Joe Biden. The president says that Democrats are actually concerned about that. That's why you see so little of him...

WOLF: Yes.

CAVUTO: ... because they don't think engenders excitement.

Now, I know the passion for Joe Biden is more or less reflected in the passion to defeat the other guy. I get that. And a win and a win, however you got to vote is how you have got to vote.

But do you think that Barack Obama was sending that signal, I'm going to focus on the guy we all hate, that is, the Democrats there, not the guy who is necessarily going to generate that enthusiasm?

WOLF: So, Neil, let me just reply to that in a few different ways.

One, I would say, last night, you had a real view of the large tent of the Democratic Party. I would actually say you saw the combination of the Obama coalition meets the Biden coalition, which has some overlap, but not complete.

So, you saw large black and brown community, activism, climate change, gun reform, the MeToo movement meets what I would say Joe Biden, blue-collar Joe, industrial America.

So, our view is very different, that we think that we have broadened the base and deepened the base.

I would say, number two, President Obama has always...

CAVUTO: All right, you might be.

But you know what? I do notice -- but think about it, Robert. I don't mean to just keep bashing on that point, but everyone talks about the fine line and the needle that he has to thread on all of this on not sounding too progressive, on also appealing to moderates.

He has gone out of his way -- that is, Joe Biden -- to talk about, he's not for Medicare for all. But he's not stating at this -- at this convention. He is -- he is against this idea to defund police, but he's not saying it at this convention. Maybe he will tonight.

WOLF: I don't...

(CROSSTALK)

CAVUTO: But he seems to be trying to have it both ways.

And I'm just wondering whether that's going to work.

WOLF: Neil, I don't -- I don't think that's -- I don't think that's accurate.

I mean, the platform is very clear. It's not Medicare for all. It's not the Green New Deal. It's not a wealth tax. It's not defund the police.

You guys have been reporting it continually. Chris Wallace took President Trump to task on it that that wasn't true.

I think we have been more than clear. But this is a unity...

(CROSSTALK)

CAVUTO: No, no, it's in the party platform.

He is just -- maybe because he's made so few appearances, and I understand standing back, not wading into each and every thorny issue, and, to your point, he might address it tonight, but what is he? Is he a moderate? Is he an extreme progressive?

What do you think he is and presenting...

(CROSSTALK)

CAVUTO: ... to the American people...

(CROSSTALK)

WOLF: I think that's a fair question. And I think that we're all trying to answer it. So, let me answer it the best way I think I can.

I view myself as a progressive, but I'm a moderate progressive. I'm not a populist progressive. We're all for gun reform. We're all for climate change action. We're for immigration reform. We're for criminal justice reform.

But there's a spectrum. I believe that there's progressive moderates and there's populist progressives. Bernie Sanders is a populist progressive.

I think, actually, Joe is handling it perfectly, because he's unifying more people. Let's recall, the populist side of the party is only about a third of the party; 65 percent are progressive moderates.

That's why he coalesced everyone else to go around him. I think I'm the same way. I'm not for Medicare for all, but I'm for health care as a right. I'm not for the Green New Deal, but I'm for climate action.

So I think that you can actually -- I don't think it's threading the needle. I think that there's a spectrum of where people are. And I think, actually, Joe has it right.

CAVUTO: All right, you might be right. But I have followed every line and did a search of everything he had said since this convention began.

And whatever his views -- and I know his views on these subjects. You are quite right. He is being very careful not to espouse -- espouse those more moderate views in any interview or any exchange for the time being, and maybe by design.

WOLF: Yes.

Am I still on? I can't tell. Sorry.

CAVUTO: No, I thought I left you speechless.

But we will see.

(CROSSTALK)

CAVUTO: Robert Wolf, it's going to be interesting viewing.

WOLF: We have known each other to know that just can't happen.

CAVUTO: All right.

WOLF: What I would say is, I think you're going to hear tonight on also about how he's going to bring a recovery, an economic recovery, a pandemic recovery, and a health care recovery to the forefront.

And we chatted about it a lot...

(CROSSTALK)

CAVUTO: But we do have an economic recovery going on. We do having one going on, right? I mean, you will say, at least for a few months, we have seen that, whether you want to credit the president or not, but it's pretty clear we have come off our lows, right?

WOLF: Well, today wasn't a good day. We had another million jobless claims.

(CROSSTALK)

CAVUTO: I'm not even talking -- I'm not even talking the markets. I'm talking jobs. I'm talking 10 million jobs in the last three months. I'm talking improved retail sales. I'm talking about housing activity, unthinkable a little more than a few months ago, right?

So, we will see.

(CROSSTALK)

WOLF: Yes. No, I think we could have that debate.

I mean, we're talking about five million people left the labor force. We're talking about 12 to 13 million people are not back from the pandemic. Hundreds of thousands of small businesses have closed. I mean, I'm happy to have that debate, that this is not the super V-shaped recovery that President Trump...

(CROSSTALK)

CAVUTO: And I'm happy to point out the half-full glass of water, the 10 million jobs gained in that time, the record low interest rates, the best housing numbers we have seen in a generation.

So, I think this is what -- the battle royal is on.

I wish we had more time, Robert. Blessedly, we do not.

WOLF: I wish we had more time too, Neil.

CAVUTO: But good seeing you again.

WOLF: Always a pleasure.

CAVUTO: All right, be well, my friend, Robert Wolf, chief confidant, not only Joe Biden's, but Barack Obama's, much, much more.

I have the feeling the pressure of that speech and how to present himself to the American public will be the deciding factor and probably the most important factor for Joe Biden tonight.

Stay with us.

(COMMERCIAL BREAK)

CAVUTO: All right, you can still get an Uber or a Lyft in California.

Both companies were threatening the bolt if the state didn't change its mind about enforcing a rule classifying their workers as employees. Lyft already says, we're staying, for now.

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

MIKE POMPEO, U.S. SECRETARY OF STATE: The United States is initiating the restoration of virtually all U.N. sanctions on Iran lifted under U.N. Security Council Resolution 2231.

This process will lead to those sanctions coming back into effect 30 days from today.

(END VIDEO CLIP)

CAVUTO: All right.

If you think the nastiness with Iran was over, the Iranians responded to all of that with a -- I don't know -- a Clint Eastwood version of "Make my day," rubbing still more salt in the international diplomatic wound by saying they're going to up the ante and do whatever the hell they want.

Trey Yingst in Tel Aviv with what that might be -- Trey.

TREY YINGST, FOX NEWS CORRESPONDENT: Neil, good afternoon.

U.S. Secretary of State Mike Pompeo met with U.N. officials today in New York to trigger the snapback of Iranian sanctions. As was expected, it turned into a bit of a diplomatic mess. You have U.S. allies today, including France, Germany and Britain, saying they don't agree with this decision. Obviously, the Russians and Iranians are not on board, even saying they would like a new meeting tomorrow to try to figure out this diplomatic situation.

This does come as the Iranians today unveiled two new cruise missiles named after Iranian General Qasem Soleimani and an Iraqi militia leader, both killed in that drone strike earlier this year outside of Baghdad's International Airport.

According to Iranian state media, the first missile can't be intercepted by enemy defense systems, likely referring to Israel. These systems, remember, are coming as a larger peace deal has been struck this month in the region between the United Arab Emirates and Israel.

There are new questions about what this agreement means and possible future agreements would mean for regional security. I did speak today with a top official in the UAE about what role his country would play in security cooperation with Israel.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: It goes without saying that there will be some form of cooperation. Iran has been threatening the region. Iran has this idea that it wants to be the guarantor of security, when, in fact, it's the threat to security, as far as we can see.

(END VIDEO CLIP)

YINGST: To give you a sense of how active the Iranian proxy issue is in the region, just a few minutes ago, during commercial break, Neil, we got alerts that rockets are being fired from the Gaza Strip into Southern Israel, likely by Iranian-backed proxies.

There has been ongoing tension with the Israelis in the region over the past 10 days. And, earlier tonight, the Israelis also striking a number of Hamas positions inside Gaza -- Neil.

CAVUTO: All right, Trey Yingst, thank you very much for that.

Michael Pregent with us now of the Hudson Institute.

Michael, where's this all going?

MICHAEL PREGENT, HUDSON INSTITUTE: Well, it's basically what the regime has been doing for 40 years. It's going to get worse, Neil, unfortunately.

That's why snapback sanctions are so important. And that's why it's important for our allies to work together and for more countries to probably sign onto this peace deal with Israel.

CAVUTO: But not all our allies are working, or all those we think our friends.

We often hear of the role that Russia is playing, China might be playing.

PREGENT: Right.

CAVUTO: Someone is providing a backstop for Iran. Who?

PREGENT: Well, it's China and Russia.

They only joined the Iran deal in order to reap the benefits of exploiting Iran's economy by taking oil and gas and also by selling Iran weapons. That's why Russia and China are against snapback sanctions. And that's why they vetoed the U.S. request to extend the arms embargo.

CAVUTO: I'm wondering too then where this goes.

If we're going to beef up sanctions or widen them out or take other stern measures -- and Iran has always survived these in the past -- what is the next option for us and the world?

PREGENT: Well, Russia and China want Iran to stay in the Nuclear Non- Proliferation Treaty. The United States wants Iran to stop spreading terrorism and funding the proxies and launching ballistic missiles.

The two missiles that you talked about earlier are also violations of existing U.N. Security Council resolutions. And it's also a reason for the U.S. to trigger snapback. This is a sign to China and Russia that you cannot just jump into Iran's economy without repercussions.

And that's what snapback is all about.

CAVUTO: Got it?

Michael, thank you very much, Michael Pregent of the Hudson Institute.

PREGENT: Thanks, Neil.

CAVUTO: We're also following all these political developments, aside these international military scary ones, and what's at stake in this election year.

As you know, we elect our president by the electoral vote, which could explain the importance of these battleground states, Pennsylvania, Wisconsin, Minnesota among those visited by the president.

Why and how that is stacking up, because it's about the numbers. It's about getting to 270.

Bill Hemmer has the latest on how that's going -- after this.

(COMMERCIAL BREAK)

CAVUTO: In the end, it's all about the figure 270.

That's how many electoral votes you need to be president of the United States. And the popular vote, as important is for a lot of folks, it's all about that 270, all about getting those electoral votes, which is why Pennsylvania is so crucial with those 20 electoral votes up for grabs.

And that really applies to all those key battleground states that critics of the Democratic Party say Hillary Clinton forgot four years ago, Joe Biden will not four years later.

Bill Hemmer crunches the numbers to see what's at stake.

Hey, Bill.

BILL HEMMER, FOX NEWS ANCHOR: Hey, Neil. Good afternoon to you.

And a lot of numbers here, too, that I think are real significant for you and your audience, especially on Fox Business; 270 is where you need to go, right, Neil?

Everything in gray is considered a toss-up, meaning the polls are too close to make a call today. Could change in time. Likely will change in time.

Think about Michigan, a big state, 16 electoral votes, Pennsylvania, as you mentioned, 20, and Florida down here at 29. Well, what about the events of the day and the effect of COVID on jobs, the economy, a possible outcome in an election?

This is a heat map, the darker red, the more trouble you have got your state. Neil, I think about the Southeast. Think about Florida. Up here in Michigan, not as intense as Florida, but same level as Pennsylvania, based on our heat map here.

So, what is happening to jobs? What's happening to the economy? What's been going on in the states going back to the month of March up to present day?

This is Michigan. Neil, this was the unemployment rate in Michigan in March, pre-COVID, 4.3. That's where it is as of June, 14.8. Tomorrow and July, we get new numbers. So this will likely change. We will see how it changes tomorrow.

This is Pennsylvania. And this is stark too, 5.8 in March, up to 13 percent in June. Now, what are people thinking there? What are they feeling? How are they considering the potential for who's the next commander in chief?

Florida, 4.4 in March, up to 10.4 in the month of June. Again, all this would change again tomorrow slightly. Maybe it goes higher. Maybe it goes lower. We will see whether or not ultimately, as you like to talk about, Neil, is this a U recovery, or is it a V?

That's all forthcoming, But how does this now settle into the electorate? And, ultimately, how does that heat map affect the outcome for this and 270 electoral votes? We will find out in 70 days, give or take, Neil, maybe -- back to you.

CAVUTO: You know, Bill, you are so smooth at that. If that were me, I'd be like Barney Fife. Like, it's not working. It's not going.

(CROSSTALK)

HEMMER: I can give you a chance.

(LAUGHTER)

CAVUTO: Oh, you don't want that, buddy.

HEMMER: Someday.

CAVUTO: That would be an embarrassing moment.

Bill Hemmer, thank you very much, my friend, following all of that. That quest for 270 goes on and on and on.

Why what Joe Biden wants to say tonight is particularly meant to address some of those battleground states that Billy was just talking about -- after this.

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP, 2012)

REP. EMANUEL CLEAVER, D-MO: It is our hope that tells us our latter days will be greater than our former!

It is our hope that instructs us to march on!

CAVUTO: You have a lot of Red Bull going into that, or what?

(LAUGHTER)

CLEAVER: We had a good time.

I mean, conventions are in, a real sense, a revival. And people come to be revived.

(END VIDEO CLIP)

CAVUTO: All right, that was Emanuel Cleaver, I can't believe, eight years ago. He electrified the convention that re-nominated Barack Obama, went on to win reelection and serve a full two terms.

A lot of people said that speech helped pave the way for that.

What I love about Emanuel Cleaver -- I don't care whether you're on the right or the left -- he's not a crazy guy. He's pragmatic. He reaches across the aisle, talks to both sides, tries to be calm, tries not to get too ahead of himself.

He joins us right now, the Missouri congressman, minister by training as well.

Congressman, good to have you back.

How you doing?

CLEAVER: I'm doing great.

I'm doing great here in my office in Washington, getting a lot of work done, because nobody's around.

(LAUGHTER)

CAVUTO: Let me ask you a little bit.

Obviously, at this time of year, especially with the back-to-back conventions, people are going to be nasty. You know, some are going to say things that appear to be over the top.

I did wonder whether you thought some of the speakers got a little too rough with Donald Trump. I get it. They respond to the nasty comments he makes. I don't know where this begins.

But to lay the death of 170,000 Americans on the president, as Barack Obama did last night, do you think he went a little too far?

CLEAVER: Well, first of all, I have spoken at every convention since Clinton's first, and I have never even called anybody's name. I never -- that's not true. I called Bill -- Barack Obama's name.

But I never called the name of the other -- the person on the other side. I think -- I think there's a fine line you have to walk on that issue with using President Trump.

I think that it -- I think it may be important to make sure that you say, President Trump did not create the coronavirus, and he did not -- he's not responsible for all of the deaths.

However, he did make a misstep at the beginning. And, I mean, even The Wall Street Journal yesterday talked about how an earlier response could have prevented some deaths.

I'm always a little nervous about saying that somebody killed somebody.

CAVUTO: But I do understand. The president has some doozies to say about Barack Obama and certainly fellow Republicans.

So, I know the world in which we live, and this is sort of acceptable. I know you try to avoid that. It's probably going to be unavoidable in the next few of weeks and months, ahead of the general election.

But Joe Biden has been presenting himself as the guy who is bringing the nation together. But with language like we have been hearing out of some speakers, not all, and the tone and the harshness of this, I sense more contempt for the president than a reason to elect Joe Biden.

Any thoughts on that?

CLEAVER: Well, yes, I don't think we're going to run a campaign -- at least I hope not -- I'm not as deeply into this particular campaign as I have been in previous campaigns, not because I don't want to do, but because I think there are a lot of other people already in it.

But I think that this campaign is not going to be around -- certainly, I don't think it helps us if we do it -- that, hey, this man is unfit for public office, and I'm not him.

I think, at some point -- and I hope even it will begin tonight -- where you say, look, this man, if you want to say this man is not a fit for the presidency, I think you then have to go on and talk -- and say, these are the policies and programs I'm going to put in place.

CAVUTO: Right.

CLEAVER: And I think that's what -- I have no prior knowledge of the speech tonight, but I think and I certainly hope that that's what he will do, is lay out the beginning of the Biden doctrine for the next four years, should he win the presidency.

CAVUTO: All right, got it.

All right, you're a good man, Congressman. I think, when both Republicans and Democrats are saying nice things about you, that instantly makes you, well, suspicious.

(LAUGHTER)

CAVUTO: But it's always good seeing you, Congressman.

Be well. Be safe. Be healthy.

CLEAVER: All right.

(CROSSTALK)

CAVUTO: Emanuel Cleaver.

CAVUTO: Some words we're getting out of Joe Biden -- right after this.

(COMMERCIAL BREAK)

CAVUTO: All right, a mere four, five hours ahead of his big night and the big speech before the American people as the Democratic presidential candidate, wouldn't you know that Joe Biden bumped into a certain Peter Doocy, who joins me right now?

Hey, Peter.

(LAUGHTER)

PETER DOOCY, FOX NEWS CORRESPONDENT: And, Neil, it is a big day.

And on this big day, we are the only network crew that was in position to shout a question to the man about to become his party's nominee officially, Joe Biden.

(BEGIN VIDEO CLIP)

DOOCY: Mr. Vice President, how are you feeling today?

JOE BIDEN, DEMOCRATIC PRESIDENTIAL NOMINEE: Good.

(END VIDEO CLIP)

DOOCY: He said, "Good."

That was obviously short. We have more probing questions for him when we can get a little bit closer.

But you noticed he was doing a walk-through outside. So much of the DNC has been pretaped or live indoors. We expect to see some more of that this evening.

But, at some point, he and Dr. Jill Biden will be out here. And we understand, from some sourcing on the ground, that there are also going to be 100 invited guests or 100 invited groups all watching the festivities on a big screen inside their cars -- Neil.

CAVUTO: Inside their cars.

Peter Doocy, I look forward to the rest of that exclusive. That -- that, my friend, was a probing exchange. You're the man. You're always the man.

(LAUGHTER)

CAVUTO: All right, thank you very much, Peter.

He's the best. He's there at the right time, the right moment. And no one can top him, the speed of that.

We will be following all of this as well on Fox Business tonight, 9:00 p.m. Eastern time, as will Fox News. We have got you covered on what will be a consequential election. Everyone says it's the most important election of our lives.

Well, it's an important election, at least right now for our lives.

Here's "The Five."

END

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