Senate. Peter, thank you so much for being with me this weekend. s great to be with you maria what a week of history. It has been incredible. Maria and of course the week ahead looks to be historic as well. Lets talk about what you got done, you and your colleagues got done at the white house. We saw usmca passed the senate, its headed to the president s desk. We are expecting that to be signed into law this week and then the china deal. Lets go through the china trade deal and tell us whats most important. What we have in the china deal when really strong provisions for intellectual property. Really good start on forced technology transfer, and there is a provision on currency manipulation. So those are three of what i have are deferred to his the seven deadly structural sins of china. So its a very good start, over and above that is icing on the cake and a real fiscal stimulus for 2020 economy, we got government purchases from china of about 200 billion worth of goods over and above the 2017 benchmark. And i stress that its over and above what they bought in 2017. As agriculture, its energy, manufacturing, and services. And then finally, something that has been a white whale on wall street for many, many years, Financial Market access for credit cards and companies and banks. So thats a solid start to phase one. The centerpiece of it, maria, is a really strong 90 day clock enforcement mechanism that provides actual unilateral authority to the United States to take action if there are issues. And thats really pathbreaking in and of itself. Maria obviously every thing you say is what the market was reacting to this week and one of the reasons we sell all of the record highs. I want to talk to about some of these issues because theres one firm, Cornerstone Macro that has raised a red flag on the china deal. Heres what the analysts. Nice pun there. Maria the purchases are very difficult to track and i continue to believe fuzzy math is sure to be at work here. The egg purchases way below advertise and the enforcement mechanism is exactly what we wrote about, and that is toothless. Hes calling it toothless at Cornerstone Macro. We talked in the past about how the chinese have lied, and not kept promises in the past. How are you going to keep them, should they promised to buy all these products, 200 billion of the next two years. They said it was 40 to 50 billion in Agricultural Products . What start with the toothless enforcement mechanism. Lets look at it closely. If there is an issue, it comes to robert white heiser and within 90 days, thats adjudicated with the chinese and if we dont like the results we get to take proportionate measures which will typically mean snapback tariffs. I dont know what planet this person is living on the did the analysis, but that hes got it wrong. Maria but is this agreement on both sides . They signed a deal in english and chinese that says yes, we can do that and they cannot retaliate. Their only option is to leave the deal. Thats just plain nonsense. So lets look at the monitoring of the agreement itself. What i love about donald j tromp is he skates like rescue tour the puck is going to be in so many months ago part of my job was to develop adequate monitoring mechanisms for enforcement. So as agriculture, thats pretty easy. Sonny perdue secretary of agriculture is all over that. We know if they are buying or not. The idea that we wouldnt know that is just silly. Intellectual property theft, the purest expression of that maria is counterfeiting. In china is the Worlds Largest counterfeiter of goods they inundate this country with counterfeits i have been working with customs beginning in july, we put into place, once a month the monitoring of packages from china, we benchmark that and the scary part here is that 15 of the packages that we are checking our contraband. Think of that 15 half of that is counterfeits, fake sneakers, rolex watches, prescription drugs that can kill you by the way. The other half is things like controlled substance like deadly fentanyl and so we are benchmarking that. Every month in fact is we as the weekend goes on, customs and Border Protection is running a nether operation as we speak. So we are going to know on a monthtomonth basis whether that flow of counterfeits is coming down. And if its not, we are going to crackdown and that is good news for intellectual property rights. We have fisa or genentech some prescription drugs, or whether its louis vuitton, michael coors, this is great news for American Companies on the stock exchanges who have been getting ripped off through intellectual. Its. Maria impact on usmca when you expect them to put that into law . You are right on this market from back in july when the dow would hit 30,000. We are sitting in the neighborhood and reaching 29000 for the first time this week. After they passed the usmca and the china signing. The big picture its twice the volume of trade its china five times the amount of exports. Its a much bigger deal that will entrench the United States and north america as a manufacturing hub of the world. Its auto manufacturing specifically. To the president will have ten days to sign this, we would love to do a trip somewhere to do that. Time permitting, and so that is going to be great. Its great for our farmers, Dairy Farmers in wisconsin will finally be able to scale the great walls, of canadian protectionism. The wheat farmers, thats great. But really, the guts of this is detroit is the center of auto manufacturing because of the domestic contact rules that mainstreet loves and apparently the wall street journal too. Maria and we have an impeachment trial starting in september week. His critics are not really focus on the fundamentals of this economy. Thank you peter spiezio. Dont go anywhere, exclusive dont go anywhere, exclusive wherever we want to go, we just have to start. Autosave your way there with chase. Chase. Make more of whats yours. Ive always loved and im still going for my best, even though i live with a higher risk of stroke due to afib not caused by a heart valve problem. So if theres a better treatment than warfarin, ill go for that. Eliquis. Eliquis is proven to reduce stroke risk better than warfarin. 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Enroll today by calling the number on your screen or visit getsilversneakers. Com welcome back this week in an exclusive interview jade p morgan chairman and Ceo Jamie Dimon said to me the economy is looking strong for 2020. Also predicted regional banks will continue to merge in coming years. Maria lets earn the economy you have such an incredible advantage point. How do you see things today . Okay United States consumer, their jobs are going up, the wages are going up they are saving strong strong. The Balance Sheet is in excellent shape. More household formation. So its very good. 30 is business, and bats came down, cap ex came down, and i think a lot of it is driven by trade and trade and certainty. And that is also stable aids. Maria s youre looking for goodyear . So far it looks like the first part of the years going to be pretty good. Things could happen to change that but i think the economy could move along. Maria there such an incredible amount of liquidity out there. The Federal Reserve expanding money supply how does that manifest itself . You see her deposit money . Eventually as the deposits. Most of the 40 billion the fed did is in the money market. So it had a very targeted thing, but it has other effects and stuff too i think the fed did the right thing to react to that. We need a more permanent stabilization as opposed to jump in every time they dont like its whats happening. Maria were getting the signing of the phase one deal what you expecting in terms of the impact on growth . And do you think theres going to be different standard . Will there be for j. P. Morgan and china versus the chinese banks . They are going to be supportive of the Chinese Government and youre not. A couple things there. So i like this trade deal it had substance and depth. When we get done after that, i dont know. I do think there is a little bit of a decoupling between chinas Economic System and ours. But security proves otherwise. List something china is when to continue to grow. They want, i think they want j. P. Morgan to be there to help set transparency and standards, and rules, and the chinese need that. They want to eliminate corruption, have Efficient Companies and capitalization. They need very good Financial Markets and therefore we can come in and set the standards. It should mean something of j. P. Morgan says we did our due diligence. It wont mean we are always right but it should mean something. You know its going on, you create healthy markets, and that in healthy cap is help it critical for country. If you dont have that its almost impossible to do it. So they one is here. Of course would be stymied in the lot by local competitions and we try to get the regulars to hold us back will they build something. But government is everywhere im kind of used to it. Maria what about the theft of intellectual property this has been problems for decades. You just talk about the money invested in technology. What if you go over than they steal your secrets . There two different things. The biggest problem today, is not scared of ip its forced transfer technology and to uncontrolled subsidiaries. We are controlling the subsidiaries of the problems gone. So if they open them we will complain less. The stealing, which im sure takes place all over the world, that is different and i think its part of this phase i deal. Theyre going to have a court of some sort change the ip laws a little bit and have arbitration panel. Maria what you say to those people that say it look even pam pao said it the ceos today are more interested in getting into china selling to 1. 4 billion people and they forgot to protect their own products. They forgot they are getting there and they are just going to have a chinese mendicant. I dont know if he said that, i dont completely agree. I but i understand the point. We are patriots before we are ceos. None of us want to go in there and have bad things take place. I think the Business Committee is quite supportive of the actions taken by this administration to get under control. So we have been supporting the administration and secretary pompeo, emma nguyen theyre all doing a terrific job. Maria and there is the Chinese Government i know you cannot cure all ills, but you recently said as the head of the Business Roundtable that all stakeholders are important. Just like shareholders, employees, and communities we operate in. What you are going to go to china and they have a million leaders lot locked up in camps. Is it worth operating there when the Chinese Government has that kind of behavior . I think you have to be very careful about that. We operate under the laws of that land. You dont always agree with the laws of that land but in that country you have to do that. You have to apply some american laws thereto. Obviously sanctions. You have to be very careful you cannot go inandout of the country every time you disagree with their policy. You go inandout of the countrys every day. But what you want to do is you want to help the country grow and get better in all these various things. There might be a point where you shouldnt be somewhere but you need to be very careful it to point out what you dont like and why you dont like it. I tell people here a lot of times and people came to america there were things i did like here spieth seven you cannot compare america to china. I am not but i do think its perfectly reasonable that the government wants to said a standard. Thats perfectly reasonable its around national security, National Economic security, patriotic duty, whatever it is. But the government will usually tell us what they want us to do or not do. Very specifically if we are doing to the wrong overseas. Maria i want you to answer the skeptics. You said everybody is equal, shareholders, employees, the communitys youre operating. You are a capitalist. You raise money for companies and allow their dreams come true. You benefited from capitalism. If you are not going to defend capitalism who is . That has nothing to do with capitalism, and i want to explain that to your viewers. Obviously the shareholder matters but when you say fiduciary the American Public does not know what that means. When they hear shareholders they hear shortterm profit sharing. We figure out how we can make customers happy if we dont we lose them. How do you make customers happy, thirdgrade employees and training in backup and medical and data centers. In ten or 20 years and of course the community. So if you have a community that iseki and when like detroit, you are not gonna do business. So in the Business Visa say we are going to get involved in that community and its good for everybody. Look at america versus venezuela, argentina, north korea, cuba, and always said its not only one thing its all of these things, like a team. You need a quarterback you need a running back, you need a wide receiver. The notion you can do one of them badly and when is wrong. Im your mother in law. And i like to question your every move. Like this left turn. Its the next one. You always drive this slow . How did you make someone i love . That must be why youre always so late. I do not speed. And thats saving me cash with drivewise. My son, he did say that you were the safe option. And thats the nicest thing you ever said to me. So get allstate. Stop bossing. Where good drivers save 40 for avoiding mayhem, like me. This is my sons favorite color, you should try it. [mayhem] you always drive like an old lady . [tina] youre an old lady. Wthats why xfinity hasu made taking your internetself. And tv with you a breeze. Really . Yup. You can transfer your Service Online in about a minute. You can do that . Yeah. And with twohour Service Appointment windows, its all on your schedule. Awesome. So while moving may still come with its share of headaches. No kidding. Were doing all we can to make moving simple, easy, awesome. Go to xfinity. Com moving to get started. Maria welcome back 2019 was a very busy year for u. S. Bank mergers including the bb ts suntrust deal which was the biggest since a financial crisis. Jp Morgan Jamie Dimon said its just the beginning. I think theres a lot of business logic for it. The business logic is they have the kinds of skills they are the difficult part is always with all the social stuff. The name, location, who is going to be the ceo, those are complex things. But if people overcome that i think you will see more mergers for good reasons. Maria what states are you expanding in this year in the next three years. Would its al qaeda North Carolina pennsylvania, massachusetts, we are doing minnesota, i think kansas, so its all over. Sixteen more. We already did 23. Maria i know he said the economy is looking good, the consumers looking good if got the data shows that. But talk to us about the corporate side. But got this chart we are going to show and it shows corporate borrowing is down and the last year. Certainly the last couple of years. What you think is going on . Do you think there is uncertainty on the corporate side of the economy . So the corporate side confidence was very high really an alltime high after tax reform and it came down to average. Cap ex came down the same way. And a lot of that, we think is trade uncertainty. Some geopolitical stuff but mostly uncertainty. But hopefully we have that behind us now. I dont think it can be totally down but i will help its behind us. But you have to remember to very important facts, companies spend capital when they need to spend it. They dont just guess out there. So very often when theres consumer demand is when they start to build a new plant or hire new workers. And we had a very slow going economy for the better part of ten years. It sped up a little bit in the last couple years. But in fact a slowgrowing economy that Companies Need less xuppercaseletter to keep up with the demand. So its hard to know whats exactly in the play. Maria lets talk about technology you have been investing billions in technology more than 11 billion. Is there an opportunity to acquire a Technology Company or do you think youre going to keep up that kind of spending and technology . You always want to spend wisely. But if you really want to build product and service and cloud and ai and reduce fraud, its all technology. Which is also with people. That gets is done. So we have to do that to compete, and yes we could acquire it but we pay which is a merchant processing business. It connects providers and customers for medical payments, and its like 80 is still done by check. So theres more to be acquired and more technology and banking to serve our clients. It can be around apis and data and payments. We have fees in a hundred Different Companies that we do business with. Maria the doubt 29000 now with incredible runs hundreds of new markets for the s p. Im not trying to use you as a market timer but what you think . s i hate forecasting. If you look at the valuation of the market, in almost any measured in the top 15 of all time. Other than one if you look at interest rates. Which is kinda peculiar. But if the economy continues to grow, it will justify annual continues to grow over time. Obviously all bets are off of you start a recession. The market will react to what things look like and so it fluctuates. Maria what about the chart earlier this had corporate borrowing is down . Sometimes i think that as a result of a Slower Economy. Because the Slower Economy theres less to finance, less inventory to finance, and less plant equipment. So when you have a faster economy it will go up. So it looks like that. We had a slow down, the arm went down a little bit. But now we have stabilized. Maria so youre not worried about that . No. Maria it might thanks to jamie dimon from j. P. Morgan dont go anywhere, more wall street right after this. Any comments doug . Yeah. Only pay for what you need with Liberty Mutual. Only pay for what you need with Liberty Mutual. Con Liberty Mutual solo pagas lo que necesitas. Only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Oh, your shes landed. Ed. And shes on her way to our house. What. I thought she was coming next weekend. I got it. Alexa. Start the coffee. Set the temperature to 72. Start roomba. We got this. Dont look. What . Dont look. Lets move. Mom. The lexus es, eagerly prepared for the unexpected. Lease the 2020 es 350 for 389 a month for 36 months. Experience amazing at your lexus dealer. Doprevagen is the number oneild mempharmacistrecommendeding . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Tits great actually, ive been listening to audible. Its audiobooks, news, meditations. Gotta go hey you know, i do think its weird youve started commuting when you work from home. Ill be in my office. Download audible and start every day off right. Maria welcome back coming up next weekend to join us we are going to be live from davos switzerland the economic form with the biggest and brightest minds across business and the political world. Its all right here on wall street next weekend. Dont miss it. Plus this weekend over on the Fox News Channel c is for sunday morning futures on fox news at 10 00 a. M. Eastern live donald trump junior and ohio congressman jim jordan, my special guest. Catch the show live at 10 00 a. M. On fox news. Plus right here on foxbusiness start smart every weekday 69 eastern. Mornings with maria. Right here on foxbusiness. I hope youll join me to it set the tone for the day every weekday. That will do it for starts bill hemmer reports starts 3 00 p. M. Thank you for all the buffalo wild wings. Maria good sunday morning. Thanks for joining us im maria bartiromo, joining me straight ahead here on sunday morning futures let the oral arguments begin. Coming up exclusive interview with senator ted cruz ahead of the Senate Impeachment trial beginning this tuesday. Newest member of president trumps real team, robert ray to discuss the president s case. John durhams criminal investigation into the fbi with congressman jim jordan, ranking republican on the house