From friends to frenemies, President Trump with a bone to pick with tim cook and something that has not been done since 2012. That and more as Worldwide Exchange begins right now good morning. Welcome to the show. What you are seeing are live pictures on your screen of our nations capitol where in hours, the u. S. And china will sign that highly anticipated trade deal set around 11 30 a. M. Eastern time Steven Mnuchin spoke to reporters last night weighing in on the news that the u. S. Will maintain tariffs on chinese goods until the completion of a phase two u. S. Trade agreement if the president gets a phase two quickly, hell consider releasing tariffs as part of phase two, if not, there wont be any tariff release. There is nothing to do with the election or anything else. No secret agreements youll hear more on sn from Steven Mnuchin on squawk box around 7 45 a. M. At 9 30 a. M. Eastern in a first on cnbc, National EconomicCouncil Director larry kudlow will join squawk as well ahead of that large signing ceremony, here is how the markets are shaping up we are talking about modest losses we are right near record highs the s p 500 just about flat. The nasdaq slightly higher about three or so points to the upside bond yields are a big focus as well seeing a little bit of movement. 1. 788 , 1. 562 on the twoyear note yield lets go worldwide in the asian trade. We did see a little pull back. Mostly red on the screen there nikkei in japan, Similar Senate losses as well lets spin that around it is about mixed there. The ftse 100 up in the uk. The cac in france slightly did you know and the dax is off about 0. 1 as well sticking with the trade theme as the u. S. And china are set to sign that phase one trade deal reportedly close to publishing new rules that would block powers of foreignmade shipments to china they placed huawei on a trade restricted list. Also amazons feud with fedex appears to be over notifying Third Party Providers that they could use them to ship for the prime program. That comes after a ban on the business and bridgewater says gold could surge to a record high above 2,000 an ounce as Central Banks embrace higher inflation in an interview, cio said gold prices now trading around 1,533 an ounce should gain back to the markets, it is not all about trade. Earnings kicking into second gear with block buster numbers jp morgan and citi, gang busters out of the gate. Wells fargo faultering a bit today, youve got goldman and bank of america. Good morning to you, the big banks, are they important to the market now that we are sitting a stones throw away from record highs . They certainly are. The good news is so far so good. Wells fargo is kind of an outlier. In terms of what weve seen so far, i would call it a victory i expect some really good earnings they would like to be one of the highlights it is not likely to be one of the earnings quarter overall the market thinks consensus is down i suspect theyll get a little bit up it will not be a banner quarter on the macroside what stood out the most to you about those reports from Jp Morgan Chase and citi group. Was it the idea that the bond service was back what does that tell you about later on today . Youve seen a surge in the trading and Investment Banking the other part, consumer and loan demand is good to me that probably means again, you dont have much to worry about here in 2020 because you continue to see the consumer in a pretty good place seeing this other part for example. A great job managing the expense side that shows up in terms of the bottom line earning. The past several months in large part of the expectations to the phase one signing today. Does that mean the markets need another hurdle to cross when going higher what are we looking at on the trade front . The markets shutter over the fact that some would remain i think you have to put it in the context that markets have run a long way youve got Investor Sentiment in a really high level. I think in the short run, we are ripe for disappointment. I think it will be a dip here but today will be interesting in terms of how it plays out. Nobody knows the detail. Going with what well see with the actual document. Thank you, bill when we come back, the Trump Administration is looking towards tim cook as the president calls on apple to quote, think different when it comes to working with law enforcement. Plus more on todays trade deal signing. The first interview with the ceo of the National Association of manufacturers. A very busy hour still ahead when Worldwide Exchange returnafr iss teth i can. The two words whispered at the start of every race. Every new job. 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A developing story, President Trump demanding apple unlike the iphone used in a terror attack in florida rahel solomon with us with the story. So President Trump lashing out at apple after their refusal to unlock inphones used by criminals. In a tweet saying, we are helping apple all of the time and yet, they refuse to unlock phones used by killers and drug dealers. They will have to step up to the plate and help our great country now. The comments come a day after the u. S. Attorney general called on apple and the fbi to unlock two iphones after what was called an act of terrorism on monday, it did reject barrs accusation that it different provide assistance it said it responded the day after the shooting and apple has turned over many gigs of data including i cloud backups and transactions apple previously said it would have to build a specific tool to access encrypted data after the San Bernardino attack in california they would have to build a backdoor to get into encrypted phones, they believe that would exploit privacy issues to bad actors that is the issue. The issue here that americans would want to surrender some part of their privacy to counter law enforcement. Im not sure the American Public falls on this. Im not in favor of this sling a backdoor means anybody can use it that is their point they have a teamworking on cases where there is a subpoena but privacy is important to them thank you very much still on deck, one asset class doing something it has not done since 2012 well unveil the title of our mystery chart when we return after this that logo should tell you something right there. Announcer todays big number, 136. 5 billion thats how much money Venture Capital firms invested in u. S. Based Companies Last year. Ilne slightly from 2018 but stl ar record levels according to data from pitch book you take a lot of trips to the islands, phil . Pretty great, right . Oh phils legally dead. Fell off a boat. Going by denis now. Celery. Long story. What do we got here. Oh. Not going to want to see this. I dont think this is going to work. Just ok is not ok. At t has americas best network, now with our best plans, at our best prices, starting at 35 a line for 4 lines. New from at t. 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Nektar has pulled application for the proposed opioid pain killer for adults with chronic back pain. An fda panel voted against the use of the drug. Those shares off about 14 in extended trade beyond meat is signing a multiyear deal to lock in supplies of yellow pea protein thats the main ingredient it expands an existing 10year partnership. Those beyond meat numbers have been down 10 . Check out bitcoin, off to the best start to the year since around 2012. Up around 20 . Pointing to growing hopes. This week, the cme pointed to options tied to futures. Taking a run today currently 87. 19 per token. Coming up, highlights from the democratic debate. Headlines investors need to know wodwe chgecos me right back do you have concerns about mild memory loss related to aging . Prevagen is the number one pharmacistrecommended memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. High protein. Low sugar. 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I dont want costs ever to be a barrier for someone seeking to attend college under my plan, it wont be we need to make it easier for people to get Long Term Care since and pay premiums i am able to work with republicans, i am able to bring people together. It isnt so much about experience, it is about judgement. I cant hold a kruj i have to not only be able to fight but to heel and as president of the United States, thats what ill attempt to do after weeks of delay, the impeach trial of President Trump is likely days away. Speaker pelosi is expected to send the two articles of impeach today, if the house approves if all goes according to plan, senator leader Mitch Mcconnell says they will continue on tuesday. More from the mlb signing scandal. After an explosive investigation after the astros labeled him a ring leader in the scheme. He was the bench coach in the 2017 world series run and he was mentioned 11 times in the report revealing house houston used a camera to capture signals and relay that to batters. The astros parted ways with their manager and gm how big of a deal is this the whole idea that baseball could be rupted by a cheating stand al like this and the punishments being handed down . I am a huge astros fan. It is unprecedented. They should get rid of any stealing sign stealing has been accepted in baseball. It is okay to do it as long as you dont use electronics to do it that is where they are stepped over the line. Now they are out two of the last world series winning managers are out of a job. This is something the commissioner wanted to send a very strong message that this will not be tolerated in the sport. Tech under fire once again in sports phillip mena, thank you for that update still ahead, fired up over wall streets recent weakness and what hes telling investors to do now. And how elon musk is moving closer to that massive multimillion pay package and jay timmons, president of the National Association of manufacturers. His take on the massive phase one trade deal and what he hopes for in phase two when Worldwide Exchange returns after this thats what happens in golf nothiand in life. Ily. Im very fortunate i can lean on people, and that for me is what teamwork is all about. You cant do everything yourself. You need someone to guide you and help you make those tough decisions, thats Morgan Stanley. Theyre industry leaders, but the most important thing is they want to do it the right way. Im really excited to be part of the Morgan Stanley team. Im justin rose. We are Morgan Stanley. 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. Yes im stuck in the middle with you, no one likes to feel stuck, boxed in, or held back. Especially by Something Like your cloud. Its a problem. But the ibm cloud is different. Its open and flexible enough to manage all your apps and data securely, anywhere, across all your clouds. So it can help take on anything from rebooking flights on the fly, to restocking shelves on demand, without getting in your way. But in my mind im still 25. Thats why i take osteo biflex, to keep me moving the way i was made to. It nourishes and strengthens my joints for the long term. Osteo biflex now in triple strength plus magnesium. S it signing day for phase one of the u. S. china trade deal we have global Team Coverage coming up. Futures slightly lower why our own jim cramer says a pause in the record run may not be so bad for investors. The rise of tiktok surpassing one of the giants in social media that story in the second half of Worldwide Exchange starts right now. Welcome back. Here is how stock futures are looking. After wall street gave up gains yesterday. The dow jones would open about flat same thing with the s p 500 and with the nasdaq as well. Or our own jim cramer talks about that pull back you need to remember that a sell off would be a terrible thing to waste so Many Companies doing so well. Id love to buy them but at this point, only on weakness. We still have a ways to go before a pull back really takes hold the major average on 1 of the year the s p has already seen six new interaday highs this year. Lets get a look at some of the other top stories we are following. Elon musk following the first part of the incentive package. The Company Stock is down in the premarket trade so far. After rising to 538 yesterday pushing the equity value to around 97 billion if it does reach 554. 80 and holds that level for six months, it would unlock the first ever several potential share based payments to musk worth just under 350 million so a very large part of a bonus there perhaps in play with tesla on the rise. The move after boeing reported the worst annual reporting figures in decades we are learning new details about a meeting between ncaa executives and justice departments antitrust chief over the battle to let College Athletes make money. Sources tell us the two sides came together in november for the sit down that meeting came shortly after they announced the april deadline for unveiling the next steps in the plan to change rules for letting student athletes from profiting from their names. That is a big deal for fans and proponents of student athletes getting paid this is a live shot of our u. S. Capitol where later this morning, the u. S. And china will sign that phase one agreement. There are questions on keeping goods in place until a phase two agreement is actually reached. We have global Team Coverage, eunice yoon is live in beijing and kayla is in washington, d. C. Kayla, lets start with you, please, what is the white house saying ahead of this phase one signing . Last night, the president said exports will soar negotiations already celebrating. After a twoyear period with more than a dozen inperson talks, new tariffs added on hundreds of billions of goods. Even when the text is released later, there is still questions about when those will be removed. In a statement saying there are no other or al or written agreements between the United States and china on these matters. There is no agreement for future reduction of tariffs any rumors are categorically false. Going forward, the u. S. Will conduct a track of talks to ensure china implements this phase one deal and holding the position the white houses position has always been that the tariffs are on until and they come to a phase two. If he gets a phase two quickly, there will be tariff relief if not, there wont be nothing to do with the election or anything else no secret agreements mr. Trump said he will go to beijing to start talks on phase two. Suggesting that trip will likely to happen closer to the fall to generate positive preelection economic momentum. Today, being billed as a capstone event the largest since the Justice Brett kavanaugh in the same setting. Take