Taking center stage white house this hour, President Trump is about to meet with his advisories reports surfacing that u. S. Is offering to cancel new chinese tariffs set to go into inequity sunday. Trump also tweeting this today, getting very close to a big deal with china, they want it and so do we Hillary Vaughn live on capitol hill with all the details. Reporter in half an hour president will meet with top advisers to discuss possibility of delaying tariffs against china how long to delay them if they do. U. S. And china have threeday deadline to dodge tariffs on sunday u. S. And china have scheduled a round of tariffs that would affect a new group of goods u. S. To impose 5 tax on diligence 160 billion dollars, in consumer goods from china and china threatening a tax on 7 a billion dollars worth 75 billion dollars u. S. Goods the white house is signaling closer to a zeel the president saying china wants a deal also he wants a deal. We wont talk about china we are working a deal with china. But i wouldnt say up until now they loved me. Reports that Trump Trade Team offered to scalp tariffs and cut chisting tariffs on 360 billion dollars worth of products in half but with conditions, secretary of agriculture due saying in exclusive fox Business Interview it has been a struggling they are trying to get china to commit on paper to buy more ag products. Estimate between 40 and 50 billion dollars, when it comes down to the deal that is one of the problems here, china wants to commit behind the door dont want to put out like we have to do in contracts that is part of the challenge. For china one of the biggest roadblocks to getting remaining tariffs account is agreeing to put pen to paper on commitments they are promising, and also agreeing to a provision if they dont follow through. Thank you so much for that report again you are seeing markets react to headlines on china trade we are off session highs, dow up 121, officials meeting this hour what progress can we expect joining me now university of maryland economist peter, great to see you lets get straight to the china conversation not imposing tariffs on sunday on 156 billion dollars of largely consumer goods then potentially cutting the tariffs that are already in place, is definitely gets the market expedited but with valid reason right because it will trickle to consumer. The tariffs that wouldnt go in place ones that would with bite hardest near team are we saw more than 80 categories from china tariffs have not moved Consumer Prices very much because they have lots of he alternatives already in place for those products, with with 155 billion for sunday we dont. We have seen before this is why i started to show by saying here we go again, because you know the market gets excited, the president starts tweeting, maybe part of his strategy maybe it is not part of his strategy. But there have been times the market has been fooled before. Absolutely, if you look at essentials of this deal, agriculture, the snapback on tariffs, and intellectual property and financial services, all those pieces are even go over and over again this is relatively simple stuff as trade agreements go the very fact chinese dont want to submit to very specific commitments. Put it on paper, you know the same old story, the chinese make promises, and then two weeks later change their mind. We are trying to change that, they dont like it. So i am skeptical were going to get a deal. Okay. You are looking at other pieces of the marks you know phase one deal certainly the market looking at tweets the progress being made today hoping that that will in effect actually happen, you have got the cushion of usmca lifting the market up fed didnt say anything the other day, about that detiered investors right now, we are seeing dow industrials trading over 20,000 right now, everything seems chugging along. Well, lets be clear, the tariffs we have put in place so far American Consumers are walmart the like have found other sources, prices are not up at walmart, and stocks are not terribly overvalued right now, the price earnings ratio s p 500 tad under 25, next year on base of rejected earnings substantially less than that, this is not a balloon, this is not a hotair balloon the reality is the stock market is very healthiest because u. S. Economy is very healthy, these tariffs have bitten china more than us, now if we just get a postponement on sunday, that should be enough to lift equities, if president pushes those tariffs out into next year you know that should be enough. Quick peter how much room do you think the mart has to run in 2020 . There are investors would look at o dow 28,000 and say you know it is scary to try to get in here. I dont think it is scary, when we see kinds of strength we have in cybering kalz o perceive in prvts a 10 percent increase on top of year we had, another 10 would be great i would settle for that i think a very good prospect to getting that, perhaps even more now if a comprehensive trade deal would go beyond that if we stay where we are, the economy will adjust we will move forward, and everybody stays healthy. Great to see you. Thank you so much. Take care. All right, stocks hitting record highs on nguyens dow up more than 100 joining me crescent wealth management, and david, you have you were nodding head agency talking to peter your take what is happening with china right now. Certainly, i dont see the upside in femurs of actually canceling tariffs on sunday i do see a great taste fore o postponing them if he cuts a deal picked by every won all sides hard to verifier easy to cut tariffs there is incentive to purchase back as peter said on consumer goods look at iphone that could unless carved out that could boost iphone price up by 150 dollars who is going to swallow that it is not good either way, could also push up inflation we have putts fed in a tough spot. We have backdrop retaliation looking at market saying i am bullish here. Yeah eu retaliation i think would love to retaliate they have trouble trying to all agree on everything 8 Different Countries a lot is due to problem that france caused for themselves, trying to put that tax basically on mega cap techs i cannot sure across the board to retaliate. Looking at negotiations with china as peter suggested, it is probably hurting china more than United States, growth he dedeceleration. China has ineffective. Absolutely trade balance we buy, roughly 3 or 4 times the amount from china that china buys from us. So opening up trade, benefits them, you know three or four times more in fact if you look at impact on their economy, their market, they are really suffering, as these you know as negotiations continue. Also, against the backdrop now they have had swine flu, a major ingredient in their menu, is up over 110 yearoveryear, eggs nearly 20 the overall food basket in china now up over 16 opinion. In the last 12 months, they do want a deal. Swine flu issue doesnt necessarily have to do with trade directly but having a massive impact here, from your in orderfoot view when you look at market as i said investors may feel a little hot to get in here . Your thoughts . Yeah, i mean you know i think peter makes a you know made a couple of good points. But i do i dont think that Earnings Growth is expected to be double digits, even near that. So even if and most of the return that we got out of ma shth this year was p e expansion right, because earnings was midsingle digits more than 0 return s p 500 i dont expect any pessimiste expansion next year if we track earnings i would say is bestcase scenario we are looking 569 or 7 . Looking at 6 or 7 off the returns decent but a lot of it just we have to track back to our fundamentals and our fundamental earnings flow. I pose this question to both the markets gets excited when we get a headline regarding tariffs maybe wont be imposed previous tariffs would be cut without phase one strayed deal per se, if we do get that news, if the president does announce i have worked with china, negotiations have been tough built theyve gone well here is the phase one plan, does this market have room to run david to you first. You cant rule out some further buying rumor sell on news we see since october market has a nice run in anticipation of a postponement december 15 tariffs marks look ahead then what they want to know what is coming up i am not sure what the story is. Government shutdown threat to the market here . Yeah i i mean certainly could be given the divisivenessness around impeachment now reelection year i am sure both parties are calculating the risks and benefits of a shutdown. And it certainly a possibility something the markets not going to like great to see you both thank you for time we will see you again soon. Meantime, turning to saudi aramco two billiondollar valuation the first in history, about the stock gains second consecutive trading day after ipo vast majority of stakeholders in saudi arabia figure dwarfed apples evaluation staggering to think about 1. 2 trillion dollars achievement sought by crown Prince Mohammed bin salman. A looming Government Shutdown usmca impeachment frenzy congress to do list is long time is running out can they get everything done before the holiday break . And uk prime Boris Johnson bull dozing brexit message to voters is it going to work we are on the ground in uk to find out later in the show, how a popular household device a lot of hackers to terrorize a young girl in her bedroom a story you need to hear. Doctor bob, what should i take for back pain . 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You came back and now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Jackie the deadline to Fund Government is rapidly approaching congress has 8 days to come up with a spending solution or o there will be a shutdown this as house voted to approve a defense bill and also to lower drug prices, moments ago also aiming to vote on impeachment, before leaving for holidays, for more on mad dash to the 2019 finish line end of the decade lets bring in texas congressman jodi, great to see you. Jackie good to be with you s there is a lot still to get done even though much has been accomplished, do you think it can a bill done by deadline . Well, i hope so, because, the American People and state and local governments almost everybody in this country except for congress has to establish a a budget a responsible budget and work under that budget, that is not something were used to more often than not continue to come up with funding for government we punt, in form of continuing resolutions which cost taxpayers and really disruptive to core functioning especially around the Important Mission of the military. So i think we are close to a deal but who knows . But i think there is a 5050 chance we get funding package it is all i can tell you right now going to be, more spending more deficit spending and going to continue to increase the debt which i think long term biggest threat to this country. 5050 odds arent that great approaching end of the year democrats going to make this hard to push through . I mean that could be a problem for the stock market for sure. You are right that is another fallout when we cant get our act together, but again, my understanding is a lot of behaving poisons pills with respect to to allowing president to move money around to address the crisis we have at the border, on border wall funding. And prolife issues, that will not be threatened, i think were were more than halfway there, the covering those issues so we will see what happens. I dont think anybody really knows now they are working through details, i am hopeful we get something before we go home. Congressman there are those out there look at events this have week and said with very difficult for nancy pelosi to hand donald trump a win with usmca but she did realize how important it was, really to American People, but she wouldnt do it in terms of the timing i am told article of impeachment were announced that is how game is being played, and there are some worry that spending the Government Shutdown that will sort of be brought into the fray here. We have freer markets thanks to tax cuts regulatory relief, brought to you by republicans, in this president. And we have seen tremendous response from our economy. And now we are getting fair and more balance trade deals trade deals that are in best interests of workers manufacturing even the playing field, give us access to new markets, as is the case for our farmers, in canada. All in all this was driven by the president. And this was an issue where nancy pelosi was really boxed in, in a position of weakness had to give it up as political chip to get votes for impeachment from her moderate democrats so, yeah, she knew this was good for america and she was worried would it be wayne for donald trump but had to do it. I think donald trump in the end is going to get the credit as he should. It has been on our desk for a year. Final question quick i am ring out a of a time the bill on lower drug prices on defense do you think any pafs passing in senate . No, this is just another political messaging bill not going to pass, and actually do any good for the American People. To lower drug prices especially for our seniors, we have been saying we have bipartisan agreement on many, many provisions that would lower drug prices without disrupt theing our innovation which he ecosystem most innovative drugs cures to daedz would bea definitive hr3 bill going nowhere socialist policies placed on pharmaceutical industry going to die when it as passes the house going nowhere knee we leave it there thank you so much for time great to see you you is too. Most par likelied by impeachment inquiry important issues for regular americans have taken the backseat, are they going to be center stage in 2020 can anything get done . The next three years counting british voters take latest steps in brexit mess capping a surl important vote today a live report from london after the break. 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Reporter good evening from the london jackie yes pols are still open for about another well two and a half hours, from now. This has been a hardfought six week campaign. Boris johnson hoping to indeed as you say get his brexit plan finally approved and to do that he needs to get the votes, and seats to do it the majority of parliament there you see him voting earlier today in the westminster district, his dog with him waving to the crowd conservative platform straightforward we will get brexit done number one issue for him also, he said we will cut business taxes, allow businesses to have more money, to create jobs, and prosper he also is promising to lock person tax rates that is the cap the current tax rates for individuals in other words, there will be no more tax hikes. Now, Jeremy Corbyn labor lead also earlier today cast his vote his constituency is in north london there he is with red rosett as they call it shaking hands with supporters, he filed his ballot but labor party very, very stark contrast to conservatives very different manifesto as you say jackie they want to come up with a different brexit plan and they put it to the people for a technical referendum, also he proposing 50 tax right now for those earning 164 thousand dollars and over. Right now it stands at 40 , he also wants to raise corporate taxes, and, yes, he with a is not to nationalize would utilities gas water electricity, railroad different plan to conservatives how is this going to play out if you believe the bookies in pols Boris Johnson will win have a majority the question what kind of majority, if polls were tightening towards the end before the vote we have to wait and see how that plays out polls after polls close an exist poll from a number of entities that will give us a sense pretty accurate in the past how this vote has gone, but it will be way into the wee hours of the morning before we really get a sense who won whether Boris Johnson can indeed get majority that he wants it, and, yes, called this election a lot at stake as you can tell we are here throughout. Undoubtably you are 3r50eb8th cup of coffee but we really appreciate it in studio watching for any developments, as President Trump is about to meet with trade advisories but we are sitting down to talk about the Kitchen Table issues, affecting all of us that are being addressed in washington. Plus yoim im your best friend santa claus. From kitchen to the bedroom that is a shocking story how a child was spied on talked to through a device meant to keep her safe details on how it happened, still ahead. Its not insulin. I take it once a week. It starts acting in my body from the first dose. Trulicity isnt for people with type 1 diabetes or diabetic ketoacidosis. Dont take trulicity if youre allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. Stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, or severe stomach pain. 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Its how we bring hope to our patients like viola. Her team treated her cancer and strengthened her spirit. So viola could focus on their future. Cancer Treatment Centers of america. Appointments available now. Male anchor . An update on the cat who captured our hearts. Female anchor how often should you clean your fridge . Stay tuned to find out. Male anchor beats the odds at the box office to become a rare nonfranchise hit. You can give help and hope to those in need. Washington today, President Trump is holding a trade meeting at the white house, starting now, blake burman there what are you hearing. Reporter should be underway any moment jackie if not already we are seeing Top Administration firl walk into the west wing here. 2 30 meeting top economic trade advisories to figure out exactly next steps as to whusht he will impose additional tariffs on sunday december 15 as we sit here and talk 2 30 in the afternoon on december 12, you see some of the president s top advisers who will be there important to note jackie that the president can make absolutely no decision or no announcement at all and tariffs will go into effect on sunday. That thing is sort of on autopilot i guess you could say right now the moment the question is whether or not there is a phase one deal that has been quote unquote papered or some sort of of Arrangement Agreement something acceptable would make the president either not go forward with tariffs on sunday, or potentially even unwind some tariffs that are already in existence should that happen we mort certainty would get an announcement you undoubtedly for the pre process would need to play out at some point between now and friday to make that happening meeting underway at the white house we believe. Market up 250 points we will be watching closely thank you blake for that. A you got it. Jackie this is all happening as house just passing a bill moments ago to lower prescription drugs prices earlier today the white house hosting a child care family leave summit, in a push for legislation, to approve day care funding for working parents, and congress is closing in on a bipartisan deal to end Surprise Medical Bills washington doing something on these Kitchen Table issues that have so much to do with daily lives of American People to discuss it more the wall street journal opinion writer julian radio hostility, and America First Action Communications director, kelly great to see you all julian i am going to go ahead and start with you buyer accomplishments made so far this year kitchen sink items are really important to people do you think progress can be made in 2020 or is everyone so focused on impeachment the election that these things fall through cracks. On the perception drug pricing i am pretty concerned did longterm consequences with it, it plays well with voters i think if you look at some ways trying to do it what is is actual going to end up doing cutting back on motivation this is not time to do that we are seeing incredible breakthroughs happens end up with 30thier breakthrough drugs within decade i think concerning the devil is always in details part of what i am concerned about is bipartisan consensus around bad policies. Right i want to bring ethan in proposal patching the law house is one where the government would intervene in negotiating some of these drug prices, and the republicans you know certainly they dont want that they want to do something about it, how can we bring both sides together find a compromise to truly start helping americans . The biggest pool of people who are recipients of prescription drugs medicare pool of course government should negotiate with Drug Companies like with veterans va tricare for military actually active military members ridiculous were not doing it why should american taxpayer and Health Care Consumer solely funding the profitability and innovation of drugs this is something that that should have done in all his unilateral trade negotiations tariff implementations against allies the fact that u. S. Healthcare consumers pay for drugs for entire world i agree our government should negotiate lower comforts it is out of control. Once the government starts to get involved concern julian brought up valid there is lesss Innovation Companies dont have ineffective to the incentive to come up with blockbuster drug a lot of r and d into are procuring drugs prescriptions brought drug prices up in the first place. I think the house version Nancy Pelosis version of this bill is dead on arrival in senate what we have in Senate Grassley widen bill that white house supports, what this does it helps out seniors in that it you know basically caps outofpocket costs, on a monthly basis, for these prescription drugs. It also ties you know, if a drug Company Wants to raise the cost on a certain drug, higher than the price of inflation, then they owe that consumer a rebate. This is more of a bipartisan approach again supported by white house, and could be passed. But, again, Nancy Pelosis bill out of the house basically says the government is going to negotiate directly with prescription drugs, Drug Companies is dead on arrival. You are shaking your head i want to stay within health care but move on to hospital billing, there is a notion of being able to put a stop to those surprise bills that are coming out for americans, your thoughts . Yeah i mean this is another example of the free market figuring out ways to profit off the american consumer, Health Care Costs are up 20 yearoveryear. That is under the Trump Administration republicans doing nothing to demographers so it surprise billing is an easy place where there should be i you bipartisanship saying the hospital in network for me i go for procured you are going to surprise with physician bills the physician was out of network this is something that is absolutely able to be controlled it is unacceptable that americans continuing to abrubankrupt live destroyed because of a health Issue Companies figured out how to profit on that on our backs. I want to give last question to julian watching points so he contentious especially health care huge issue into 2020 do you think kitchen sink dumz get veitems g out. I definitely think so we are going to see impeachment crowding out. We have breaking news on china i want to get straight to that right now United States is are reportedly reached a deal in principal with china, bloomberg reports, that the only thing in its way is President Trump to sign off on this deal. The president trade officials are meeting in the white house, right now, as reported by blake burman earlier julian reaction to this. I mean in progress incredibly important on trade i also like to point out when the democracy act passed one concern is this would affect trade i think were seeing that Chinese Government even though they dont like u. S. On human rights they wont let that influence something that economically important for china as they move forward with other keep that economy chugging along talking with guest earlier about how growth is decelerating inflation on raise china in a very tough predictment president says they need us he more than we need them you could make that argument. Yeah, i mean Chinese Government you know remember legitimacy derives from economics i think a lot of Political Press around on Chinese Communist party. Great to see you. Thank you as well we will talk to you soon meantime we are watching stocks, at record highs, on news that a trade deal may have been reached the dow up more than 200 points aawaiting more developments from President Trumps meeting also a hacker in a childs bedroom you have a can we stop it, that is coming up next. Jackie new record highs on report out just moments ago, that the trade deal has been officially reached with china. And it just would its President Trumps awaits President Trumps signature up 226 points dow well would ever 28,000 this is officials gathering at this moment, at the white house, joining me, liz clayman your thoughts on this markets waiting. Markets been waiting my question is when will we we see shooting up even hire session hi you said up 227 points for dow, s p up 23, we have nasdaq up 48 there is apparently according to reports, multiple reports, we are hearing that there is a deal in principal we are going to stress that because the chinese have moved goalposts in the past we are putting up the markets at the moment, i am looking at volatility index fear index down 5 1 2 , checking apple apple was slightly lower earlier today it is now flat on the session to a very bit higher pull up boeing all trade sensitive stocks boeing down half a percent that could be with trouble regarding 737 max, caterpillar jumping 1 3 4 caterpillar sells a lot we are taking you live to white house the top of the hour, we are going to get the whole situation because we heard, that 2 30 pm about 17 minutes ago the president began to meet behind closed doors at the white house is to discuss with top trade representatives going to assume that is Robert Lighthizer and mnuchin about possibly wilbur ross discussion of a deal president telegraphed earlier as you know tweeted this morning, that quote a big deal was very close. And, therefore, it was telegraphed that is perhaps why we are now seeing that the markets are not hitting session highs still up 216 points dow nothing to turn nose up at we are watching in all stocks, that are endures portal followios trade sensitive could stand to benefit on this, stay tuned going feedback a rocking top of the hour. Absolutely we cant wait be sure to turn into clayman countdown top of the hour i will be there. Possibly, as we are watching this potential trade deal with china, it is going to be welcome use for farmers Kristina Partsinevelos is at the annual fraerm to fraerm conference farmertofarmer conference. It is understatement if this goes through could be major news, major news, you are a farmer you farm. I farm farm 3,000 acres of corn cattle. You have been well versed chatting all day know your stuffy we have news that potentially he a trade deal could be signed with china that is working through this is positive. Yeah. As farmer what does this mean for you we have been happiering, a lot of different headlines hearing. Wait accord confirmation like on, off, i hope on this time, you know always like it might happen might not we kind of keep going through this cycle. I would have expected a little bit you know finally seems something we are lucy football trying to make sure sure they dont take it away this time is it really going to happen or is it not. I cant answer that. If it does happen talk about what about supply chain while this is down they are building ports doing stuff to get soybeans product from other countries this is going to mean how long does it take to get back online how much we are going to come back online what happens with currency so many factors in play even if you get a trade deal talked about for so long, is it going to matter a lot right now. I dont know. I guess you are more hesitant throwback a breaking news the moment but final last words finalncially ocake given subsidies. Definitely helped but the things usual giving money all a problem created by something else, like lets get back to ground zero where everybody is on same playing field, see what happens. Good thank you so much for joining us throw it book to you jackie. Jackie can you so much we will be right back with all the latest, dow up 210 points. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Some people say thats ridiculous. I dress how i feel. Yesterday i felt bold with boundless energy. This morning i woke up calm and unbreakable. Tomorrow . Who knows. Age is just an illusion. How you show up for the world, thats whats real. Whats your idea . I put it out there with a godaddy website. Make the world you want. Jackie move to keep daughter safe back fires for one tennessee couple amazon ring camera in 8yearold daughters bedroom hacked a voice behind it spoke to the little girl listen. Im santa clause. I am santa claus. Dont you want to be my best friend . That is terrifying cybersecurity privacy attorney lisa gar br you say devices are common actually easy to hack. They are very easy to hack so this was terrifying exemplifies a lot of risks we face as consumers when we purchase into the intent internet of things any device in connect to go internet could be camera smart refrigerator apple watch any device connecting to internet people put post its over camera worried about that. A lot of news, as of late especially into Holiday Season with alexa ecoall devices especially when it comes to safety of children, and privacy, we have all devices Walking Around with smartphones i am convinced listening to what we do and say adding that into your home talking about it during the break you said, probably going to get to a point you cant operate unfortunately without these devices even if you wanted a couple problems inherent in compliindicated situation a lot of devices make lives ez year you order easily communicate with different cameras, but there is also the security problem, and that problem is that regulation lags far behind technologically development, so it may reach a Tipping Point we need devices to function in more than day society for now i am not putting would be camera in my holiday list i think the security regulations isnt there, big tech is fighting back in terms of regulating while there is no federal standard california has a allow in effect next month puts into place other stricter measurements in terms of trying to define what standards they have to live up to you and i on same page in terms of security but i think there are Many Americans out there feel my security is breached why shouldnt i have convenience of these. It is true question really goes back to you still can have privacy, you can still make sure that your children are safe even though you are using devices, yeah you can have camera in bedroom make sure they are okay sleeping okay there you are mirs you can but in place right now changing the password on devices a lot of them come with default password consumers are not told they have to change it change it to try to do best about hacking turn on to backdrop, if you can check in changinging password things like that. Great to see you. Thank you so much no doubt 2020 this kind of regulation big tech is going to be on the docket great to see you. Thank you. We are gearing up for a big last hour of trading investors reacting to word of a possible trade deal with china. Stay with us. Most people think of verizon as a reliable phone company. But to businesses, were a reliable partner. We Keep Companies ready for whats next. man we weave security into their business. second man virtualize their operations. woman and build ai customer experiences. second woman we also keep them ready for the next big opportunity. Like 5g. Almost all of the fortune 500 partner with us. woman when it comes to digital transformation. Verizon keeps business ready. Jackie the market getting another major boost on china trade news. The dow is trading higher by more than 2200 points. Bloomberg reporting that the u. S. And china have a deal in principle that awaits President Trumps approval, with just over an hour left in the trading day what should you be buying . Here to discuss it, pwc partner mitch roshelle. Great to see you. We have this looming deadline for tariffs on sunday. It seems like a chess match here. The president waiting for the right time but still reserving the right to rubberstamp this deal. Your thoughts . These tariffs on sunday which were on 156 billion worth of stuff, are all the Consumer Products that i think hit most every human being in the country, so thats the real important one. Hes taking it right up to the deadline. The tariffs may or may not be the greatest strategy when you think about it in the abstract but they are certainly getting china to the table. I think as of now, it seems to be working, if we get close to a deal. Jackie he tweeted about it this morning, saying the two sides were very close, it was going to be a big deal. They want it, so do we, he said. Also, at the same time, there were reports that the tariffs wouldnt go into effect, maybe he would throw that out there. He would cut the tariffs already in place. But an agreement in principle for phase one, could that send this market just yeah, lets step back and ask why. So the reason that the market is so, you know, jubilant if thats even a word, because it is the holidays, but the reason why they are so excited is because corporate Decision Making has been on pause for about 18 months now, wondering what this trade war could turn into. So knowing that there was a phase one deal and knowing that the tariffs are maybe squashed down for awhile will get business ies in 2020 investing again and its that investment thats going to spur more growth. Thats the thing that investors really want. They dont want corporate Decision Makers not making decisions that are going to harm earnings in the future. Jackie its about taking that uncertainty out of play. It certainly gives the market a position of strength to operate from. Let me ask you this. When it comes to the president and his strategy, we did say we dealt with a lot this week. The democrats came out, announcing articles of impeachment, then the usmca. They gave something, then took something away. It looks like if it does in fact happen, the president sort of held back on this kind of like a crown jewel. I think the things the market cares about, they care about what the fed has to say, they care about china tariffs. I dont think the market cares at all about the impeachment noise. They are probably not even watching it on trading room floors. But they do care about the things that impact the economy going forward, and certainly putting some of this trade skirmish behind us is going to help the economy and an accommodative fed will help the economy. Jackie i know you dont have a crystal ball but we have definitely seen china come to the negotiating table before, be very close to making a deal, then pulling the rug out. Im not sure what china is giving up. We know what we are giving up, which is scaling back tariffs, 50 cut on the ones we have, maybe pushing off these december 15th ones indefinitely. If its only agriculture purchases, once the market starts to digest that, that may not be enough for the market because we are not dealing with i. P. Theft, not dealing with forced transfer, not dealing with stateowned enterprises. Those are the big ticket items the president quite honestly has campaigned on. So we will see what the market does in the next couple weeks of december and into january as they start to process this. Jackie the president s demand on agriculture was pretty significant, much higher than what china was doing previously. If it was to include some of the talking points you just mentioned, this phase one deal, some of the harder negotiating points, your thoughts real quick . I think it would boil down to enforcement. Its one thing to put it on paper, another thing to see what happens if they dont. We know one thing. Tariffs matter to them. If tariffs is the thing that happens if they dont play by the rules, thats a good thing. Jackie thank you, mitch. Liz claman, over to you. Liz weve got it right here now. Breaking news. Do we have a deal . Multiple reports as we head into the final hour of trade that after a 21month showdown between the u. S. And china, a phase one, meaning partial trade deal, is reportedly ready for the old john hancock signature. In just the last half hour, President Trump reportedly huddled behind closed doors at the white house right there on your screen with his top trade advisers. The markets appear to be waiting for confirmation. Stocks have been rallying all morning on optimism that maybe, just maybe a deal is at hand. The president has tweeted very boldly that quote, they were very close to a quote, big deal, so the dow had
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