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 n