Word that the Trump Administration has completed a phase one drug deal with china. Thats calls for pushing back on tariffs on chinese goods. 50 billion in exports scheduled to kick in sunday. Well find out if that is the case. Michael pillsbury is here to join us on all of this. Wall streets vote is already in. The dow surging ahead 225 points, and the s p 500 up 26 points. The nasdaqs 117th close in the trump era. Two principle aspects to the trade agreement reached between china and the United States. Economically what benefits each country. What does each give up and what will rehave as a result in balanced reciprocal trade and politically what are the up reply cases for u. S. National security . With us tonight to take up all of that, dr. Michael pillsbury, hes director of the center for chinese strategy at the hudson institute. Good to have you with us. This is an extraordinary step forward. It is, however, still clearly unformed. What are your thoughts . I think its a tremendous achievement by the president. He told might has do with his relationship with xi jinping. This has been part of his strategy the last three years. The focus on the authoritarian leader who has the power to deliver the kind of results that President Trump promised during the campaign. It looks like hes done that. The president is quite delighted that the chinese have agreed to his terms. This is a clever idea to have a phase one and wait a year to sign phase two, thats what the president told me today. Lou there will be no talks in 2020 . The talks can go on but they wont be public. The idea is to have a signing ceremony with President Trump and the chinese a year from now and try to cover Everything Else that isnt covered today. Lou thats a lot to cover. As i understand it, we are looking at the basics of an outline here of a deal. I dont know there is text to it. No, lou, its much more than that. The president said hes nailed down quite a few things. Lou way was saying i want to get to all of it. But i want to establish first whether there is text to all of it. There is some limited text. Whether the president wants to announce the whole thing with a long written agreement, im not sure. Does it matter that the chinese may have given him so much that he doesnt want to embarrass them by making it all public. So it might and lowerlevel signing agreement. Not him and president xi and not some long 20page deal. But there is enough detail in whats been agreed to that im astonished at the successfulness of these talks. They have gown and down as you know, and now looks like a real breakthrough. Lou thats wonderful news. Investors thrilled on wall street. Now you are talking about details and the coverage of the agreement. If you will give us two or three of the principal highlights. The president campaigned on the trade deficit, that it was sucking our manufacturing dry and cratering our inner cities, the fentanyl outbreak was based on unemployment. So he wanted to focus on additional chinese purchases of american products. He has locked in 50 billion just in cultural products. Energy will be added as well. The second thing is, something you mentioned many times is this rampage of stealing our intellectual property and trade secrets. The president said he locked that in with an investment, with an ebb force the mechanism to protect our investment in technology. Lou Robert Lighthizer the u. S. Trade representative maintained throughout that he will insist upon powerful Enforcement Mechanisms particularly in intellectual property. Are there dates certain for trust but verify verify case . Its my understanding that the 50 billion purchases have to be the same quarter by quarter. Well know fairly soon if the chinese dont make the purchases they promised to make. There are several other mechanisms in the enforcement process that deal with an end to intellectual property theft. At least if it continues well have a mechanism to punish the chinese when they are caught doing it. Thats part of the break through. Its one of the most difficult aexpects of any agreement with the chinese. It goes to the heart of National Security. The chinese as ut as that you td me with the cultural imperative towards pillaging and stealing intellectual technology and whatever they can. They call it revenge. I call it theft, and i dont like it. I would punish those who did. Is there a mechanism for that to take place . Their culture be damned. A certain amount of punishment will be involved if there is serious chinese cheating. I want to be optimistic and celebrate the breakthrough. But the president s technique seems to have worked. Gradually work on each individual concession. Pocket this phase one deal today and tomorrow, announce the details, and leave some of the harder issues until phase two. One of those is the industrial subsidies. A massive program they have that distorts markets. The companies that get subsidized so much also steal our intellectual property. It looks like to me based on what the president said. Lou is there currency manipulation in the discussion . I think the use of currency as a weapon in trade the chinese promised not to do that ever again, and thats verifiable because our side can watch the transactions that take place. Lou one of the least opaque issues that are fiercely difficult and controversial for both sides. They pride themselves in deception is their trademark. A cultural imperative. As also,s we look at whats occurring here, is there anything in terms of Financial Markets, financial institutions, because as you and i both know, wall street has vigorously interested in whatever vacs that it can achieve in any deal. The chinese have had security concerns. If they opened up their Financial Markets to american banks to come in and see exactly what the chinese economy is like to make money out of that knowledge, that would hurt their security and slow their growth. Thats one of the big breakthroughs. They agreed to open up to american owned banks wholly owned by american banks not joint ventures. Wall street will be thrilled when they hear the details of this financial breakthrough. There is the bilateral investment treaty. Its been stalled since the days of bill clinton. The president got a breakthrough there, too. Lou no wonder so many wall street ceos have spent so much time below any in beijing. I guess the last metric we need to hear as fireworks are going off and there is celebration beyond wall street. What will the trade deficit look like as a result of phase one of being put into effect . It will improve. It will also show up in our own manufacturing spurting ahead. The president joked with me. He said our farmers will have to buy more tractors and plant more fields. The large chinese purchase is coming soon. Lou i guess i would say from his lips to gods ears and the farmers are cheering wildly as well. Great to have you with us. Michael pillsbury, thank you very much. I think the president heard your criticism the last two or three years and sort of followed your advice. Thats my view of your role in all this. Lou im hardly a critic. Im more of a cheerleader. Eric holder,ed the attorney general who became the first cabinet secretary to earn the contempt of Congress Tries to intimidate bill barr and john durham, taking on some pretty difficult targets there. Well take that up with the washington examiners byron york. And i will have a few thoughts about tonights announcement of a phase one trade deal with china. What the democrats, the radical dimms are trying to do or the course of three years with this president. 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Jim jordan proposing an amendment to strike the first article of impeachment. I would say when did it happen . Every will swalwell said. Democrats say there is some scheme to have an announcement made by president zelensky to get a phone call with the president to have a meeting with the president to get the aid released. When did the announcement happen . They got the call on july 25, they got the meeting on september 25. They got the meeting on september 11. There was never an announcement from the ukrainians to have an investigation. Those are not the facts. Lou the on sitting cabinet member ever to be held in contempt of congress now lecturing about leadership and ethics. President obamas disgraced attorney general whats really clear is we have gotten to everything has been said phase of this impeachment. They are just saying the the same things top each other over and over and stover. Lou im going to make you feel bet were the whole thing right now. This just in to fox. Per chad pergram our producer on capitol hill. It looks like they will continue the committee until the earliest 11 00 p. M. Eastern time tonight and could possibly go beyond that unite. I said earlier today they are going to midnight. Lou there is Something Special about that. What this means, nobodys mind is change, not on capitol hill and not in the country. The sides have hardened. I was looking at the polls. If you look at the polls during the first couple weeks of october. There was a peak of support for impeachment. Democrats were 85 then and they are 85 now. Lou we are told by our polling folks if you look at the polls in terms of those who are acceptable and methodology and sample size and margin of error. There are only two of those polls. A 7point swing against impeachment in that time. In fact, this process has led to greater opposition to impeachment, the opposite of what the dimms hoped would happen. If you look at republicans at the same time, some polls support peak up to 10 . If you look at independents its gone down 5 . Democrats are pretty much set in concrete on this. Lou and they are sinking rapidly. Support from everybody else is going down, and that will have electoral effects. If anyone is thinking about moving their positions, its probably not going to happen. This is going to be a nonevent. It will be a stain on the record of the radical dimms. It will be a stain on the Judiciary Committee and the speakership of nancy pelosi. It could not be otherwise because this is the culmination of what has been a 3year effort on the part of the radical dimms and the deep state to block, obfuscate and overthrow President Trump without a single fact in support of the ridiculous plot that the intelligence agencies spun up amongst four, perhaps five heads of those agencies. It is just so horribly corrupt to look at that it is mind numbing to think it has taken this long for this to be revealed to the American People. You mentioned the articles of impeachment. In the earliest days democrats talked about a Campaign Finance violation which was complicated. Then they were talking about a quid pro quo, then they were talking about extortion, then they seemed to settle on bribery because they had focus groups with the word bribery and it seemed to go over pretty well with people. Lou except for the fact there was none. That was a problem. But when it came time to draft the articles of impeachment, they did not charge him with bribery, they talk about abuse of power. Abuse of power is completely fuzzy but sound really serious. So thats what they are pushing. The other thing, contempt of congress is fascinating. Democrats lou for whom would you have greater contempt if it were not congress. It sounds like the right decision taken by the president of the United States to me. The president has real privileges involved here in his conversations with his National Security advisor or his white House Counsel or any other top aide about matters of state, Foreign Policy and National Security. He has real privileges and real responsibilities like running the country. And to future president s and the presidency. Democrats, if they want to subpoena this stuff they could have gone to the courts and have a judicious outsider decide this. Lou byron, as always, great to have you here. This spectacular moment in our countrys history. As sordid as it may be thanks to the dimms and the deep state. Appreciate it. Up next. Rinos and the radical dimms alike are voting in favor of amnesty for illegal farm workers. Didnt you know we could bring people together. Thats what happens in the swamp. Well have that story and much more right after this quick break. Stay with us. chime shaq magenta . 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Keep it at your desk, and save it for next time. Geico. Over 75 years of savings and service. You night had to happen. Members of Congress Passing new legislation that would put more than a million Illegal Immigrants on a pathway to citizenship. The bill is hr538. Its called the Farm Workforce modernization act. It provides a process for illegal farm workers to seek a certified Agricultural Workers status. Those working under that designation could move on to get a green card. The big passed wednesday 26065. Republicans helping out. Ken cuccinelli, acting director citizenship and immigration services. Mr. Secretary, i can say now. Lets start with this bill. Your reaction to it and why