all of you for watching. don't forget to tune in monday for the debut of bill hemmer reports at 3:00 p.m. eastern. n. maria: happy weekend everybody welcome to the program that positions you for the week ahead. i am maria boucher mono makes was an interview with the nations banker, jamie diamond as we touched on another of topics for the day he gives us hear his outlook for the day. but first it was quite the week on wall street, record-setting across-the-board white house trade advisor peter tavarez here to talk at the impact of the historic week that was. the signing of the trade deal as the usmca passing the

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. let's talk about what you got done, you and your colleagues got done at the white house. we saw usmca passed the senate, it's headed to the president's desk. we are expecting that to be signed into law this week and then the china deal. let's go through the china trade deal and tell us what's 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 it's 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 it's 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 that's 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 that's 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 there's one firm, cornerstone macro that has raised a red flag on the china deal. here's 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. he's 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. let's look at it closely. if there is an issue, it comes to robert white heiser and within 90 days, that's adjudicated with the chinese and if we don't like the results we get to take proportionate measures which will typically mean snapback tariffs. i don't know what planet this person is living on the did the analysis, but that he's 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. that's just plain nonsense. so let's 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, that's pretty easy. sonny perdue secretary of agriculture is all over that. we know if they are buying or not. the idea that we wouldn't know that is just silly. intellectual property theft, the purest expression of that maria is counterfeiting. in china is the world's 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 month-to-month basis whether that flow of counterfeits is coming down. and if it's 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 it's louis vuitton, michael coors, this is great news for american companies on the stock exchanges who have been getting ripped off through intellectual. it's.

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 it's twice the volume of trade it's china five times the amount of exports. it's a much bigger deal that will entrench the united states and north america as a manufacturing hub of the world. it's 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. it's great for our farmers, dairy farmers in wisconsin will finally be able to scale the great walls, of canadian protectionism. the wheat farmers, that's 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. don't go anywhere, exclusive don't go anywhere, exclusive ♪ ♪ ♪ everything your trip needs for everyone you love. expedia. for everyone you love. oh, your she's landed.ed. and she's on her way to our house.

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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 it's 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 you're 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 don't

like it's what's 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 there's 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 you're not. >> a couple things there. so i like this trade deal it had substance and depth. when we get done after that, i don't know. i do think there is a little bit of a decoupling between china's 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 won't mean we are always right but it should mean something. you know it's going on, you create healthy markets, and that in healthy cap is help it critical for country. if you don't have that it's 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 i'm 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 it's 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 i'm sure takes place all over the world, that is different and i

think it's part of this phase i deal. they're 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 don't know if he said that, i don't 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 they're 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 don't 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 in-and-out of the country every time you disagree with their policy. you go in-and-out of the country's 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 shouldn't be somewhere but you need to be very careful it to point out what you don't like and why you don't 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

it's perfectly reasonable that the government wants to said a standard. that's perfectly reasonable it's 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 community's you're 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 short-term profit sharing. we figure out how we can make customers happy if we don't we

lose them. how do you make customers happy, third-grade 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 it's good for everybody. look at america versus venezuela, argentina, north korea, cuba, and always said it's not only one thing it's 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. i'm your 70lb st. bernard puppy, and my lack of impulse control, is about to become your problem. ahh no, come on. i saw you eating poop earlier.

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maria: welcome back 2019 was a very busy year for u.s. bank mergers including the bb&t's suntrust deal which was the biggest since a financial crisis. jp morgan jamie dimon said it's just the beginning. >> i think there's 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 it's al qaeda north carolina pennsylvania, massachusetts, we are doing minnesota, i think kansas, so it's 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 all-time 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 don't think it can be totally down but i will help it's behind us. but you have to remember to very important facts, companies spend capital when they need to spend it. they don't just guess out there. so very often when there's 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 slow-growing economy that companies need less x-uppercase-letter to keep up with the demand. so it's hard to know what's exactly in the play. maria: let's 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 you're 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, it's 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 it's like 80% is still done by check. so there's 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. i'm 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 there's 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 you're not worried

about that? >> no. maria: it might thanks to jamie dimon from j.p. morgan don't go anywhere, more wall street right after this. ♪ ♪ ♪ [shouting]

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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. it's all right here on wall street next weekend. don't 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 you'll join me to it set the tone for the day every weekday. that will do it for♪ ♪ jack: welcome to barron's roundtable were the sharpest minds on wall street need to get behind the headlines to prepare you for the week ahead. i'm jack cotter and we'll begin with what we think are the three most important