anybody else gave you your. americans love. this was a fundamental part of how our political leadership and our country at large understood the bargain you get a hope and then you know rebel right as the things you don't revolt if you have a stake in the system. of the really interesting dialing back and think about the longer deeper history housings men in the united states not just that old question of the american dream but the bigger question of who the dream is and for .

this is a boom bust the one business show you can't afford to miss. in washington coming up after years of negotiation the european union and china reach a long awaited investment deal which would be an option to the incoming biden ministration we have a panel coming up. i'll teach or nancy pelosi land senate majority leader mitch mcconnell for blocking the $2000.00 stimulus check. you. are in denial. of the hardship that the american people are fearing the. u.k. prime minister boris johnson signed the u.k. bragg's a deal with the e.u.

parliament is still expected to hold a vote next month we have a lot to get to that start. the european union and china have concluded a business investment deal in a video conference chinese president xi jinping met with european commission president really in german chancellor angela merkel and french president emmanuel mccrone to finalize the agreement the deal known as the comprehensive agreement on investment or c a i will grant substantial market access to e.u. investors now the deal creates a better balance in the e.u. china trade relations the official news agency reported president xi said the deal will offer bigger markets and a better business environment for both china and the e.u. after 7 years of these difficult negotiations chancellor merkel pushed a follow europeans to to reach a deal before the year and deadline but the. agreement could harm the new biden ministrations relationship with brussels. co-host and swan and host of economic day

author of the sickness is assistant professor richard wolffe professor wafa let's begin with you what does this investment deal mean for european companies and what does it mean for china. well basically what it does is it shoeless out the relationship between the european union on the one hand and china making it easier for trade for capital flows for investment for other coal sure development between the 2 countries it encourages investment in both directions it is a very important she had a lot of obstacles i think 2 things made it happen. the fact that you are up is that our mind is the british compared to what it was before and the other thing was mr trump's nationalism and delivery to china that meant that both europe and china

are worth faced with problems that they're now going to. buy a closer relationship with one another and that is a way in which people can see a new world economic order emerging well united states is concerned the new incoming by the administration they they are worried because they are trying to get european allies to go harder on china and with this new deal they're trying to obviously negotiate and implement these these these new economic you know deals that will help the relationship between the 2 countries about i do want to ask you as a there's a new number new number a report that show that china is going to overtake the u.s. within this decade as the number one economy in the world we've talked about this before but it looks like it's going to happen sooner rather than later what does this mean for the united states. it is going to happen sooner rather than later

later was at least 10 years now we're looking at about 7 years about 3 years sooner than we had thought and it might even be sooner than that because keep in mind that you know when you're looking at these numbers when you don't include things like world wide pandemics that shut down the supply chains and then we watch as china redoubles its effort and gets manufacturing moving again at a breakneck pace and the u.s. has not done that and other countries have not china is on pace actually maybe to get there even sooner than 7 years from now but here's what's really fascinating is that what the chinese have managed to do is they have become not only the most desirable market in the world for every company and every manufacturer right who once their products their goods their items to be sold in china and by the way that really is the value of what china is bringing to this european trade deal the european manufacturers and companies that are trying to get into china are thrilled at the idea that they have access to it the u.s.

wants to slow that down and the u.s. is attempted on many levels to slow that down but the problem that they run into over and over and over again is that china has all the bargaining chips china holds everything right now they create a lot of the manufacturing but they also have access to the markets that everybody wants access to so it's a win win for the chinese it's also a win for the chinese in that as much as the u.s. might want to create disruption for chinese technologies right now the chinese have managed to go around the u.s. that one bill one road initiative is a very powerful way of kind of seducing and pushing other countries to play along and i don't say that in a way that says see the chinese are manipulating because the u.s. broke the playbook and manipulation of other countries we've done it for decades it's just now the chinese are doing it better than we are and that's why we're frustrated but if they have the students in then becomes a teacher. but but. a special it won't it cannot china can

tell it also wanted it wanted to go into the energy sector as well i know that was a big key part of this trade right. yeah absolutely it is but it's bigger than even just that it's the fact that the chinese have figured out ways to say if we want to have unilateral relationships in africa in across europe we don't need the united states to be the broker of those things and the problem is that for many many decades the u.s. has been the sole broker of all those kinds of agreements if you want to do business worldwide you have to have the u.s. as a blessing that is no longer the case it is becoming the case for now you have to have china's blessing and the chinese have yes they've manipulated markets to make that happen yes they did the global situation to make it happen but again you can't say that and not recognize that the u.s. did it 1st we were the initial country that was doing that for the past several decades to say we'll control who gets to do business with whom now the chinese get

to do it professor if i want to talk about these numbers that predict that china is going to become obviously the world's largest economy in just 7 years china has not fully recovered from the shock of the crown of pandemic they did we did did find out that exports did girl by 21 percent we talked about this a few weeks ago what's going on here. well i think what you're seeing and it's a painful for me to have to say that there's no way around the chinese adopted a really strict harsh lock down early in this and then the best example is the city with millions of people in it who want if you go to war one today and there was just the report the other day from radio if you want to or wanted a people are not wearing masks they're going to call it's not in violation of the lockdown but because they don't need it and the more they demonstrated that actually i end up mobilization of all public and private to confront this disease

in the status way honest of all turns out to have been the best economic policy trading off between pandemic and economics which is what we were told each year turns out to have been a big big mistake and then is quite right that they're better solution for the pandemic is now helping them make the economic gains that are really changing the playbook for how the world economy is going to work and the years of the final irony about the deal with europe the last time historically europe went to china it went to carve china up the germans the french the belgians the anish everybody took a piece of china basically and ran it now the shoe is very much on the other foot and the chinese on the very concept of these 3 historic reversal of the role now

you are up comes offering deals in a completely different relationship that is much more like equals than any years the old colonial system and i think it marks a real turn me on and a for much of the world that is also going in that direction well much like ben said china has the upper hand here they're trying to make to health what's. e.u. with other countries while the united states. you know still under the strain we're going hard on china then there's a belief that there is a coming backlash against china from global powers obviously the united states is one of them pressuring year opinion and its allies to to work to really were tele work kind of against china sort of speak is there any truth to this besides the think sample i just gave yeah i think there is i do think we're going to see more of a pushback and more kind of global backlash we've already seen it across the board in certain ways for instance with the technology sector the way story which we've covered extensively as you know there is certainly some backlash there and it

should be china's in a leader is really in an interesting position because he is pushing very hard right now to really move forward at a breakneck pace to really dominate the world in terms of what china is able to do i think the problem that the u.s. is going to run into is that we have put ourselves in a position where we are far more dependent on china than they are on us and if we learned anything during the for track trade war between the trump of ministration and china it's the chinese didn't really have a whole lot to sweat here yes there are some companies kind of that were an apple at that but the truth is that the tiny out of that situation in a much better position than we came out of it because what jobs really big come back none manufacturing didn't come back nope sure didn't but the chinese still have the upper hand pretty much across the board in that way and that tells you

something about where the rest of the world stands and i think the professor is right when he says there is far more humility coming out of europe dealing with china today than there was in the past professor richard ben swan ben stick around we have another story for you later but thank you both for your time today. a new strain of the corona virus 1st reported in england has been discovered in the united states in colorado and now the governor is working with health officials hoping to share and answer questions about what this newest mutation contains r.t. correspondent. on the west coast and the bureau with the latest natasha. yes they are the governor of colorado addressed in this new strain of co that after a colorado national guard member test positive and many are wondering if it's more contagious and will the new vaccines work to contain it the man who tested positive is reportedly in isolation just southeast of denver and interestingly enough just by contract in this new strain health officials say he has not traveled recently and

a 2nd suspected case of another guard member is being investigated governor of colorado he is saying that the testing numbers have recently gone down possibly as a result of the holidays. purge anybody with. a whole lot. better to identified early. who and family members and others and to get the treatment. now scientists in the u.k. say they believe this strain to be more contagious than previous strains but the good news is they say the current vaccines seem to be useful against it the u.s. surgeon general however says these findings are still being looked into. by refuting what they did sorry to be true which of the biography which brought this movie made to you have you treated doesn't the times already this year that doesn't mean it's more dangerous it doesn't mean more contagious a nurse and california who received the pfizer vaccine still contracted the crown

a virus the 45 year old man who works at 2 different hospitals posted on facebook that he received the vaccine on december 18th 6 days later he became sick while working at a covert unit on christmas eve he tested positive the day after christmas and other vaccine developed partly by the university of oxford has been approved for emergency use in the u.k. officials say the 1st set of doses will roll out on wednesday and if you have to the 2nd dose is just a few weeks and you can't get. many people in your. problem so if you extend the time you've got some protection. that's actually allows just under control. now mitch mcconnell objected to the house's proposal of increasing coronavirus relief aid on tuesday and this also goes against the president's veto house speaker nancy pelosi condemning mcconnell and senate republicans wednesday in her address saying they should pass the bill giving $2000.00 stimulus checks to the

american people in blocking it they are in denial of the hardship that the american people are experiencing. health wise. only in every way their lives and livelihood and many cases are on the brink. now the discovery of this new strain has led the centers for disease control and prevention to issue new travel guidelines travelers arriving to the u.s. from the u.k. well they're being required to show proof of a negative covert test reporting for boom bust and suites r t. a solitary day for the u.k. as lawmakers approved the historic drugs that trade agreement the u.k.'s members of parliament backed the deal by a vote of 521273 just one day before the december 31st deadline u.k. prime minister boris johnson said the deal will open a new chapter for britain and hopefully benefit both sides. what this deal gives us

is i would say pretty much the best of both worlds because you have a gigantic free trade agreement which you also have the flexibility that people wanted in that we all care about to do things differently and better if you if you choose and it means. the 1st after all this for the obvious we've got certainty for . the business certainty for all years. the budget deal ensures britain and the $27.00 nation e.u. can continue trade without tariffs or quotas the annual trade between the 2 totaled $894000000000.00 and hundreds of thousands of jobs rely on it while the ambassadors approved a provisional deal on monday the e.u. parliament vote isn't expected until next month. break but when we come back the pandemic economy has forced many companies to change. the dean of miami have

a business about what is being done to limit the disruption as well. as we celebrate. optimism with risky behavior. like the trolls they don't like the state they don't want to. they don't want. to trouble the optimistic history optimists. could be galileo could be could be it could be.

all sorts of big steve jobs in the end they were punished for their optimism but now there's no punishment for relentless optimism. an entire village in alaska has had to move if another country trying to wipe out an american town. we do everything in our power to protect the. water then escaping climate change poses the same threat right now alaska does seem some of the fastest coastal erosion in the world we lost about 35 feet. 35 feet of ground in just about 3 months while we were measuring. is fast and that means the river is 35 closer than how the words or anything were a part of america or earth from. kovan

1000 has a wildly altered the way supply chains operate the pandemic snarled the world's sprawling supply chains for months shutting factories disrupting shipping and making of difficult for companies to get products from factories to consumers the changes have been so dramatic that many firms want to for every change the very definitions of supply chains joining me now to discuss john quality family time at school of business and let's welcome back to co-host ben swan. let's start with you many companies that they're looking at ways to prevent supply chain disruptions in

the future the ones we saw during the pandemic if this is if a new way of doing business. supply chains or are extremely critical to the efficiency of the global economy and pre-code the free trade area if i can put it that way the goods and services were moving with increasing lack of friction across national boundaries this gave companies the confidence to rely on extremely long supply chains typically from asia or into the u.s. for example with covert and the tariff war combined disruptions caused many companies to reassess their supply chains particularly looking at diversification away from single supply as under way from single countries of supply china in particular in the short run there were certain low tech

products that. shifted some supply out of china or into viet nam and other southeast asian countries but actually it's very difficult to alter the supply chain. yes and to set up new ones in a short fashion so one of the things if i may just say connecting to the earlier story professor wolf referred i think correctly to the speed with which china restored its supply chain back into the western economies its main customers and it did this because it was obviously wary of the fact that there was an appetite to diversify to other sources beyond china so the faster it could get its own supply chains restored and running properly again the

less chance there was going to be of losing market share for the long run to other suppliers out of asia well much like you said we saw this even before during the trade war where the united states and other countries were changing their supply chain and moving it from china to vietnam india other other countries we talked about diversification and you're something that a lot of people have changed instead of manufacturing from single suppliers to others then what are other examples of things that businesses are doing to protect against the these future disruptions. yeah well i mean obviously with the just said there is absolutely correct it's the goal is to change what it means to have a supply chain where that means moving factories closer to home diversifying what countries they're in. deciding whether or not to what you can actually create yourself there is a company out of australia for instance that creates titanium powder it does this for the purpose of creating weapons and defense systems this company instead of now

having about a dozen companies around the world that collectively will create this powder for them out of metal have decided to do it in house and so they have instead of continuing to depend on supply chains around the world they're doing it on their own their creed. in that way so there are a number of ways that this is right now in some cases it is about saying let's use fewer factories in other cases it's about saying let's make these as as close to home as possible you would think that in terms of what we just talked about with china that that would have been china's undoing and the dean makes a great point that the speed at which china was able to get its supply chain systems back online essentially saves its economy because if you don't the rest of the world moves on from us quickly as possible that was the opportunity that other countries had to be able to get a share of that supply chain market i would say they failed to do so china knew it was coming so they were prepared to do so we are watching

a massive shift here on e-commerce i want to talk about the move from end person retailers to e-commerce economy in a way that few really had predicted would happen at least at this pace or this this quickly has a pandemic killed in person retail. certainly not killed it and there's incredible entertainment and social value too and person retail that i think will see a resurgence and demond once the pandemic is clear but that having been said there's no doubt the pandemic has accelerated the speed with which call mess has eaten into traditional retail and we know that many marginal shopping malls for example around the country will simply not come back i think one of the great stories of the last few months is actually the incredible ability that

amazon and other companies in this space have shown to be able to adroitly adapt to massively increased amaan that was unexpected in the short term and all of their suppliers including the the shipping companies they rely on the back room computer software and systems companies so they rely on all of these companies were able to step up in the short run to accommodate the incredible increase in demand that is really a major positive story and eating from the pandemic in terms of business success well but are there any croc's in terms that we're seeing as an e-commerce side that perhaps we hadn't expected to see during the pandemic yeah i think there are a 1000000 example. just real quick i think the exact one example you could give would be the sony and its rollout of the p s 5 just as as an example over christmas time

anybody who has tried to buy a p s 5 gaming system it has been pretty much out of luck for the last few months it's a fascinating thing go online and just search for p s 5 you can't find them anywhere and the reason for that is because most box stores didn't stock them internally with physical items so target walmart best buy the usual places you would go to buy one of these these items they're not there instead most of it was online though here's what we saw happen over the christmas season something that's never happened before which is that scalpers and bots have bottom all up so every time there's a restock walmart or best buy somebody tries to to restock with the box immediately buy them out in fact the other day walmart called on congress to intervene saying that they need congressional help and laws to be written in a way that prevents scalpers from stealing using boss oh all the items because consumers can access them that is something that is entirely of an e-commerce world

and not of the brick and mortar world where if they were actually in the stores you could walk into a wal-mart you could walk into a target and you could buy them and i think that's where you use the term cracks there are cracks in that system certainly where consumers will say hey maybe this e-commerce thing isn't all that it's cracked up to be if i cannot walk in and buy the thing for christmas that i was hoping to get oh that's why they're thick curbside when there actually are that but they're not physically in the store they didn't sit right at the store and when stock and when they haven't stock that's true unfortunately we're out of time john kasich of the miami herbert business school and the best co-host investigative journalist bent on thank you both for breaking it down to us. that's all for now you can catch him bust on the man on the portable t.v. after the next time. the world is driven by a dream shaped by one person. who

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in the headlines this new year's eve england extends code restrictions and the number of areas affected as the rate of infection spirals following the discovery of a highly contagious new strain of the virus. the e.u. strikes a milestone trade deal with china removing key barriers to investment it comes after years of talks and despite the incoming tide ministration to be consulted ahead of the deal. and coming up to speak to some of the medical workers around the world who've become the. heroes in the year of the pandemic. way seen people die in a scene.