sector has been devastated by the manufacturing as a percentage of g.d.p. is at its lowest point in 72 years so this idea that we retain the software but we all share the manufacturing that's going to be great for both sides when when it's been a win win for china and it's been a lose lose for the u.s. right and look at a quote from biden here one of the candidates of course who say quote china's going to eat our lunch come on man yeah he has been doing particularly well in the polls and i think part of the reason for that is. because he still uses a playbook that's about 20 years out of date politically and economically of course he was part of a government bill clinton that the great democrats shipped our jobs overseas and it is interesting that we've come full circle that robert light hisor who was almost the lone voice in the neo liberal american economic and political system back in the late ninety's he said in a piece in the wall street journal the new york times he warned that if it made it to the ws. china would become the dominant trading nation vi

boeing is america's largest manufacturing exporter that means production changes often carry over to the u.s. trade balance and to growth itself treasury secretary steve has estimated the $737.00 max production stop could strike half a percent from u.s. g.d.p. growth and the 737 crisis is hitting other priorities boeing has pushed back the rollout of a new mid-sized plane. another reason that as long as the mac stays grounded so does a critical part of the u.s. economy. for more on boeing and the u.s. economy let's bring in carson jet ski he's the chief economist at i n. g. germany welcome to the program karsten how plausible isn't that the world's biggest economy could be hampered this much by the troubles of just one corporation. it is pretty plausible this way look at boeing it is the largest company in the dow jones stock market index of boeing is a bit comparable to the automotive sector in germany so this one company will with the production hold will really shave off a half a percentage point at least of 1st quarter growth then depending on what's going to happen in the course

arsenal as we looked at a sidelines manufacturing friction primers with sunlight manufacturing them during them in the polling on a period friction was initiated counted the friction farmers would use a pressure compound together with some other sparking material and, they will be pulled by the artillery are meant to court would cause sparks to go down to the county barrel the powder got better at igniting, as they got better at manufacturing it but there weren't any technological changes to the powder themselves, to make ignition easier, it was primarily a question of priming technology. >> all right thank you. it is american history tv on c-span 3 for each weekend we feature 48 hours of programs exploring our nations passed.. civil war scholar timothy smith explores 1863 battle of champion hill, part of the expert campaign he discusses how general grants leadership contributed to a union victory in this mississippi engagement here's a preview. >> not exactly the same confidence that you are getting from the officers in the army of tennessee. probably the best place to look see wha

engineer election manufacture consent and other principle according to. one set of rules for the rich. that's what happened when you put her into the. character of will switch which is dedicated to encouraging virtue of just as you'd expect one of the most influential intellectuals of our time speaks about the modern civilization of america. they being related illnesses are on the rise as doctors try to understand the cause and what is happening with the outbreak and as a result all true group has once again slashed the valuation of july as a base as rego park crackdowns on the market the value of its stake in jewel fell by 4 point one bit. and the 4th quarter to 12 1000000000 taking a huge right down from its $38000000000.00 valuation when all to invest in december of 20 team this write down reflects the mounting in litigation against amid the ongoing regulatory and medical scrutiny these cases range from whether or not dual intentionally marketed its smokeless smoking device to teens to whether or not its products cause respiratory and other long term h

for china this is a huge impact not just china but manufactures when you have g.m. and nissan and honda and toyota all selling vehicles there and having some sort of manufacturing facility and plus all the suppliers for multiple manufacturers there when you have to shut that down because world health organization is telling us you know this is pretty serious and you're watching a lot of people going back to their countries so beyond that we're really looking at is without a contingency plan yes they'll be other countries such as mexico producing product in the u.s. and and thailand but we're still it doesn't ramp up that quickly when you need parts they have to move tooling and that's not going to happen when the plants are shut down so and as long as this is shut down this is going to impact not just china's overall economy it's going to impact the automotive industry and negative way and they're already hurting what as you know when you're trying to move some of the manufacturing to other countries like mexico for instance it doesn't happen overnight and we're tal

those are two really critical parts of manufacturing, pay attention to. >> part of the problem manufacturingt 14, january 2017, 12272 million factor workers now 12508 almost 600,000 more construction about 6857 now 7500 -- >> payrolls in this country 150 million like i said, it is great that we are producing a few hundred thousand more manufacturing jobs more importantly, but the bleeding in the manufacturing, sector has stopped a few hundred thousand isn't driving this economy forward we have 1250 million people on payroll, to look at -- at -- farming you know we talked about nonfarm payrolls, because farming has become a small part of the employment sector if you look at dairy sector there is plainti massive consolidation going on small farms closing consolidated into bigger farms great sectors are stating if you look towards future, tech jobs service oriented. >> animal spirits entire country ag and manufacturing going well there is something special about that. maria: don't forget health care. >> for the country no economic system works unless people are about optimistic. dagen: you are

in the manufacturing sector and it's also be clear the u.s. economy has been on a very on the long course of expansion we talk about a recovery which has lasted more than 10 years so it is normal that the the pace of this recovery starts to slow down and this is what we're currently witnessing in the u.s. and garstin treasury secretary nugent projects 2.5 percent g.d.p. growth this year experts are less optimistic what's your take dollar take is currently rather 2 percent which is still fine but which is clearly far less than the u.s. the trump administration had promised as the trumpet ministration had promised g.d.p. growth of around 3 percent of the 2 percent is not bad when you compare it with with other developed economies but compared to the standards set by the trumpet ministration it is too little. just the chief economist at i n g germany constant thank you for your time this morning. now if you've got a sweet tooth and a love of tradition you'll enjoy our next report it brings us to a small town in north yorkshire in england where pe

offsetnsumer side has the weakness on the manufacturing and investment side. the economy has been moving in a good direction. on, does the goes business side respond to strength of the consumer, or the consumer weakens because business spending does? loretta: it is an equilibrium. businesses responding to the demand, vice versa. reallyarket strength is helping to keep the consumer in the game. incomes are up, wages have accelerated. a couple years ago we were at 2% wage growth, now 3.1%. even at the lower end of the income distribution, we see wages rise. those fundamentals are supportive. of course, businesses respond to that. we will have to see how the economy plays out but those underlying fundamentals are good for the economy going into 2020. mike: the weakness in manufacturing, corporate investment, is it a self-inflicted wound with the trade war's? loretta: there is some uncertainty out there. certainly, the trade war as to that uncertainty. we have heard from our labor market contacts that that uncertainty has clouded the outlook. they were concerned a

it would allow us to manufacture only what we really need where we actually need it. or to put off food. loki's designers hope that 5 years from now the 1st autonomous fully 3 d. printed vehicles will hit the road in germany printed with a fleet of big red printers. an outfit for me and a business team here in berlin for more you can check out our website of the w dot com slash business where on social media 2 you can find us on facebook on twitter from me if i take. you call africa. fishing is a serious problem and go along the authorities are trying to stop illegal fresh air and promote sustainable must. we believe today is marine resources are trying. to protect our ecosystem. our fishermen call want to new regulations eco africa but next. to success talent. it makes gold choosing a career finding a job easy so they say but do special talents automatically lead to success. what does a talented person need to get started in a career and how many talented people does the job market even. made in germany in 60 minutes t w. born. here i am in brooklyn. sicko's display

advanced manufacturing or additive manufacturing. 5g. synthetic biology. so when i look at it, i think that we are the cusp of turning things around. we need to do more. and i think this would be a really important time for the commission to figure out how do we leverage these investments in infrastructure and public/private, new and different public/private partnership so that we become really an -- >> we're running out of time. i want to mention an important point in time coming up. january 16th, we will be out at arizona state university kicking off the major beginnings of the -- the generative process for this national commission. in the minute we have left, anyone on the stage, a call to action. a charge. one thing you hope that many of the people in this room, who will be with us out at asu, will take away, will bring to asu, will help to create an idea, a thought, something perhaps to inspire folks as we -- as we begin our journey in 2020? >> i don't think in the 30-year history of this council we've had a bigger initiative. and if not now, the old

. >> another source of concern are the recent numbers, the very weak manufacturing and non-manufacturing as well. why are you not taking those into consideration >> the level that we've seen in payrolls, and particularly in our forecast for manufacturing payrolls is actually consistent with the numbers that we've seen in the ism the overall manufacturing sector the stabilizing and we've got expectations that manufacturing employment in the report this morning will be sort of flat what is more important is on the service sector side, and there we are still seeing growth, and our that in our view would be consistent with the 180,000 in payroll growth but of course this is all slower than what we saw in 2018 when the ism numbers were equally stronger >> now, business investment, if i look back at 2019, has been one of the key weak points in the u.s. economy what do you think for 2020 because this obviously does play a role when it comes to the labor market as well, companies are hesitant to invest >> juliana, that's in our view so much of the story here. if companies are hesitant to invest,

and it rose significantly and they anticipate higher prices among manufacturers. one last thing here, in cleveland, retailers said tariffs put upward pressures on costs. so we have these districts around the country reporting that these tariffs are still working their way through the economy. it could potentially put some upward pressure on inflation but overall, all of this reads like about a 2% trend economic growth economy leading this >> so, steve, as you highlight some of the price increases that have either occurred or in the pipeline anticipated, is that good news to the fed in other words, does that help them reach or maintain their 2% of inflation target? >> it could put upward pressure at least temporarily what it is bad news for, tyler is perhaps the retailers and the sellers will see if they're able to keep their margins. what seems to have happened, in prior beige books, we've had higher input costs but the inability to pass them along now we're going to be passing them along in an effort top preserve their margins other beige books, the competition w

i mean, how could you not have manufacturing jobs? so we are at 700,000 manufacturing jobs.ause] president trump: and these are great jobs, too. these are great jobs. skilled jobs, high-paying jobs. i would like to now invite the mayors, community leaders, and members of my administration to join me on stage as i sign this incredible piece of legislation. took a long time to get it here , but this is something that is very special and very great for you as mayors. again, keep up the good work. you've done an incredible job. thank you. [applause] [indiscernible conversations] [captions copyright national cable satellite corp. 2020] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] [applause] [indiscernible conversations] [applause] [indiscernible conversations] . thank you. >> victory is not winning for our party. victory is winning for our country. [applause] >> president trump delivers a state of the union address from the house chamber live. tuesday, february 4, at 8:00 p.m. eastern foll

i think manufacturers are extraordinarily pleased.or manufacturers is a key priority addressed in this that is enforceable rules reporting intellectual property theft. there are a lot of issues that are left to be dealt with. this president has accomplished something no other president in the last 30 years has been able to do. >> you are happy because of the measure blt and enforceability of these agreements. what exactly then needs to be done in a more substantive trade deal >> i'll say even two years ago two years ago, the national association of manufacturers asked the president administration bob lighthizer to get china to come to the table and get an enforceable trade agreement done and completed we have two very different economies. we have a market based economy, a expanding control economy in china. those two systems were not compatible as china was dominating the world, we knew if we didn't get those rules of the road established, they would be left in the dust so to speak we wertd transfer of technology any of the nondistort

and light manufacturing or metal working use. so, everything else would be permitted except for those three which could be not mer mighted, conditionally permitted or prince blee permitted. you can take that and we are adjourned until next year. >> clerk: the remaining balance? >> we will take the item as four times amended and send it to the full board with recommendations for hearing on january 7th. have a great holiday. is -- >> our united states constitution requires every ten years that america counts every human being in the united states, which is incredibly important for many reasons. it's important for preliminary representation because if -- political representation because if we under count california, we get less representatives in congress. it's important for san francisco because if we don't have all of the people in our city, if we don't have all of the folks in california, california and san francisco stand to lose billions of dollars in funding. >> it's really important to the city of san francisco that the feder

it would allow us to manufacture only what we really need where we actually need it. or to put off food. loki's designers hope that 5 years from now the 1st autonomous fully 3 d. printed vehicles will hit the road in germany printed with a fleet of big red printers it's. you and not from me and the business team here in berlin for more you can check out our website the feed of the dot com slash business where on social media to you can find us on facebook and twitter from me by taking. actually written me just shows the sort of shows how much. smarter way to go. the global auto and mobility show everyone w. . equal india. how can a country's economy grow harmony with its people employment. when there are do worse look at the bigger picture. india a country that faces many challenges and people are striving to create a sustainable future. clever projects from europe and. eco india on t.w. . earth. home is of species. a home worth seeing to. get those are big changes and most start with small steps but global ideas tell stories of creative people and innovative projects

how could you not have manufacturing jobs? 700,000 manufacturing jobs.applause] these are great jobs, too. skill jobs, high-paying jobs. i would like to invite the mayor's community leaders and members of my administration to join me on stage as i sign this incredible piece of legislation. it took a long time to get it here but this is something that is very special and very great for you as mayors. keep up the good work. you've done an incredible job. thank you. [applause] [indiscernible conversations] ♪ quick i've -- >> and concluding our live coverage of president trump's remarks, we returned to des moines, iowa, for the brown and black forum. we join the forum in progress with democratic presidential candidate and vice

and i phone manufacturer foxconn and automaker fiat chrysler are planning to launch a joint venture to build electric cars in china while no deal has been officially made f.c.a. concert confirmed on friday that they are in talks with home high the parent company of foxconn for the creation of a 5050 joint venture to develop next generation battery powered electric vehicles with a focus on the chinese market now feel that chrysler will deal with manufacturing the vehicles while foxconn will work on the electronics and software included in the cars now f.c.a. recently merged with peugeot maker p.s.a. to become the world's 4th largest auto alliance and joining us now to discuss what this means for the future of that a bevy of other auto related news is the car coach lauren fix lauren thank you so much for being here with us today. thank you for having me back. a couple of quick ones on this. joint venture it's interesting to see the traditional tech manufacturers moving into vehicle design in fact last week in las vegas we saw sony unveiled the vision as a concept car with a focus on tech

so in manufacturing slowed down it has slowed down dramatically. and q2 of 19 was below 50 they immediately decided to accelerate their growth. >> i thought that was the market it you think it's manufacturing? >> the fed has said so themselves if you look at those reports they say that themselves. i'm not suggesting the market didn't have some impact but i'm saying with the real economic slowdown because when stocks fell in the manufacturing it seeps into the private sector and employment. so it's a leading indicator to absolute correct the consumer is not seen the pain yet. they are seen the gains because wage sensation is growing. jack: we need to have you back there is a lot more to talk about here up next round tables give their investment ideas for the coming week. stay right there. what'd we decide on the flyers again? uh, "fifteen minutes could save you 15% or more on car insurance." i think we're gonna swap over to "over seventy-five years of savings and service." what, we're just gonna swap over? yep. pump the breaks on this, swap it over

it would allow us to manufacture only what we really need where we actually need it. or to put off food. loki's designers hope that 5 years from now the 1st autonomous fully 3 d. printed vehicles will hit the road in germany printed with a fleet of big red printers. from me and a business team from or you can check out our website of the w dot com slash business we're all social media too and you can find us on the facebook on twitter for me it's good by. to morrow stuff have close economic times europe and asia. how do they deal with social justice. and what are the working conditions like. those of many countries on 2 continents to find out how you're open to go to. our new series workplace of. global 3000 in 60 minutes. well go to the girl next new channel. most good morning story. with exclusive. the must see concerning parts culture if you're a. place to be for curious minds. do it yourself networkers. subscribers don't miss out. every 2 seconds the person is forced to flee their home. the consequences of the disastrous our documentary series displaced depicts tr

one more data point on the week manufacturing sector.jobthat any slowdown growth, the markets will not take that well. kathy: wages will be the big one. we have seen a little leveling off in wage growth, but if that continues or turns down, that will be a significant number. rob: very little uncertainty around the labor market. jobs number comes in pretty close, not much of an issue. jonathan: let's get to the rapidfire round. three quick questions, answers around the desk. beginning with the coronavirus. the economic impact, transitory or long-lasting? subadra: long-lasting. kathy: long-lasting. rob: transitory. jonathan: can we retest the september low on the u.s. 10-year yield? yes or no? kathy: yes. rob: yes. subadra: yes. jonathan: does the treasury curve and the yields steeper or flatter than where we are right now by years end? steeper or flatter? at the time i asked the question, 2/10 19 basis points. rob: steeper. subadra: steeper. kathy: steeper. jonathan: what a week it's been for the bond markets. jones, subadra rajappa, rob

manufacturing survey which was brutal. lisa: under the hood with the idea there was a drawdown and the inventory. the time to get optimistic is when inventories have drawn down and order sent to pick act up. that has not happened. in fact, orders declined slightly. a green shoot, it is only a blade of grass. romaine: we're closing off of the record lows from yesterday but not as low as when we started the trading session down a 10th of a percent. we talked about this early, lisa, the story that did move tesla, peloton and others. oil stockslly in the as well as defense contractors. lisa: the small and mid-cap names outperforming over the major indexes. that is not what we have seen as of late. romaine: let's dive deeper with our reporters. abigail: i am thinking about the isn manufacturing report. the lowest level since june of 2009. the fifth month of contraction. the eight down report out of the last nine months. if you look under the hood, you can see some bright spots where talking about boeing and gm harriet it's pret

i think mexico will be the greatest beneficiary because they're the natural place for manufacturing.emember, wages go up, you know, the amount of content and cars goes up to 75% so i think jobs will be created in all three countries but mexico will be in great shape. this is really good. now, here's the deal, brian. we have china, you know, now settled a little bit we have usmca. now it's europe and in 2020, it's going to be an interesting situation both with airplanes. you know, you have the whole airbus/boeing situation coming off to 737 max and you have the german automobile industry where, you know, the administration has been making a lot of noise there. those are the two areas to watch in europe in 2020. >> all right steve, thank you very much see you soon >>> why and where does a bit of a growing crisis in the job market and what is being done to sovrl -- solve it? >>> and snapchat is up 230% this year and they're not done. >>> you can watch or listen to us live on the go on the cnbc app. we're back in two minutes. when we started our business we were paying an arm and a leg f

manufacturing industrial base. reorienting the supply chain away from china, southeast asia, back to north america that accomplished not just u.s. china trade phase one but also usmca. that is one-two punch the president has been able to accomplish in the last couple weeks here to make sure companies are protected against future issues like the coronavirus that might cause complications. this sets us up so perfectly, charles, for future trade deals as the president has couple on deck, u.s.-uk and u.s.-india. charles: he think u.s.-uk will happen a whole lot quicker than the usmca. boris johnson has done things so rapidly i since he won. he ran with the mandate. let me ask you about technology protections here. obviously nafta did not cover anything like that. our technology world changed dramatically since nafta was out there. what is the big impact from the technology protections? >> i p protections and technology protections, you have to think about when nafta, right, president called it today the nafta nightmare

and light manufacturing or metal working use. would be permitted except for those three which could be not mer mighted, conditionally permitted or prince blee permitted. you can take that and we are adjourned until next year. >> clerk: the remaining balance? >> we will take the item as four times amended and send it to the full board with recommendations for hearing on january 7th. have a great holiday. >> manufacturing in cities creates this perfect platform for people to earn livelihoods and for people to create more economic prosperity. i'm kate sosa. i'm cofounder and ceo of sf made. sf made is a public private partnership in the city of san francisco to help manufacturers start, grow, and stay right here in san francisco. sf made really provides wraparound resources for manufacturers that sets us apart from other small business support organizations who provide more generalized support. everything we do has really been developed over time by listening and thinking about what manufacturer needs grow. for example, it would be

foxconn joint venture it's interesting to see the traditional tech manufacturers moving into vehicle design in fact last week at c s in las vegas we saw sony unveiled a vision as a concept car with a focus on tech and entertainment options inside now there are no plans on selling this vehicle but it was a good opportunity to show off the tech that they can put in a vehicle so why are we seeing tech companies getting into autos. well you see actually it's really a smart idea look at apple they've been developing a long term it's called the titan project they were going to build a car as well building cars is a very expensive venture the profit margins are not what they would be like they are in tech so typically they won't build exactly a vehicle but will use that tech and partnering with someone else which is what's so smart about this foxconn deal they build the i phone they know how to build technology if they take that same maybe this has to do something with the titan project that we don't know yet because you take that technology and you put it into a known manufacturer like chr

have been talking to manufacturers to see what they plan to do it is a mixed bag.really concerned about what they are seeing because they need the workers to return to production lines. it is different from services or tech companies where you can work remotely. other manufacturers have said because their order books don't usually fill up until the end of february, they are not too concerned as of right now. the situation is changing quickly. they are monitoring and hoping it is not going to get worse >> eunice, thank you for keeping us up to date. stay safe yourself >>> a chartered plane carrying over 200 americans from wuhan landed in alaska to refuel all passengers deplaned and have been screened for the virus. this comes as airports around the u.s. are stepping up their checks for the virus the white house is weighing a possible suspension of all china/u.s. flights we'll bring in our reporter leslie josephs what have you been hearing >> the white house has not yet taken a step they are asking airline executives what would this look like is this a good idea? is

millions of manufacturing jobs were destroyed.nd, entire communities were devastated from ohio to pennsylvania, michigan to maine, and california to north carolina. devastated. two decades of politicians ran for office vowing to replace the nafta. this was a catastrophe, the nafta catastrophe. yet once elected they never even tried. they never even gave it a shot. they sold out. but i'm not like those other politicians, i guess in many ways, i keep my promises and i'm fighting for the american worker. we are all fighting for the american worker. everybody here is fighting for the american worker. this agreement is a tremendous breakthrough for american agriculture. canada will finally provide great access for american dairy. canada's opening up. it will grow annual exports to our neighbors by an estimated $315 million. poultry exports to canada are expected to rise by at least 50%, and egg export could increase by 500 percent. -- 500%. where is the canadian folks? where are they? you guys did a good job on us before this deal. can

within manufacturing there are areas of growth.as like our new information solutions executive services offering, life sciences, water treatment. these are areas we still see growth regardless of what the general macro is doing. shery: what about your inorganic investments? you left your organic growth guidance flat. blake: right. in the end our overall guidance for growth and performance for the year is reaffirmed. it is unchanged from what we presented to novembers -- two investors in november. we are seeing a contribution from inorganic growth. primarily due to the joint venture with schlumberger that we announced in october. we saw a great first quarter them. we expect that to continue to have a good contribution of double-digit growth through the year. we made an acquisition of a cybersecurity company, and an indian company that specializes in delivery of information solutions. we are using all of our strengths to win. amanda: tell me what you are seeing globally and the non-north american market is a source of strength on the

manufacturers. and the unemployment rate is the lowest it's been in 50 years, nearly my entire lifetime. more than my lifetime, i should say. maybe i can lie a little bit. but that's not the whole story. the other major factor in our rapid economic growth is the competitive advantage provided by low cost and abundant energy, which has been driven by decades of innovation. you here at the council on competitiveness have worked successful with our national laboratories to publish reports and recommendations that support this effort. and we appreciate your assistance. you all know the story of energy innovation from breakthroughs in hydraulic fracturing and horizontal drilling to the falling costs for deploying renewables. innovation has brought an energy revolution that is fueling economic growth. when when the department of nnch -- energy opened its doors we has gas lines and ration days. we had higher manufacturing costs and fewer jobs. today we are the world's second biggest generator of wind and s

manufacturers.hink you're right as to where the concerns were at the end of last year. but we feel they're far more encouraged the overall number, look at the state of this. it's 3.5% is the lowest unemployment rate since 1969 and we've been under 4% for 12 months it's been decades since that's been the economic strengthening of the united states of america. we're excited about where it stands >> which is why it's all the more confusing that wages are up 2.9% our colleague said that creates some runway for the president to once again start jawboning jay powell to say it's to let the economy run a little hotter. is that going to happen? >> well, we certainly think inflation is not a threat. 2.9%, we had been at 3%. 2. % is still significant when you consider the actual as your last guest said core cpi is at 1.6% >> looking forward to the china signing -- >> marc, our apologies let's go to the treasury secretary. >> -- we are announcing additional sanctions against the iranian regime as a result of th

manufacturing. guy: i wonder how much of this will change over the next few months, assuming that we do get some trade deal. december was about this news that inflation would come back, that the trade deal would get done. to changeame too late hearts and minds within the manufacturing sector. if we do get a phase when deal, if it does get signed a couple weeks, maybe things start to improve just a little bit, and maybe some of this data in the u.s. and around the world, you saw it in germany yesterday, starts to improve. at the moment the data is bouncing along the bottom. could that trade deal provide that? vonnie: those data were much lower. we are talking the low 40's. we still have some room to go. we may not get there. fedr, we hear from president loretta mester. this is bloomberg. ♪ guy: welcome back. let's check the markets. lower acrosss are the world. the stoxx 600 is down. well off record highs we touched yesterday. the risk off tone is confirmed when you look across asset classes. when yo

companies all competing for global market share in the high end high tech manufacturing space and if you look at the bigger picture here i mean the short term impact of this dispute has been drastic we've seen global trade slowing economic expansion being hampered but there are those who say that's ok in order to resolve a fight against an upcoming giant rising giant and fight that somebody ultimately needed to pick what's your take on that yeah that's that's absolutely right i mean at bottom this deal whether it's phase one phase 2 is going to be the u.s. using its economic muscle to extract concessions out of china and the big concession is the state owned enterprises the use of subsidies the sort of market starting forces that china has used against the. against or b.t.o. rules they're not free market principles and so can we get china to make 2 sets of concessions and that is what this is really all about at the end of the day and catherine that's that leads us to the question i mean this deal is not sealed yet in its entirety we were talking about a phase one if we look at phase

money for a manufacturer and i'm even going. to unlock some remodel her car and her money on a good reason why people are always needing more and have immediately available. that's a contribution to the economy. regulatory system was established banks were regulated the commercial investment banks were separated to back for risk investment practices that could harm private people. there had been remember no financial crashes during the period of regulation by the 1000. seventy's it changed . you started getting to shoot increase in the flows of speculative capital just astronomical increases an enormous changes in the financial sector from traditional banks to risky investments. complex financial instruments money manipulations and so on increasingly the business of the country isn't production at least not here. the primary business here is business. you can even see it in the choice of directors so a director of a major american corporation back in the fifty's in the sixty's was very likely to be an engineer and as somebody wh

our manufacturers are fairly healthy. vis-a-vis the a g market, this opens mark not market in canadad mexico. and china, it it fixes things tt needed to be fixed that had been given to other sides through oural truism over the year. >> altruism over the years. >> right. what can you do to hasten president's effort if you toll get to phase 2 and phase 3 of a deal with china. >> well mexico and canada, that by its definition would be easier than china. other issue is what about the eu. but china, our geopolitical challenge in the future, they have patience, endurance and they are playing the long game. i think only because their economy has gotten to the point where in the short run they had to do something. they have got issues with pork production there with the african swine fever. a lot of different things are circling to where pressure of tariffs, even though i don't like them in the long run, i don't know what else would have gotten their attention to fix the egregious stuff of the huge gluts, dumping them on market,