if a muse alison kosik she gets the answer. to sounds so called shake it sounds good is kind of the side by. play people who put big dreams on the big story playing and maybe magazine on the dummy. like you're smart t.v. smarter with the d w four smaller to live what you watch what you want to talk to do extraordinary. to decide what's all find out more than just come smart t.v. . after tough negotiations the u.s. and canada finally closed a preach trade deal last sunday donald trump is claiming it as a personal triumph talks had lasted thirteen months an agreement was reached only at the last minute. which. smy great honor to announce that we have successfully completed negotiations on a brand new deal to terminate and replace nafta and the nafta trade agreements with an incredible new us mexico canada agreement called us m.c.a.d. upon closer inspection there are few changes between the new trade deal and the old one. canada gave in to u.s. demands to open up its highly protected dairy market and both sides made compromises ov

alison kosik is standing by to talk about that. and alison kosik, what's going on? why is this?we are seeing the dow down now 800 points, one of the worst dow drops in history. and october is traditionally a tough month for stocks, but this month certainly no different. we are seeing investors really worried about rising inflation, rising interest rates, as we see inflation go up, we're seeing the fed take this course of raising interest rates. so as we see, a strong economy, we're seeing the fed try to sort of clamp down on that inflation that they're seeing play out in the economy. so they're raising rates, and that's concerning investors, because raising rates could wind up hurting the economy. brooke? >> alison, thank you so much. and thank you all for being with me. i'm brooke baldwin here in destin, hoping to hop in a car and help assess some of the damage here from hurricane michael. let's go to washington. "the lead" with jake tapper starts right now. >>> this is cnn breaking news. >>> welcome to "the lead," i'm jake tapper. we begin with breaking news. new images just i

>> alison kosik at the stock exchange.icans were selling the american people on the tax cut bill, they assured the american people the $1.5 trillion in cuts would pay for itself. take a listen. >> yeah, i'm totally confident this is a revenue-neutral bill. i think it's going to be a revenue producer. as we have said over and over and over again, the $1.5 trillion deficit only -- to be filled, only requires us to grow .4 of 1% over the next ten years. goodness gracious. that's very much achievable. >> but this morning, a new tone from majority leader mitch mcconnell. >> it's very disturbing, and it's driven by the three big entitlement programs that are very popular, medicare, social security and medicaid. that's 70% of -- hopefully, at some point here we'll get serious about this. we haven't been yet. >> this is what democrats, mark, said all along. they're going to pass this tax cut, which is going to set the deficit up to even higher levels, hundreds of billions of dollars more, trill jobs more in the long-term and come

cnn's alison kosik is live at the new york stock exchange for us. 's behind these massive losses? >> look at that number, the dow down 541 points. you know what, jake. in the last hour the swings were so wild. the dow would fall 400 points and 500 points and 700 points, even hardy stock traders i saw on the floor, they couldn't believe the volatile swings that the dow made. now, there's no one reason for the two-day selloff, but higher interest rates, there's a real trigger here. pressure has been building for a while,

cnn's alison kosik is live at the new york stock exchange for us. alison, what's behind these massive losses? >> look at that number, the dow down 541 points. you know what, jake. in the last hour the swings were so wild. the dow would fall 400 points and 500 points and 700 points, even hardy stock traders i saw on the floor, they couldn't believe the volatile swings that the dow made. now, there's no one reason for the two-day selloff, but higher interest rates, there's a real trigger here. pressure has been building for a while, so as the economy has grown stronger and stronger, the federal reserve has begun raising short-term interest rates to try to keep the economy from overheating and to try to keep inflation in check, so for stocks there's concern those rising rates will eat into profits. they will make borrowing more expensive and potentially slow down the economy. a glaring example already happening. mortgage rates, levels we haven't seen in several years. president trump blames the fed for the selloff saying the fed has gone loco. some say

joining us to discuss the details, paula newton as well as business correspondent alison kosik.la, i know you have been covering this closely, speaking to canadian officials here. what was the linchpin that put this over the top at the end? >> basically, it was the personal relationship between the staffers of justin trudeau and jared kushner. he made sure the president was kept up to date, even hourly. the other thing i want to point out which is key is the business leaders in the united states. basically getting in touch any way they could with the president and saying can we just get this deal done? we're taking on a lot with china right now. in terms of the details, yes, those american farmers are getting more access. >> don't fight with our allies. deal with china. >> it's key, donald trump will say our u.s. foarmers do have more access to the canadian market, and second of course is that big auto deal. we lost sight of that because it was a u.s./mexico concession, but it's a big deal and donald trump is convinced and auto executives are convinces in the long term, it may d