china's per capita gdp has exceeded 10,000 u.s. dollars. a 400 million strong middle income group is emerging. a massive domestic market is taking shape. from welcomes investors around the world to china, including those from the united states and will expand imports of find quality products and services from a bunch of other countries. china will continue to enhance the legal environment, step up the protection of property rights and intellectual property, apply a management system of pre-establishment national treatment, plus the negative list, and create a level playing field. will open itself even wider. [applause] vice premier he: [speaking a foreign language] translator: ladies and istlemen, friends, the world now at a critical historical crossroads. a majoraced with strategic choice of how to promote major country cooperation and international cooperation. a politicalveloped system and a model of economic shows naturalat -- national reality. this does not mean china in the united states cannot work together. on the contrary. our two c

china's per capita gdp has exceeded 10,000 u.s. dollars. 0 million-strong middle-income group is emerging, and a massive domestic market is taking shape. china welcomes investors from around the world to china, including those from the united states. and we'll expand imports of fine-quality products and services from other countries. china will continue to enhance the legal environment, step up the protection of property rights and intellectual property, apply a management system of pre-establishment national treatment, plus the negative list, and create a level playing field. china will open itself even wider. ladies and gentlemen, friends, -- [applause] vice premier liu: ladies and gentlemen, friends, the world is now at a critical historical crossroads. we are faced with the major strategic choice of how to promote major country cooperation and international cooperation. china has developed a political system and a model of economic development that suits its national reality. this doesn't mean china and the united states cannot work toge

. >> earlier today, president trump signed phase one of the u.s. china trade agreement. he was in the stream of the white house. the agreement print places protections on intellectual property and ensures u.s. agriculture and manufacturing and has measures in place to prohibit currency manipulation. >> ladies and gentlemen, the president of the united states accompanied by both the mayor of the people's republic of china. >> thank you very much. we greatly appreciate your joining us at this white house event. this is the very important and remarkable location. today we take a momentous step, one that is never been taken before with china. this is towards a future affair instrument reciprocal trade. we have signed phase one of the historic tracheal between the united states and china. together we are righting the wrongs of the past and we are delivering a future of economic justice and security. this is for american workers and farmers and families. i want to thank president and she, who was watching as we speak and i'll be going over to china in the not-too-distant future

china was likely watching what was going on u.s. companies would have to buy components out of other north american countries, too. china was moving supply chains, selling goods to the u.s., using channels via brazil, africa, europe, other asian companies. the way the president speaks is transparent. he puts it all out there on the table. i think the market likes that. >> each and every individual, 7000. james, i'm curious where the trade realm would be in the european union. he might use the tariff lever as he has in other cases. he's saying this is proving that this is a weapon properly utilized. your thoughts. >> i think that makes them nervous. we've had presidents writing up a paper this week and he talked a lot about the tariffs saying essentially the economy is still holding up really well. he had one very short reference to the tax cuts and regulatory reforms and trump administration so -- >> the history is very clear. look at that rise in economic growth, the rising investor senate and it was driven by the tax cuts, the deed

the u.s. china trade dispute has been going on for more than 18 months for many companies it's been a time of extended uncertainty our next report traces the fortunes of a us bicycle maker as it tried to move production out of china to avoid paying u.s. tariffs. when state bicycle decided to shift production of finished city fights out of china to escape u.s. tyrus it took months to find another factory in asia willing to do business with the arizona based company the from time to time but most factories that were to swamped with business from american idol they declined it so it is because they weren't big enough to be profitable the struggle to find an alternative to china epitomizes the challenges many u.s. firms have faced since the start of the trade dispute while the phase one deal might be a step forward it's not a system action. if we knew one way for sure was going to go away or one way you know the tariffs would be here to stay we could plan long term but her right now we have to kind of b

u.s. and china have a grade on a 1st step towards a truce if it holds it could be a boost for u.s. president donald trump internet lection year but who will benefit the most from this initial phase of a broader trade agreement china's promise to open up its markets and buy more u.s. goods and exchange the u.s. will lift some tariffs yet most will stay in place and that's where the problems start we'll get to our discussion with our gas shortly 1st mike hanna reports. it was another white house ceremony crowded with have to remember the north make this an executive from blogs u.s. corporations president trump hailed the deal as remarkable. today we take a momentous step one that has never been taken before with china toward a future of fair and reciprocal trade as we signed phase one of the historic trade deal between the united states and china together we are righting the wrongs of the past and delivering a future of economic justice and security for american workers farmers and families and sentiments echoed by china's signatory to the deal. draw me down for. china and the united

u.s. and china have said will be in the works shortly, when is that coming about? is the u.s. eeping tariffs at their very high levels on imports from china? and do those higher costs, which are borne by u.s. businesses and consumers, continue to eat into margins, hold that consumer spending? and what does that do to business confidence, as we have so many other issues within the u.s. and china that are likely to create headlines throughout the year, even ones that were not tackled in phase one? haidi: on the balance of what we know from this trade deal, who is the winner out of this? hannah: based on the commitments we have, i think china has really protected its core interests. they got some concessions, particularly around market access and increasing u.s. exports to china. however, the really core sticking areas of the dispute between the u.s. and china -- and they have been the core sticking points since china it's around- china's subsidies and national industrial policies, neither of which were tackled in this deal. from the chinese government perspective, keeping those f

more a following of u.s. china relations right before the signing of a phase one trade deal washington drops its designation of beijing as a currency manipulator we'll bring you all the details and a study warns an electric car is put half of germany's automotive jobs at risk but could technology like 3 d. printing create new opportunities. i'm chris colfer welcome to the program it was a label that the chinese government loathed and now it got rid of it the u.s. dropped china from its list of currency manipulators at the same time washington is making headway in reducing its gaping trade deficit with china right before wednesday's scheduled signing of a phase one trade deal between the 2 countries. no obvious signs of enthusiasm on the chinese side vice premier the oha arriving tuesday to sign an interim deal that at 1st glance is more favorable to the u.s. it's an agreement that's already boosted u.s. markets and stands to pacify american farmers china will buy $80000000000.00 more in american goods like the soyb

and by signing this studio in fact between china and the u.s. it is china it is the u.s. allies fundamentally bear most of the cost in and warnings of another volcanic eruption in the philippines a forced thousands more people to abandon their homes access to high risk areas is limited drone video shows one town near the volcano devastated by a falling us buildings have collapsed and evacuation centers across the tongue of province are almost full. drives in one of the errors that's under lockdown he says some people are not happy about being kept from their homes. we're on the side of the lake that's downwind from the volcano that's in the path of the ash and dust that still coming out and this is as close as we are being allowed to get since early thursday morning this whole place has been in lockdown and basically we are not allowed to get to the villages that are right on the lake it has also meant that many people here another had to get back to their homes which they're not very happy about but it gives you a sense of how dangerous this situation is still considered

david: coming up, trade is all around us, from the u.s. china trade accord to the ratification of the usmca to a visit from the eu trade commissioner. we are joined by myron brilliant from the u.s. chamber of commerce to give us his scorecard. " on is "balance of power bloomberg television and radio. ♪ david: this is "balance of power" on bloomberg television and radio. this week brought closure to two things we thought would never end. the signing of the u.s. china trade deal in the ratification of the usmca. that does not mean 2020 will be free of trade uncertainty. we welcome myron brilliant. i said i was not sure we would ever get to this point. at the same time, start with the china trade deal. it is over but it is not quite over. myron: that is absolutely right. we can pat ourselves on the back for about 24 hours this week because we did get the phase one deal signed. i was at the white house. the passagelly got we needed on the usmca through the senate and we can go forward on the implementation on that deal, which is very important for n

the u.s. china trade dispute is reshaping the global supply chain. and at the end of our show a quick reminder u.s. tech giant microsoft software is to stop providing security updates for his windows 7 operating system the move means users will have to upgrade to other systems or risk becoming vulnerable to hacking the company has advised people with machines that are old enough not to be compatible with the updated software to consider buying new computers windows 7 was released more than a decade ago. and that's a show thanks for watching on chris cobra i just don't think success. every 2 seconds person is forced to flee their home. the consequences into sas troops our documentary series displaced depicts dramatic humanitarian crises from around the world. forgetting we don't have time to think i didn't go to you know. versity to kill people i think the fact that he i mean a handful of people feel. their future so they seek refuge abroad but what will become of course. it's a. little my husband went to peru because of the crisis of the moment if he

u.s. and china. one of your other speakers alluded to this, higher standard interelection chul property protection in china is going to help bring investment in china there are a lot of people in china who believe that ultimately i think the u.s. objective here has never been about keeping china down it's been about creating a level paying field where our companies are treated fairly that's good for the u.s. and ultimately chiern's growth and that's what you see here that applied also to financial services, the banking sector is significantly in need of reform. this will help them move in that direction. >> john rutledge, you talked about election-colored glasses from the political perspective, is this basically a win for the president election wise already? how long is it really going to take for us to see the impact of what's in phase one anyway might it not be so long that voters who are convinced that this is great for the u.s., great for the economy, even if phase one has its holes, will not see

and by signing this studio in fact between china and the u.s. it is china it is the u.s. allies fundamentally better most of accosting and. russian jets have resumed their bombing of adelaide province syria's last remaining rebel held area that is despite the ceasefire that was supposed to come into a force on sunday at least 19 people are reported to have been killed she pretends he has a report. the today lol in the bombing ended on wednesday as russian and syrian jets were reported to have attacked several rebel held town in the northwest province of activist video showed cause damage buildings and casualties being treated a representative from the white helmet search and rescue group said civilians were among the casualties and it lives city. in the afternoon it lib city was targeted by sukhoi 23 jets they hit the industrial area and alcohol market most of those hurt have serious injuries. al-qaeda linked groups are the strongest forces in these areas but the u.n. says some $3000000.00 civilians remain here too under the cease fire brokered by turkey which supports th

u.s. and china want to sign their face one deal we get the latest from our correspondent in taipei. meanwhile another trade dispute is brewing between the u.s. and france because of a new digital tax on u.s. tech companies. and japan embraces vertical farming we tell you where and why. i want to get jones on this is detail the of business live from berlin good to have you with us we have a date for the next chapter in the u.s. china trade route u.s. presidents donald trump said he'll sign a face one trade deal with china on january the 15th trump tweeted that the deal will be signed in a ceremony at the white house with high level chinese representatives the deal was concluded in december but many of its details have been slow to emerge including a signing date trump went on to say he will go to beijing at a later date where phase 2 talks will begin. well earlier i spoke to our time because abundant it's own hand sue and i asked him what china is saying about signing face the phase one deal with the u.s. . well very different from don on charm china has remained tight lipped on the d

and by signing is still in fact between china and the u.s. it is china it is the u.s. allies fundamentally bear most of the cost and so what benefit does china get from signing this deal. i think the most obvious one is that china can gain a relatively peaceful period at least until the end of 2020 because we know that a year of 2020 is very critical for china and there are a lot of economic goals it has to reduce all the poverty so it's very critical for the party as a well. and there are some protection clause within this phase one deal as well as some layers of protection especially for the farming sector paul that china can buy from the u.s. based on the market conditions and that means that agricultural goods from the u.s. has to be away the in a certain price range if it's too high actually china can opt out but this kind of protection is really too thin and overall i just think china will have to face a very challenging 2 years it seems from what you're saying that china is essentially backing itself into a corner because on one side it has the domestic commitmen

u.s. reducing existing levees. chinaignificantly picking up its purchases of agriculture but this deal is really just seen as addressing low hanging fruit and leaving out contentious substantive issues at the heart of the u.s.-china trade dispute including china's use of subsidies to support state-owned enterprises, but observers have noted washington seems to believe there is a lot more momentum flowing into phase ii and phase three than the china side, given that the remaining issues china sees as key to its economic security, its economic models, and there is not -- that's not an area china will easily make compromises on. sophie: on wednesday, we had the pboc following up with a pledge by china's pboc to cut the rrr. quickset unleashes about $50 thaton -- >> -- >> unleashes about $50 billion in liquidity and will likely trigger a reduction in the rate. this was largely expected in that the premier had signaled these cuts. markets had largely priced in the expectation that he pboc would be doing some market easing mea

u.s. and china, is there a risk that u.s. -- that european companies may face bias as china focuses on licensests over and above europeans? is that a risk? oliver: i don't see that. china, and i wish the u.s. was the same, has really committed to multilateralism. most things the chinese government do, they say it isn't part of the wto rules, it applies to everybody. so my assumption is that whatever they do, they do it in a multilateral way. so i am optimistic. in the second reason i am optimistic is that china has a strong relationship to my home company -- to my home country, to germany. and they are working very hard to make sure that very strong relationship becomes even stronger. mentioned that you are now the first foreign insurance companies to have a fully-owned holding company in china. what opportunities does that open for you? where are revenue streams coming from in the chinese market? allows use first one synergies between various businesses. in the past we had to keep them separate. so there are significant cost savings attached to having a unified approach to the marketplace. it

more on that u.s. china trade agreement that has now been signed in washington and don't forget you can always get the very latest by heading to our website dot com or following us on twitter at to news for all of us here in berlin thanks for watching. literature advised to us to see people in particular. like to see is that. right. you don't read books on you tube. every journey begins with the 1st or a different language the 1st word go.

u.s. and china that still declining. executive chief officer of blackstone said the u.s.-china trade agreement shows nothing has changed from the world's economic superpowers. phase two will cover a number of other things, which are important. things that have not been resolved. there are some issues regarding tradeand nontariff restrictions. us is the founder and ceo of ail. how long is it going to be enough risk assets to just have phase one without any clear signal that removing to phase two and enforcement of the issues defined in phase one? >> the structure of the deal has been driven very much with the u.s. 2020 elections in mind. the structure and the timing of it is in order to ensure that president trump does not have a u.s. recession in 2020, which reduces his chances of getting reelected. in that sense, i would not expect on in -- any volatility coming into the rest of the year until november. any signs of phase two would probably be 2021 are beyond. this is just the first part of the truce. manus: good morning to you. the currency manipulator tag was removed.

u.s. is agreed to stop labeling china as a currency manipulator beijing will buy $200000000000.00 worth of u.s. farm products manufactured goods and services asian markets were lower on reports the trumpet ministration was preparing to further tighten controls on technology exports to china sua way i think it would be a fight she was right to choose to fight a cycle between china and the united states and so both sides. continue to try to build a strategic advantage or. no solution could be expected any time soon on the strategic rivalry between the world's 2 biggest economies u.s. presidential elections are coming up in november and the chinese side feels it has enough domestic strength to avoid major compromises. from the evil institute for economic research this deal is being signed i should point out in the middle of the night china time which would tell me beijing is trying to keep this under the radar they the big losers here i don't think that they are to begin with there is not another big loser think it's more a case file in this ongoing trade dispute it might be a little victory

china wouldn't allow u.s. mpanies or any company in china unless the equity was enough within china to be able to meet their standards. well, now, a company can use equity outside of china as example of how they are fully funded there. can work inside of china. now the enforcement in this agreement comes to a resolution in 90 days. it give as specific timetable. it is also very specific on steps that are going to happen. this enforcement works both ways for china and u.s., on agriculture. the president's really happy. listen to this. >> they will be spending much more than $200 billion over next few weeks, including 350 on agriculture alone. some of the numbers i wrote down, on manufacturing they will be spending $75 billion they will be putting into our country, okay? they will be putting into our country, $75 billion on manufacturing. $50 billion worth of energy. that is great or our energy people. we were no the number one people in the world. now we're the number one energy group in the world. we're bigger

u.s. and china want to sign their face one deal to get the latest from our correspondent in taipei did while another trade dispute is brewing between the u.s. and france because of a new digital taps on u.s. tech companies and japan embraces vertical farming we tell you where and why. i want to get this is to double your business on january the 1st 2020 welcome good to have you with us we have a date for the next chapter in the u.s. china trade raul u.s. president on a trump said he'll sign a face one trade deal with china on to january the 15th trumpet tweeted that is the deal will be signed in a ceremony at the white house with high level chinese representatives the deal was conducted in december but many of its details have been slow to emerge including a signing date trump went on to say he will go to beijing at a later date where a face to talks will begin. let's stay with face one and for more let's bring in our taipei correspondent someone hung hopefully right now i see some sort of twitter line so can you hear me ah there you are so good good good good to have you with us happy new y

earnings, the season kicking off, not to mention the pause in the china u.s. trade war and the positive economic data with u.s. housing surging in the previous much -- month. we had telecom and utilities leading the gains. we had the energy sector, oil losing ground for the second consecutive week, but keep your eyes on the oil prices. we did have geopolitical tensions in libya and iraq that could be moving crude. the nasdaq gained three tons of 1%. let's see how things are shaping up for the asian market. sophie: asian docs are headed for a mixed start after a seven-week advantage. that's the longest winning streak in two years. investors will be able to focus on fundamentals with 300 companies due to earnings over the next fortnight and on the central think, policy decisions on the boj, acb, and bank of canada. we will see if the pboc will hold its one year prime rate. jumping into the terminal, currency markets look calm. you can see one year volatility for the offshore you end, sink to the lowest since july on friday. over in australia, we are seeing a stoc

well as is the china u.s. agreement goes into play if the terror of so reduced i think it will help the economy of china which would cause people to purchase more vehicles with another sales drop of 7.4 percent from 29000 that's year over year that's pretty impactful when it comes to the total numbers for the auto industry but companies that usually do very well in china such as general motors having sales dropping 15 percent is pretty hefty and you're noticing even b y d which is a chinese car company having a drop in sales mostly because the subsidies are going away so our people are producing manufacturers are producing electric vehicles they're still seeing a drop in sales and they're producing these electric vehicles even though the demand for them is dropped off because the subsidy is what's causing the sale so this is going to be very interesting it could be the bottom as long as these tariffs are dropped and we may not see that until the 2nd part of the u.s. agreement so now let's move on over to our fa

u.s.-china phase one trade deal. aken because of levees that would not be lifted until after u.s. elections in november, but steve mnuchin denies the link between tariff relief and the election cycle. will stay inffs place until there is a phase two . if we get that quickly, we will release tariffs, if not, we will not. has nothing to do with the election. matt: joining us now is hugh gimber, global market strategist emea, jp morgan asset management . in thewe have priced phase one trade deal, is there any other reason to rally between now and phase two. hugh: i think what we are seeing is in december the rally was driven by downside risks for 2020 being priced out of the market. now we wait to see to the extent the macro can bounce. i am looking at business sentiment and the extent to which the phase one deal helps corporate's feel confident about the outlook for investment. from a market perspective we have seen the moves reflect already, and it is the macro that needs to drive is higher. the way markets have priced

this deal marks a new era for u.s. china relations that's what u.s. president don't trump and chinese vice premier real hate said in washington the most significant part of the phase one trade deal is a pledge by china to buy at least an additional $200000000000.00 worth of u.s. farm products manufactured goods energy supplies and services in return the u.s. will loosen some of its tariffs on chinese imports. together with righting the wrongs of the past and delivering a future of economic justice and security for american workers farmers and families trade sean you coming from the for one trade deal is good for both countries and the entire world it shows that we have the ability to act on the basis of the quality and respects to handle and resolve relevant issues you're bound for. the agreement addresses more issues than had been expected china is committing to do more to protect intellectual property and to stop manipulating its currency to cheapen its exports in return the u.s. is no longer calling china a currency manipulator but the deal stops sh

report traces the fortunes of one american bicycle make a try to move production out of china to avoid paying u.s. tariffs. when state bicycle decided to shift production of niche 65 out of china to escape u.s. tires it took months to find another factory in asia willing to do business with the arizona based company the firm tons of times that my structure is that was to swamped with business from american life. they declined it sort of because they weren't big enough to be profitable the struggle to find an alternative to china epitomizes the challenges many u.s. firms have faced since the start of the trade dispute while the phrase one deal may be a step forward it's not a system lucian if we knew one way for sure was going to go away or one where you know the tariffs would be here to stay we could plan long term but for right now we have to. be nimble and and and move in short term increments. the phase one trade deal suspends a further increase in tariffs on bicycles and other chinese made goods but that leaves on the existing 25 percent import duties on products including bikes to give the u

given the fact that trade between china, export to the u.s. rate of 10% since 2007 and 2017. we think the pledge is feasible and china will do this to keep the phase one intact. anna: some people suggest because there is no independent body in charge of judging compliance, judging whether the phase one rules and regulations are stuck to, that leaves decision-making and that optics to the politicians. which means maybe this could be vulnerable in the future, or at least getting to a phase ii deal could be made difficult by what is seen. eleanor: absolutely. it's an important factor. even if there was an independent verifiable mechanism, trump is not really shown respect for procedures and that way. there is this discussion of introducing an economic forum between china and the u.s.. something we saw under the bush and obama administrations, that trump got rid of. that could create a more amicable atmosphere to support the phase one deal. matt: what do you expect in terms of a phase ii deal timing? do you think this is something we won't see unt

and by signing this studio in fact between china and the u.s. it is china it is the u.s. allies fundamentally bear most of the cost and. warnings of another volcanic eruption in the philippines of prompted thousands more people to leave their homes evacuation centers across the province or almost full access is limited but we've got this drone footage showing one town near the top. is devastated by the ash fall with several buildings collapsing under the weight of about $54000.00 people are in the evacuation centers across the tongass province that is where we join jim. some thoughts from our city hi jamilah bring us up today. well just to tell you where i am i mean one of the big. evacuation sites that have . was is usually a public university we've spoken to the site manager manager you says now that this university the entire campus is full to the brim as of last counting there's almost $3000.00 evacuees here now they've had to turn several of their several batches others and redirected them to different other evacuation sites because it is full here so far there is no

u.s. soybeans were being shipped via brazil to china. we might see the opposite happening where brazilian soybeans may be shipped via u.s. >> in terms of phase two, yesterday president trump, dangling the potential win there, the prospects of what could come from phase two. that it could mean opening up china to u.s. businesses and touting the opportunity that could come from u.s. companies what does that tell us we can expect through the next leg of negotiations >> i think it is clear that the politics around it is driven by the politics no coincidence the signing took place the voting took plaat the the voting of the impeach process. >> thank you so much for joining us and giving us your views. >> also coming up, trade tensions may be easing between u.s. and china but the u.s. still faces a few with the eu over french plans for the digital tax. we'll be right back. ♪ when you look at the world, what do you see? ♪ where others see chaos, we see patterns. ♪ connections. relationships. ♪ when you use location technology, you can see where

the uncertainty surrounding the u.s. china situation was a drag on growth, did present a challenge, i think, to the economy in the united states. agreement, of the without question, is helpful to the u.s. economy. if anything, removes a potential impediment to future economic success this year as we head toward the election in november. on that, it's a positive. how much of a positive is yet to be seen. david: who are the winners and losers, is agriculture a winner? on the other hand, there was more heavy machinery committed to than agriculture. think there are couple of sectors, those two can be seen as winners. in the long run, the question is really going to be what does this agreement mean in terms of a potential future agreement, is this agreement actually enforceable? one of the big issues is china has made all of these agreements around purchases. will there be demand on the chinese side, supply in the united states to meet those commitments? that's an open question. it's not clear that the broader questions surrounding

companies are growing more and more pessimistic about the economy due to worries over a prolonged china u.s. trade tensions as many still doubt if a phase one will improve conditions over in china the shanghai asian equities were up over 2.5 percent as china's latest economic data showed better than expected growth momentum that easing of china u.s. trade tensions lifted demands for chinese goods and boosted factory production in december with the next coming in at $50.00 now this figure shows that manufacturing expansion for the 2nd straight month after showing contractions for the last 6. called the hang seng traded up for the week primarily led by mainland chinese companies while the markets have been battered by the riots and civil unrest the numbers are in and hong kong still remained number one for i.p.o. listings in $29000.00 new york for the 2nd year in a row there is already about $160.00 companies that have applied to get listed on the hang seng for 2020 already giving investors confidence in the strength of the hong kong capital markets to weather the slums now over in india the

for china, you have to remember that the u.s. china, other than the wto deal in 2001, fundamentally has not headed a trade agreement since the 1940's. it has been achieved. it is very significant. the two countries want to work together. that is a huge change. the tariffs are starting to be reversed. things, notses of just agriculture, intellectual property has been reversed separately. the conversations in december , which issentinel killing over 50,000 america's that americans a year, china has made huge strides to cut off the supply of fentanyl. what we are seeing is countries that are competitive but also have this huge relationship in trade. ,ogether, these two countries depending on how you calculated, have between 35 and 40% of the world's economy. decoupling and everybody going their own way on virtually everything is impractical. it is not good for the world economy. what the two countries have done is figure out where they can start the dialogue, how they can implement it. it is a very positive feeling. not a begrudging

this is according to the china national health commission also as u.s. companies continue to respond to the threat starbucks announcing it will close half of the stores in china. toyota is halting production in china until early february british airways is suspending flights to china ab inbev is suspending production at the brewery in wuhan. we'll go to eunice yoon in beijing. we have the first look at markets this morning trading did resume in hong kong. it was not pretty. down about 3%. break down the trading there amid this crisis what is going on >> reporter: as you'd expect, consumer and travel related names were the most vulnerable dranking the hang seng down. macau casino names also down after china said it would stop issuing travel permits to the gambling center. the airliner cat hhay pacific scaling back in flight services, no amenities, no duty free sales and maeal services will be limited. tencent is one of those that specialize in online gaming. starbucks shut half stores here. apple is shutting one store. as for production, apple supplier fo

u.s. multinationals in china don't build jobs in the u.s., they do, but there is more we could export to chinathere will be some provisions for regulatory relief, how china treats our exports in a host of ,reas, including auto, meat seafood, and other products. i will be watching for that in today's agreement. guy: the big question if you are ceo ofr in iowa or the an industrial company in philadelphia is what is my degree of certainty on the deal? is it going to stick? what is your best guess? do you think phase i will stick or we will go back to more tariffs in six months time? michael: i think phase i will encounter a number of frictions, but i think that it sticks through the election because both sides have an incentive for it to stick. we saw who arrived a few minutes ago at the white house. talk about the political theater. that is not the important thing, but we can read something from it. but itnot come himself, is taking place at the u.s. in the white house, and president trump is said to be planning to sign. is that a climbdown on the part of the u.s.? michael: i think it is a recog

u.s. trade lawyer based in china, former u.s. trade representative. he is on some of those thorny issues. >> to what extent should the state be involved in the economy and to what extent should companies receive subsies? china has found this approach has helped them to make great technological and economic advancements. countries feel that this has displaced a lot of other counies. ros: in a few minutes, we will hear new data from the u.s. and the u.k. that shows the last decade was the warmest on record. authorities in the philippines uggling to stop thousand of evacuees from returning to sho threatened by an explosive volcanic eruption. the alert level remains a fou which means a hazardous eruption is imminent. >> as you can see behind me, taal continues to imminent steam dod ash but not quite at the rate it has beeg over the last few days. so people are starting to feel a false sense security, according to the authorities. they are warning them not to go back within the 14 kilometer the risk is still very high there could be a hazardous eruption. t