former insight we are joined by leland miller. w significant is this china, currency manipulator label on china? leland: it is not significant at all. the entire reason that china was made a currency manipulator was because that determination was pressured into it as part of the trade war. they never really satisfied the criteria to be a currency manipulator. now that we are not calling them a currency manipulator you have to it now is the fact the entire region is not seeing a decline. thehat the pboc does back currency. they manipulate the currency that in a way that is positive for the u.s. economy. the entire debate, i know what has implications for portfolio managers, it is a bunch of nonsense. joe: what about the phase one deal period. at this point, is there anything interesting about it that you're looking for in the days ahead, or this is through rearview mirror? the most interesting thing is how much it would scale down in the days running up to its agreement. originally they were contemplating a bigger deal. when preside

>> well, leland miller called it a truce. trade wars are not nearly as bad as real wars much we have to remember that. this is a truce. this is a cessation of hostilities for the moment. in that sense it's good, if we can get people to talk, the united states to talk and china to talk. president trump restarted something that hank paulson had done, and president obama continued the strategic dialogue with the chinese. sometimes it felt like those talks go nowhere. at least we're talking, finding a way to understand each other. let's be clear this is a perfect agreement. 10 years ago, i remember taking to secretary indicter er geitn the chinese buy more for us, they could buy us off. they could have bought us off a decade ago. now it's kind of late for that. so it's a remedy, but it's about a decade too late. >> donald trump ran in large part and wrong on the frustration that many americans felt, similar to the frustration people in britain felt about not sharing in the spoils of trade, right? >> for 50, 60 years, we've had gl

joining us right now leland miller, leland, great to have you, to talk about the impact here, i readny of companies doing what they're doing, you the travel bans from china, that's going restrict chinese tourists, it's in some cases people saying it could take china's economy to a halt, what does that mean for the rest of the world? >> take the next quarter of chinese growth and throw it in the trash can because they will not be doing anything in this quarter, they're not going to do that because that's not within party control. have the chinese done enough to bounce back, stabilize, and the question is out on that because nobody trust it is information coming out of china. >> so, sorry, looking forward, we just -- we have a resolution on the trade deal but the president spent a couple of years talking about the chinese chief in various ways in terms of intellectual property, et cetera, now we have this story of the government not being honest about the virus and consequences, do you think long-term that all of this discussion will change how businesses invest? i mean, yes the trade

/china relationship and an exclusive look at china's fourth quarter gdp welcome leland miller the ceoe international, great to see you eunice started talking about china's reaction to iraq and iran and what's happened there my guess is, china must be at least breathing a little bit of a sigh of relief they are not number one on the president's attention, on his list right now? >> good things happen for china when they're not the focal point of trump's anger this is a great thing. they have a baby trade deal they will sign and the whole world is worried about the middle east again. this is very well scripted from beijing's point of view. >> talk about the fourth quarter gdp for china that you've been tracking very closely. how did it fair? >> well, we don't have an exact breakdown of how gdp is going to look, but we know the dynamics behind it and what we saw was actually a relatively smoother path in the fourth quarter than we thought manufacturing looked better, services looked better but there's three key developments that undermine our confidence going into 2020, future demand, new

. >> leland: watching so much of the investigation, other possible suspects, as he pointed out. david lee miller, we will catch back up with you when the judge gets everything in. thank you, sir. >> sandra: 2020 democrats and feeling their fourth-quarter fund-raising numbers. one candidate raking in more than $34 million. who that is, and what it means, heading into the iowa caucuses. >> leland: at australia's deadly brushfires prompting a seven-day state of emergency. we will show you some of the devastating conditions the crews are facing. [radio chatter] need with liberty mutual. con liberty mutual solo pagas lo que necesitas. only pay for what you need... only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ our mission is to provide complete, balanced nutrition... for strength and energy! whoo-hoo! great-tasting ensure. with nine grams of protein and twenty-seven vitamins and minerals. ensure, for strength and energy. it's not getting in my way.? i had enough! joint pain, swelling, tenderness... ...much better. my psoriasis, clearer... cosentyx works on all of this. four years