we have to see how robert lighthizer reacts to those. david: that is a multilateral. let's go to bilateral. u.s.-china. we are told we may have a phase one agreement. still unclear will be in the agreement. what you understand about what we should expect? rufus: very unclear. ambassador lighthizer sing the phase one deal is a big deal and has a lot of substance. he mentioned 86 pages of text but no one has seen any of that. what we do know is he is saying there are specific commitments from the chinese on increasing both agricultural and industrial goods, exports. it is not point clear what the other elements of the deal ambassador lighthizer mentioned some things the chinese are committing to on intellectual property and force technology transfer. the details of this are unclear. the other thing is unclear.

and bob lighthizer. there's not a more capable trade ambassador than we've had than bob lighthizer. he's been relentless in his pursuit of getting this done. and lastly, president trump. it wouldn't have happened without him and what he did, working with the canadians and the mexicans to get this trade agreement done. this free and fair trade agreement benefits all of us, all sectors of our economy. moreover, it will further support the record breaking economic growth that this country has seen. we arguably have the best economy we've had in 40 years and this will help that. it is true that this agreement is not perfect. there are a few things i would have liked to have seen differently, on sunset provision and rules of origin. but at the end of the day, when you look at these 24 chapters and what it does for market access for agriculture, to digital trade provisions, usmca puts america on top. and it shows the world that with our two largest trading partners, mexico and canada, we can negotiate an agreement that is solid. and remember, we represent 4.5% of the world's population. w

tom: i think they have said -- lighthizer's office, and he is called ambassador lighthizer, they saide starting to work on phase two. they need us and we need them. maybe for different reasons but we need one another. i think they are going to figure out how to make it work. thes in our interest, residents and citizens of both countries, it is in our interest to figure out how to live together and stop trying to beat the heck out of one another. like you and i chatted briefly before we went on live, civility and discourse, you can get a lot of stuff down if you are willing to talk to the other guy even if you don't agree. you don't have to agree with mike bloomberg, but respectfully you have to listen to him. he has some great ideas. we and america and i can't speak for china, we have drifted away from that. i would love to see that taught in the schools again around the country. civility, discourse, politeness, manners, grooming. it goes a long way when you have to sit opposite a guy, you really don't like them but you have to do business with them. that is life. david: our leaders h

hillary:-- robert lighthizer my.wn, danny hughes, dagen mcdowell and former investment banker, jack brewer many. great to see you this morning. big week in washington, we've got a spending vote tonight, impeachment vote tomorrow and usmca vote on thursday. dagen, congressman john ratcliffe is tweeting something you said earlier last week and yesterday, acting as both judge and prosecutor, democrats tell america they don't need more evidence or testimony before impeaching the president, so it's fair to impeach him on that evidence and testimony but it's not enough evidence and testimony for a senate trial? great strategy writes john ratcliffe. >> chuck schumer wants to call four witnesses. he's trying to act like he's got the moral high ground here. what senator schumer is saying they haven't done their jobs and this has been a rush to judgment, that they should have tried to call he's these witnesses in the house, pushed forward in congress, rather than using that against the president, trying to defend his executive

robert lighthizer seemed optimistic they would move ahead.pends on whether or not the hardliners are in control in china. purchases, tariffs are still in place. be usedl says they will as an enforcement mechanism and it lays out how that will happen . according to our reporting the deal would center around what a senior administration official called state-of-the-art ip commitments and a breakthrough on forced technology transfers. are we waiting to hear what that is? >> i don't have news it is not happening but we don't have details. most of what we are seeing the chinese previously announced that have been in the works for some time. a lot of them are things china was moving in the direction towards before trump became president. and then they slowed down when he became confrontational. now things are moving forward again. we have not seen anything specific that is a breakthrough. is it possible there is some breakthrough on something here like forced china -- technology transfer? this isssible but lighthizer's objective to sell this, as if

and bob lighthizer. there's not a more capable trade ambassador than we've had than bob lighthizer. he's been relentless in his pursuit of getting this done. and lastly, president trump. it wouldn't have happened without him and what he did, working with the canadians and the mexicans to get this trade agreement done. this free and fair trade agreement benefits all of us, all sectors of our economy. moreover, it will further support the record breaking economic growth that this country has seen. we arguably have the best economy we've had in 40 years and this will help that. it is true that this agreement is not perfect. there are a few things i would have liked to have seen differently, on sunset provision and rules of origin. but at the end of the day, when you look at these 24 chapters and what it does for market access for agriculture, to digital trade provisions, usmca puts america on top. and it shows the world that with our two largest trading partners, mexico and canada, we can negotiate an agreement that is solid. and remember, we represent 4.5% of the world's population. w

. >> ambassador robert lighthizer appearing on cbs comments on the -- the well the enforcement part of this deal, without which none of the rest matters nay here is the ambassador. >> there is enforcement provision that lasts 90 takes ninety days you get real enforcement the united states can then take an action if china doesn't keep its -- >> you would take up -- a proportionately reaction like every other trade agreement that is what we expect. >> ultimately whether this whole agreement works, is going to be determined by who is making the decisions in china. lou: right here treasury secretary steven mnuchin telling us the enforcement chapter is closed out down deal he. this sounds like phase one. is a much bigger deal than the national left-wing media wants to acknowledgeor recognize. >> we are talking about dressing intellectual property theft pillageing of institutions of higher learning taking our research out of there dealing with xoenz google microsoft build air, air artificial intelligence in china we've got to slap the stop on a lot of stuff say you can't do this anymore, and

robert lighthizer warns important issues remain.he turbulent months of protests. in hong kong demonstrators clashing with police. doubts grow over masayoshi son's investment record. topics question his strategy after a series of expensive setbacks. desktop banks question his strategy. staggered open, not seeing a huge amount of action. we are up .1%. looks like a positive day rolling a flat close of u.s. equity markets friday. good news from the u.s.-china trade dispute, seems to have been priced in. new zealand has been flat all morning. seeing modest gains for nikkei futures as well. by s&p is pointing higher .1%. we have also had out of economic the midyear and fiscal outlook. the surplus budget is falling, narrowing a little, same story for the following year and the growth forecast, the government trimming .5%. a lot of data out of china. we will have new home prices, fixed assets, industrial production among others. later on we are joined by the australian finance minister. he will be joining us on daybreak asia to discuss the

china trade deal that you and ambassador lighthizer have been working on for more than a year now. you think it where it should be, is this the deal that the president is going to be satisfied with or is it going to take a lot more? >> absolutely, first of all in the usmca, this has been a major priority for the president and making sure that we bring jobs back to the u.s. and i think this will accomplish it and making sure that we have great trading relationships with mexico and canada. on china, president trump is the first president who has addressed this issue, this has been an issue with republicans and democrats and the president wants to have a level playing field and i think phase i is an enormous step in the right direction, we have intellectual property protection and financial services that are going to be opened up, currency chapter, agricultural structural changes and this is going to be great for our farmers, their buying a lot of goods. lou: importantly, the enforced mechanism within the steel, ambassador lighthizer, the president and you have all talked about that,

trade representative lighthizer that the biologic exclusivity provisions needed to be removed. now they are gone. the trump administration also tried to gift big phrma with increased protection for secondary patents and ever greening, changing little bit after drug to get a new and extended patent. those provisions are gone. finally, the trump administration also tried to prioritize brand name drugs and include barriers to market entry of generic drugs. and we have now revised the those provisions to ensure generic competition and to improve access and affordability to medicines for people across north america. lots of people to thank. we had an amazing staff on the committee and in our offices. i want to thank congressman blumenauer. he and i were working on the pharmaceutical. i also want to thank organized labor, rich, they made the drug provisions would be an important part of this legislation. we have fixed the usmca for america's patients, could be sumers -- consumers throughout the hemisphere. thank you. >> jim has done a remarkable job. jim. mr. gomez: first, let me tha

lighthizer and i want to say we perceive mr. lighthizer as representing the administration and negotiating in good faith and as an honest broker and we are appreciative of that fact. we are now, as i understand it, don't hold me to this, but as i understand it, we are in discussions with the mexican government as to whether or not they will agree to some of the enforcement actions which implies there is a general agreement between the administration and ourselves on what should be or could be included to affect enforcement. in answer specifically to the gentleman's question, i will be very happy if we can get agreement and bring this bill to the floor as early as next week if it's ready to come. the problem, as the gentleman knows, is there's a process that needs to be affected and -- but i will tell the gentleman that the speaker and i both would like to see this legislation , sed as soon as possible if the context, we have effective enforcement included. mr. scalise: i share the gentleman's interest in getting this passed as s

i think it's important that lighthizer was showing the reporters there is a text. and then the critical test -- the critical test will be as the hardliners start to press on president trump and president xi, will they hang in there as that pressure builds i think both sides will. but that will be the test if this is sustainable. >> okay. final words of peter and i will acknowledge i was watching peter's face as kayla was delivering that news and when she said 40 million -- 40 billion, rather, i apologize -- on agriculture, you winced. >> the peak was 25 how they go from 25 to 40, i really have no idea. i do like u.s. agriculture stock, by the way. but i don't know how they get realistically, mathematically from 25 to 40 in just one year. >> and by the way, what she was suggesting is actually they're going to try to get from 40 to 50, in fact. >> the math doesn't work for me. i'd love to see it but the numbers just don't match up. >> what about the 200 billion total number >> well, yes, that may work. >> we were looking at each other because before we started the se

let me try to be clear on this this is bob lighthizer's turf. there has to be a certain amount of paper work and translation from english to chinese and i guess their version comes back from chinese back into english then it will be signed, as i understand it, it will be signed not at the presidential level but at the ministerial level that's my current understanding. do not mistaken that for any stalling or doubts about the deal it's just a question of -- i want to call it a -- it's a clerical question. that's all it is as far as phase two, i have no idea i wouldn't want to put a timetable on any of that it's not a good idea to make predictions about these things opinion maybe it maybe it's not a good idea we have phase one the it's done. it is completed. it begins today. at least many the technical spirit of the thing. it will be signed as soon as possible phase two begins this is a tremendous accomplishment president trump has changed the narrative against china and pointed out the unfair trading practices and he's bound and determined to def

trade representative lighthizer. stay with us. on the economy, a unique leader. bloomberg's created over 400,000 jobs. as president, an opportunity economy that works for us. tax fairness -- where the wealthy pay their fair share. education .. affordable college and high skill vocational training so people can succeed in the new economy. economic security .. lower cost health care and affordable middle-class housing. proven leadership on jobs .. to build an economy where people don't just get by, they get ahead. i'm mike bloomberg and i approve this message. sarah's last tuition payment, sent off. feeling good? oh yeah. now i'm ready to focus on my project. ♪ ♪ this is why we plan. ♪ ♪ you never cease to amaze me, maya. see how investing with a j.p. morgan advisor can help you. visit your local chase branch. ♪ >> week 15 in the nfl. there is tom brady, he's looking sharp today. everybody keeps s asking me, wht is wrong with their offense? they have a lot. >> deshaun watson has 17. he'll have to play big in nashville. >> since week seven and he took over they are

president trump and ambassador lighthizer have fought hard and delivered on the promise for progrowth and a modern trade pact with our north american neighbors. now it is time for congress to pass this agreement as soon as possible without further delay. for our farmers, our tech community and our local small businesses. this agreement means more jobs, more customers for american goods and a stronger economy for the united states. i give president trump credit for creating a new bipartisan model for free and fair trade, it levels the playing field for american workers and can be used in future trade agreements. this agreement sends a strong signal to the world and to our trading partners that america is open for trade. we will work diligently with our trading partners around the world for agreements that are free, fair, and level the playing field for american workers and farmers. i think the leadership of the house conference for leading the charge and raising the profile insisting congress take this up and move it forward without delay. as our leaders have said, every day we delay i

with the president, with ambassador lighthizer, with secretary mnuchin.s that need to happen again before we get a phase one truce? mr. kudlow: i don't know the answer to that. at the present time, no plans are on the table between the two leaders. regarding secretary mnuchin and ambassador lighthizer, so far as i know, they have no plans to travel, but they might travel. , i don't want to emphasize this too much, but i ,ant to put it into the mix, if underscore, you have an agreement, the two heads of state don't necessarily have to leastt -- or at simultaneously, in the same room. you could begin the signing process at the ministerial level , which i think on our side would be lighthizer and mnuchin. i presume on their side, vice premier liu he. you could do and admit a serial matter. you could do it as a presidential matter. you can do both. there's options there. i feel i can say to you directly , none of those decisions have been made, and to quote president trump, let's get a deal first, and then we will figure out how, when, where we will do the si

trade representative robert lighthizer. >> thank you so much for that report. despite new record closes for the s&p and nasdaq, reaction to this deal was muted for today, let's bring in former senior job advisor curtis, if i look at the market action and i see it this way, the reaction happened yesterday, all the tweets leading up to this and the president stopped the market up and we got the news we are going to get deal the market got excited. i'm not surprised that we were basically flat and their digesting everything that is happening. others are saying, no the market is worried how detailed this deal will be and how deep ago. >> i can certainly comment trouble souls when it comes to ambassador lighthizer's nobody's fool. he would not agree to something if it cannot be thoroughly enforced because he knows the communist party has a record of cheating. communist killed people, they lie and cheat and robert lighthizer knows that. so he has built into this very strict enforcement mechanism trust but verify it if they don't live up to their end of the agreement,

the president and bob lighthizer have shown they know how to do a trade deal fast.y the international trade commission was about a point over time. that's going to unroll over time. i think it's going to be much more. the bigger impact for me with usmca is the rebuilding of our auto industry as a global hub of auto manufacturing. that's with the regional content, local content you rules. that's 75,000 jobs, conservatively estimated. so president trump is like a jobs machine. everything he does, everything he thinks about every day is how to create good paying jobs for people in this country who work with their hands of. he's turned the republican party into the party of the working class. maria: china trade, there are no concerns about agricultural buys due to targets set up to $50 billion, that level more than double peak sales from before the trade impasse. here's what bob lighthizer told me about the phase one trade deal had that you just did. >> is this agreement going to solve all the problems between the united states and china? for sure it will not. but it ha

bob lighthizer this today saying he expects negotiations to go on for years. that's not too reassuring to a lot of people. the second point is there's still a lot of tariffs that are going to remain in place as a result of this deal. there's a small rollback in existing tariffs, 110 billion dollars of so from china. we will see the rate go from 15% to 7.5%, but there is still a big 25% tariff on $250 billion in goods coming from china. those aren't going away until we get progress on phase two. that could take years. there is still a trade war going on. it has just taken a bit of a pause. alix: finally, we stay in washington, where the impeachment process is moving ahead. senate democrats are demanding that the trump administration testify in the senate trial. what they told abc this week. >> if president trump is overwhelmingly acquitted in the senate, is that a failure? it isn't, noto, in the sense of the constitutional duty in the house. alix: joining me is kevin cirilli. what do we expect over the next five days? kevin: on wednesday, the house likely going

lighthizer is going to work that out. we want all the countries that we trade with to have the same worker rights as we do here. >> these personnel will not belabor inspectors and then in the next line it says also equally clearly, those varifications will be conducted by an independent panelists. >> okay so the keywords there, liz, inspectors as you just heard the trade representative for mexico say there's not inspectors instead there's going to be a panel. the way this breaks down the changes that were made calls for representatives from the u.s. and mexico to have a panel to resolve any sort of potential compliance issues that could result within mexico. when you look at the time line, yeah, when might this all be wrapped up, liz? here at least back in washington thursday is when the full vote goes before the house of representatives and then of course the senate and there's a little bit of a wait at least the plan for mitch mcconnell is to wait until after a senate impeachment trial, but they are very confident in th

trade representative robert lighthizer to work this all out. because of concerns and that meeting, the u.s. trade representative, allayed fears. basically mexico was concerned that the u.s. could force them into accepting up to five inspectors into their mexican factories and u.s. trade representative robert lighthizer in a letter today saying those were not actually inspectors. they're attaches, attached to the u.s. embassy here in the united states. so those attaches would offer technical guidance and expertise to the mexicans, not inspections. adding that any compliance verification would be done by an independent panel with help from representatives from mexico and the u.s. the undersecretary says his fears have been alead. >> this covers the whole thing. these persons will not be labor inspectors. the next line, it says also equally clearly, those verifications will be conducted by independent panelists and not inspectors. reporter: no inspectors, emphatic in that. mexico ratified the agreement. tomorrow the house ways and means committee

representative -- ambassador lighthizer understand this from decades of work up here on the hill andted a bipartisan solution. things we needed, things that were needed. this is called a win/win situation and everybody wins. >> steven mnuchin, the treasury secretary told cnbc the usma is going to add half a percent to gdp growth. that's a lot. do you think the deal is that good? >> i do. you're the economist and i'm a simple physician. the gdp gross when economies become more efficient. i think this deal makes our economies more efficient. i think that intellectual property chapters, the digital trade chapters are going to make our economies more efficient today. >> let me ask you about the other things that you and i have talked about that challenge u.s. farmers. one of them is immigration and uncertainty around immigration because u.s. farms employ a lot of immigrants, some of them documented, some undocumented and the ongoing trade war with china which has set back in particular our soybean farmers. obviously if those two matters could be sort out, your constituents who work in ag

the enforce built, rob it lighthizer -- the enforceability, robert lighthizer. he accomplished a great deal. he couldn't have been darker in prospect than in october after the basic dissolution of whatever agreement there was between the two countries. after the disappointment of may when the chinese reneged. the smart money at least, a good amount of it was tbhoaght way in hell the two countries would come together. >> they were so wrong, weren't they. lou: so often the smart money thissing this country. the smart money is represented by wall street. they have to -- they have to be thrilled with this deal, opening markets, financial markets. give us your sense of the importance of that aspect of it. >> i saw the president say opening china is his goal and it's going to happen. china is not well understood. china has been a closed market to america and most foreign countries. it's the world's biggest market. if the president can open up china to america, and especially if america gets in first in these various chinese markets have have been closed, it's good for

. >> the trade story we're talking about robert lighthizer saying the phase 1 deal with china is, inis words, totally done it will nearly double u.s. exports, he says, to china over the next two years >> we don't have a date. we have to get this. we have to get the final translations worked out the formalities. we're going to sign this agreement, but i'll tell you this, the second phase 2 is going to be determined also by how we implement phase 1 phase 1 is going to be implemented right down to every detail it really is a remarkable agreement. but it's not going to solve all the problems >> questions still remain obviously about some of the details of the deal and the time line for beginning phase 2 talks, which could actually saying start immediately and now they could come in stages. so that's what i'm excited about is the stage 2 may have three or four stages that we can agonize over the details of. >> that's my question, has anything changed i know we put off the tariffs for now. >> cease fire. remember he said 20% we get just a little bitty thing or, no, that was 50% the 20 was

it looks like robert lighthizer is driving the show.aine: when we talk about the disruption that this trade war has caused to the supply chain, particularly for apple, is there some sense that apple and other u.s. companies that operate they in manufacturing -- their manufacturing operations, could things revert back to the way they were before are they looking outside china? mark: i don't think this will shift anyone from moving back to china. i think the understand it is going to be volatile for years to come, whether or not there is this year -- this deal. scarlet: well said. mark gurman in los angeles and shawn donnan. thank you so much. growthming up, future versus earnings. we talked to advisors. ♪ ♪ >> i am mark crumpton with first word news. bipartisaneached a deal to avoid a government shutdown. there is an agreement on all 12 spending bills needed to fully fund the government ahead at the december 20 deadline. the spending measures need approval of both chambers of congress and president trump. the house judiciary committee ar

trade representative robert lighthizer about this. the u.s. mexico that the five attaches are for assistance, not inspection. in a letter, the u.s. trade representative robert lighthizer says the experts will offer technical expertise to help mexican businesses, the role of verification for compliance, according to the letter, stays with a three panel team made up of a neutral party as well as representatives from mexico and the u.s. the bottom line is there was a lot of concern, the mexican ambassador, as well as their top negotiator, now say this was settled, that mexico has already ratified the new usmca. canada hasn't started their process yet, and our senate is expected to take this up after the impeachment trial next year. david: edward, thank you very much. here now is usda trade advisor, who was talking from the peanut gallery as we were discussing -- [laughter] dfd you mentioned mexico has already signed -- david: you mentioned mexico has already signed off on it so that's a done deal. a republican, pat toomey is voting against the us

as a template i must say i have known bob lighthizer for a very long time. we did cub scouts together so that's how far back we go produce the best trade negotiate in the business and he has created a template. it's going to be a very pro-growth template. >> let's jump to the sexier topic as you put it which i'm sure is on everyone's mind here. the drawer reported this morning that u.s. and chinese negotiators are planning to delay tariffs on imported chinese goods that are scheduled to go into effect this weekend. you want to confirm that publicly? >> i cannot confirm that or you. >> but it's in the journal. it must be true. >> yes, i understand. [laughter] fabulous newspaper. a couple of things. i'm not going to go into detail but i will say this. the president has struck a very constructive and optimistic tone particularly in the last week or two. in his public comment his tweet and so forth which is a good thing. my friend henry kissinger just returned from a week in china and reported back. he was in the office last friday that chinese hierarchy includi

so we are working with representative lighthizer and others that are doing the negotiations, but we are an eye on this. david: where the biggest challenges for you when it comes to fisheries? japan has been a big fishing nation, russia as well. what are the challenges for you in alaska? gov. dunleavy: the russians are across from us, and we want to make sure that everyone is being held to the same standard when we are trading. so one does not get an unfair advantage, we believe our fresh caught fish is the best in the world. if we have trade agreements that level the playing field, we believe we can compete and do well. david: as you look at growth potential, what's the number one target, the biggest opportunity? gov. dunleavy: it's interesting you ask that, we are a resource state and we will continue to capitalize on our resource, timber, gas, and hopefully more fishing. but i think it's our location that bodes well for alaska. we are nine hours by air to any industrialized place in the northern hemisphere. we also have the second-biggest cargo airport in the country and it's growing

trade representative robert lighthizer says several issues remain. phase one willr: be up limited to the last detail. it is a remarkable agreement, but it is not going to solve all of the problems. vonnie: the deal involves reduction of tariffs and more purchases of american farm goods, as well as commence on intellectual property, forced technology transfers, and currency markets. for more details we are joined by shawn donnan, bloomberg trade reporter in washington dc. is this phase one considered a success? shawn: i think what is interesting is we are seeing a lot of people who you might call doves who had been hoping for inething more substantial terms of results from the tariffs and trade wars we've seen over the last two years, but the people we are seeing quiet white now are the china hawks because they are quite happy because a lot of tariffs are going to remain in place. there's $250 billion in goods from china that will still be hit with a 25%. the only reduction we have seen in tariffs is reduction in the to 7.5% on, from 15% $120 billion

. >> we're going to hear more about what lighthizer said about the deal over the weekend.jim mentioned, in a moment, a new consumer giant, iff merging with dupont's nutrition and biosciences unit futures look pretty good coming off the record close for the s&p and the nasdaq still on track for the best annual gain since 2013 >>> iff a very large deal over the weekend for the flavors and fragrances company will merge with dupont's nutrition and biosciences business dupont at $26.2 billion, the combined company will have pro forma 2019 revenue of more than $11 billion. $2.6 billion in ebitda here with us at post nine, iff chairman and ceo andreas fibig and dupont's executive chairman ed breen thanks to you both thank you for being with us. you're coppiming right off the conference call you just held. ed, let me start with you. on the call you said iff is the best partner in every respect, you obviously indicated there was a process you evaluated a number of potential outcomes for this business. why was this the best one for your shareholders? >> we made the decision based on

lighthizer, thank you very much for joining us. we'll be right back with a lot more "face the nation." stay with us. yeah, and he wanted someone to help out with chores. so, we got jean-pierre. but one thing we could both agree on was getting geico to help with renters insurance. ♪ yeah, geico did make it easy to switch and save. ♪ oh no. there's a wall there now. that's too bad. visit geico.com and see how easy saving on renters insurance can be. i'climate is the number 1ove priority.sage. i would declare a state of emergency on day 1. congress has never passed an important climate bill, ever. this is a problem that continues to get worse. i've spent a decade fighting and beating oil companies... stopping pipelines... stopping fossil fuel plants, ensuring clean energy across the country. how are we going to pull this country together? we take on the biggest challenge in history, we save the world and do it together. but we're also a company that controls hiv, fights cancer, repairs shattered bones, relieves depression, restores he

lighthizer and i want to say we perceive mr. lighthizer as representing the administration and negotiating in good faith and as an honest broker and we are appreciative of that fact. we are now, as i understand it, don't hold me to this, but as i understand it, we are in discussions with the mexican government as to whether or not they will agree to some of the enforcement actions which implies there is a general agreement between the administration and ourselves on what should be or could be included to affect enforcement. in answer specifically to the gentleman's question, i will be very happy if we can get agreement and bring this bill to the floor as early as next week if it's ready to come. the problem, as the gentleman knows, is there's a process that needs to be affected and -- but i will tell the gentleman that the speaker and i both would like to see this legislation , sed as soon as possible if the context, we have effective enforcement included. mr. scalise: i share the gentleman's interest in getting this passed as s

ambassador lighthizer submitted andport to the president, the president accepted the report and has not made any comments so far. >> the chinese say they will implement tariff waivers on soybeans and pork. should we take that as an encouraging signal? mood music. good i appreciate it very much. >> the deregulation it later this afternoon, can you make the case that the average person has seen an increase in their bank account because of it, or is it a corporate small business growth? >> it is a big cost reduction. either a small business or a middle or large as this. a huge cost reduction. not exactly like a tax cut. more take hometh pay. we will have more specific numbers. it affects everybody. regulationsowners has been a phenomenal impact. night foring last today's pressers, the small business group is putting out optimistic stuff. think the president's rate cut will have a big part of that. >> can you explain how it trickles to the average person's bank account? >> if you are running a business and your cost structure is slashed, you will have more money. have an economic therapy se

. >> ambassador bob lighthizer, the lead u.s.rade negotiator told reporters he expects ministers, not leaders of the two countries to sign the deal the first week of january insh gton. it will take effect 30 days after that. thisas process seen many false starts before. as recently as president trump touted a deal being reached before it was finished. >> really shouldve it this time. this is a major development, large phase 1 deal. >> as for what happened the last countries had made notional the agreement but needed time to work out figures behind it. even so, he said it's wise to remain skeptal whether china can deliver. for "nightly business report" i'm kayla tausche in ♪ ♪ >>> the chise have agreed to a phase 1 trade deal with the u.s. at a late night friday press briefing in beijing senior members ochina's negotiating team said that reaching a deal wouldenefit chin the u.s. and the world. the key highlight was that thei e did not commit to a u.s. goods.gure for purchases of which was a key demand of the trump administration.

lighthizer's a big voice in this.digging into the details of this deal with the chinese. >> right. i think the tariff -- a lot of us disputed whether a lot of the tariffs were legally appropriate. it's not a sustainable strategy over time. we have a growing economy and so tariffs are bearable. we pay a cost for them. it's resetting the relationship with china and fundamentally changing chinese behavior. this is the first step in that. we have to address the ip issues. we have to address the predatory practices, unfair market access issues. i think the administration has got china's attention. the fact that chai chinese cameo the table and did a deal, they don't want the he details of the deal to come out, that shows that they did not come out of this in a strong position. cheryl: real quick, i don't have a lot of time, i want you to listen to layer hely kudlow talking --larry cud loan kudlowo maria bartiromo yesterday. >> there's a large ip issue in this deal. i don't think we know enough about the new chinese rules.

this is a huge win for america and for the president, bob lighthizer, and his entire team, jared kushner, the usmca was a massive win. and this could have been implemented 13 months ago. but beyond the usmca, stay with me, this is abuse of power,rm pelosi is doing harm to the country right now by withholding support for infrastructure and prescription drug bill -- the bill, lowerl the price of prescription drugs. affecting all of us. her party campaign on both of those issues because she is doing this, abusing her power, merely for her own political benefit. do you see how ambiguous this can get? and, ofou course, to deny a victory to the president. article two of our impeachment against this congress, lying under oath. now, who can forgetun what adam schiff did when he read from the so-called trump-zelensky transcript back in september? >> i have a favor i want from you, though. i'm going to say this only seven times, so you better listen good. i want you to make up dirt on my political opponent, understand? lots of it. and by the way, don't call me again, i will call you when you've do

is on the ground and you can reach him lighthizer is the key man. i'm not saying anyone is more important than the president but lighthizer is the negotiator and it is curious he can't be reached. >> hands full on other stuff turning into a very busy week. if we do get a delay in sunday's tariffs, what does that mean for the markets? >> i think that the market wants any deal the wall street wants in he deal i think that there are a lot of companies that feel like, you know what, if we get a deal here, the key stock in this market has been apple. apple was down 4 yesterday at one point down 6. apple was down 2 before this announcement apple is the stock i'm keen on it is the key to this market without a statement from the president, exempting apple, samsung becomes the cheapest cell phone company >> you made that point >> they believe me >> i'm not sure that is not lost on the administration either >> it was lost for quite a long time. >> it wasn't -- it was until tim cook explained it. >> i don't want to say -- tim cook made a very impassioned plea

and john, i remember this, i said on the show, watch bob lighthizer, watch what he does.hole team, brilliant. jared kushner, they laughed at him, too. they worked on it, and it happened. >> is all about trying to stop the president from getting reelected. once the mueller report went away, he was able to start moving things like the trade deal to protect jobs, already created 7 million new jobs in the economy, plus was able to get people to focus on lowering drug prices. they want to do things like paid parental leave. they do those things, his job approval moves to about 50%, he gets reelected. >> laura: watching tonight in pennsylvania, he looks like he is really having fun. he is enjoying himself. i haven't seen him like this, really having fun, in a long time. sometimes, at the other folks' expense. watch. >> do you ever know what biden keeps saying he is in the wrong state? it's great to be in ohio tonight. if he's in pennsylvania, it's wonderful to be in the state of delaware. what is wrong with this guy? >> laura: it's kind of cruel, but as a general matter, he's h