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

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

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.

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

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

romaine: robert lighthizer, the u.s.de representative, and jared kushner, heading apparently to mexico on tuesday for usmca talks. one of the hangups here is what is going on in the u.s. congress, getting that deal approved. apparently two of the top trade negotiators heading to mexico. we are going to talk about the new nafta deal next. this is bloomberg. ♪ scarlet: were going to recap some of the breaking there. bloomberg learning that the trump administration and mexico have reached a tentative deal on the trade agreement. we have just learned that robert lighthizer and jared kushner will be heading to mexico tomorrow. joining us with the latest is bloomberg congressional reporter eric watson. we were talking about this and how we felt there was this urgency around usmc to get it done soon. is there a deadline? eric: they are trying to get it done before recess on december 20. we are learning that the head of the afl-cio, richard trumka, met with donald trump earlier today. we are expecting nancy pelosi to talk to her

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

trade representative robert lighthizer. plus new polling in the 2020 super tuesday states. could former new york mayor michael bloomberg's strategy work? all that and more is just ahead on "face the nation." good morning, and welcome to "face the nation." we begin today with the chairman of the senate judiciary committee, south carolina republican lindsey graham. he joins us from doha, qatar. senator, good morning to you. the president has said he's heard you out on the merits of a short senate trial, but he's going to do whatever he wants, he says. should republicans in the senate really be taking their marching orders from the person being investigated? >> you know, i understand the president's frustration, but i think what's best for the country is to get this thing over with. i have clearly made up my mind. i'm not trying the hide the fact that i have disdain for the accusations and the process, so i don't need any witnesses. the president can make a request to call witnesses. they can make a request to call mike pence and pompeo and hunter biden and joe biden. i'm read

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

robert lighthizer touting this as a major trump victory. >> friday was probably the most momentous day in trade history ever. that day, we submitted the usmca, the u.s./mexico agreement. and in addition to this, which is about 6$600 billion. that's about half of total trade were announced on the same day. it was extremely momentous. the most important trade day ever. the north american deal may have hit a snag. mexico is angry over a clause that will see u.s. inspectors head south of the border. a house vote to approve the deal is expected on thursday. the usmca, the new nafta, and the china deal. we're seeing a skew index, the black swan index. that's an indicator that investors are looking for protection in case the recent rally goes awry. >>> internal investigations are under way at the u.s. military and naval academies after midshipmen and cadets were caught on espn's army/navy pregame show, making a controversial hand gesture. some are interpreting that gesture as a cymbsimilaymbol of nationalism. the anti-defamation league does consider the okay gesture a hate symbol in some case

the meeting will include robert lighthizer, steven mnuchin, larry kudlow and peter navarro >>> the largestnsion fund with $246 million under management catching up with the man in charge to ask what he expects in the he can withiequity market iw year >> this is a good year, which really shocks people i find certainly on the west coast. people are angry at this bull market mostly because somebody keeps taking credit. beyond that, you are looking at a low right at christmas eve last year, which was a real big drop in the market for me, 2019 was a great year. it averages out as part of this bull market. i don't think we have a recession near term. next year, we'll have 2% gdp we should have a reasonable equity market. maybe not double digit at least a positive returning-type year. >> the average return is something like, what, 7% or 8% annualized let's sound like what you expect >> right let's start from the 1860s and come forward you are going to average around seven with that income being a good chunk of it now >> that's why your money tends to dive, every eight or nine years, you double yo

us trade representative robert lighthizer raised the possibility of higher levies after securing washington'sy in the long—running dispute. a wto panel on monday said that brussels had failed to comply with its rulings. as the cop25 climate conference gets under way in madrid, some of the planet's biggest polluters are in focus. the boss of australian airline qantas alanjoyce spoke to the bbc‘s mariko oi, claiming the carrier was pulling out all the stops to combat the damage its business wreaks on the environment. from 2020 we will be carbon neutral in all of ourgrowth, including project sunrise, it will be completely offsetting its carbon emissions. we have already doubled — we have the largest carbon offset programme in the world. 10% of our customers at qantas.com offset their carbon emissions. we have said we will match that dollar for dollar from three weeks ago, and by 2050 we will be net—zero carbon emissions, by investing in sustainable aviation fuels and offsetting. reports say you are about to cut jobs just before christmas. is that true? like in everything we do, we are hiring in

down to mexico amid he last stages of these negotiations along with his trade representative robert lighthizer. we're expecting more news on the finalization of that deal perhaps as soon as within the couple hours. host: mick mulvaney is at a wall event.journal one tweeting about that in which mr. mulvaney was quoted of saying, i am not going to i will remind everybody what ambassador sou -- sondlad -- sondland rarelyhich is he is very talked to me and had trouble getting me on the phone. to comment.nt this person calls himself a president needs to be out of office. man can see this stuff is just wrong. we don't need this. host: ok. is next. he's inst can. overland park, kansas, republican line. caller: yes. thank you for taking my call. i'm a former law professor and i this on c-span because i am retired and i have turley you, professor made a lot of sense to me. even though he's a democrat and president, ior the think his point was there is an it's congress and setting a cause it's precedent if you don't like the resident and he is of the opposing party, just bring a of lous charge like abus

cheryl: robert lighthizer talked about this, he said phase one deal, it is totally, quote, done. o china will double over the next couple years. lighthizer's a big voice in this. he is the one that's 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 yesterda

trade representative robert lighthizer wanted to basically manage trade more with mexico and canada.tural markets stay open. we get some opening of the dairy market in canada, very small but at least it's there. paul: something. >> yeah, we still don't have much progress on sugar. that's i think a dream that we should just leave that one alone. but you know, most of the tariff-free status of trade between the three countries remains and that i think is a big relief to the market. nafta has been a great success, no matter what donald trump says. paul: i think the argument, the best argument for doing this, notwithstanding the real liabilities that i think mary identifies and there are some others, is the fact that you will have this left wing president from mexico and donald trump, who is at root i think a mercantileist, they're both committing fundamentally to the kind of nafta rules and that provides some political relief. >> yeah. and this relief is important, because let's try put trade with mexico into perspective. they are our number one trading partner. we do $1 trillion a year

house democrats and robert lighthizer are close to reaching an agreement.ly could be done by christmas. sources telling the journal a key sticking point for democrats, the enforcement of labor rules in mexico. as part of the deal, mexico's foreign ministers says its country would agree to u.s. demands on steel if the rule goes into effect at least five years after usmca is ratified. those trai trade officials from mexico have been in washington the last couple weeks. tracee: jeff bezos waving the american flag when it comes to doing business with the u.s. government. he had this warning for major tech companies and their employees. >> if big tech is going to turn their backs on the departments of he defense, this country's in trouble. that just can't happen. so we have to -- the senior leadership needs to say, look, i understand those are emotion l nail issues. that's okay. we don't have to you agree on everything. this is how we're going to do it. we are going to support the department of h defense. tracee: bezos perhaps referring to google's decision to n

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,

trade representative, robert lighthizer, claimed a major trump victory. >> friday was probably the most in trade history ever. that day, we submitted the usmca, the mexico/canada agreement. and in addition to this, which is about $600 billion. that's about half of total trade were announced on the same day. it was extremely momentous. >> speaking of the north american trade deal, a little snag after it was signed. mexico is angry over a clause that will see u.s. inspectors head south of the border. a house vote to approve the deal is expected on thursday. the usmca and the china trade deals helped lift markets. phase one picked low-hanging fruit. now, for the hard part. >>> internal investigations are now under way at the u.s. military and naval academies after midshipmen and cadets were caught on espn's army/navy pregame show, making a controversial hand gesture. some are interpreting that gesture as a symbol of white nationalism. officials at west point say investigators are looking into the intent of the cadets in question. the anti-defamation league does consider the okay gesture a

trade representative robert lighthizer this is a must-see interview 8: 30 a.m. eastern only on fox business. up next the millennial investor who saw the storm in peloton shares coming, and boy, did he slap a very tough description on the spin bike company. may your holidays glow bright and all your dreams take flight. lease the c 300 sedan for just $399 a month at the mercedes-benz winter event. hurry in today. quitting smoking is freaking hard.st, like quitting every monday hard. quitting feels so big. so, try making it smaller. and you'll be surprised at how easily starting small... ...can lead to something big. start stopping with nicorette nice rock. it's time to drop gold. go digital. go grayscale. >> liz: we've got two pieces of breaking news right now, president trump right now was touting the major market moves that you see on your screen today, the record for the s&p, the record for the nasdac, dow touched a record, this as he holds a round table discussion at the white house on the governor's initiative, they're talking about regulatory innovation. the

trade representative robert lighthizer go in. he smiled but he is a good poker player. you can't read anything into that however canadian prime minister justin trudeau signaled or says he is confident that something good will come soon on usmca. president donald trump sitting next to him, urging house speaker nancy pelosi to ratify or put up a vote to ratify usmca. listen. >> we're working on the usmca. we're trying to get nancy pelosi to put it up for a vote. you know if it gets put up for a vote it passes but so far she hasn't decided to do that. it is sitting in congress now for six or seven months. it's a great deal for everybody. so hopefully they can get it done and get it done fast. reporter: mexico's top trade negotiator expected here any minute now for a meeting. this meeting was not on the books. it was not scheduled. he hopped on a plane this morning in mexico, getting here this afternoon to have this meeting. we don't know exactly what it is going to be about or where the mexicans are but i have heard in changing the enforcement, the mexican delegation is a

he will meet with robert lighthizer in washington today.the agreement is in jeopardy? experts tell cnn probably not. for one mexico's senate overwhelmingly approved the deal and the strong response from mexican president obrador lopez's administration it could be about domestic politics. >> he wants to have that image that mexico stood firm during the negotiations. >> reporter: mexico's economy isn't doing very well and usmca might help with that. can mexico afford to scuttle this deal? >> no. >> reporter: the u.s. house will likely vote on and pass the pact this week but this is a three-country deal. if mexico were to walk away the thing could collapse and even if that's not likely what we do know is the agreement that looked ready to sail through congress that president trump tweeted, quote, will be the best and most important trade deal ever made by the usa just got a lot more complicated. now the foreign secretary here in mexico city did say this morning he's not afraid that this deal could collapse, but still, all eyes will be on this

tausche who has some new details to bring us. >> i just got out of a briefing with ambassador robert lighthizer and he gave some outlines of exactly what is in this deal itself he showed reporters a leather-bound 86-page deal he says that is what will be signed by ministers in washington aiming for the first week of january. so it will not be president trump and president xi signing that deal. he said it will be effective indefinitely once it goes into effect until either party reneges in the future. he says there will be no new tariffs put in place so long as the two parties are abiding by that agreement in good faith he said he wants phase two negotiations to start in due course at an appropriate time. but he says he does not believe that the u.s. will be waiting until after the election to begin those negotiations he also confirmed some data that i reported on cnbc earlier today. that the purchases portion of this deal is about $200 billion. that's what china has agreed to purchase in u.s. goods and roughly $40 billion of that is agriculture, although ambassador lighthizer said that china wi

trade representative robert lighthizer admitting in the last hour quote, this is very hard stuff. the chinese are very tough negotiators. but the big take-away, president trump canceling the new tariffs on $160 billion worth of chinese imports like cell phones, electronics and toys that were set to go into effect on sunday right before the week before christmas. team trump also reducing import taxes on about $112 billion worth of goods. the chinese finally came out a few hours ago to confirm they have agreed to buy, this is important, $40 billion worth of american agriculture products. so far, the papering as they call it is a mystery. nothing written down on paper. volumes of purchases not specified. how much soy, how much corn? will that match or best what the chinese were buying before the trade war? the president says either way, the phase one deal will juice economic growth. does that mean that the next move you see in interest rates, meaning borrowing rates, might just be a little higher? in a fox business exclusive, federal reserve vice-chair richard clarida giving "the cla

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

robert lighthizer actually grew up here in ashtabula.booming port city. you can see behind me we are right on the end of the ashtabula river that hits lake erie. there was a lot of economic activity around here at one time and the manufacturing industry that supported this community. but a lot of that left. and the voters we talked to here have blamed that on nafta. they felt like they saw a pretty direct connection between nafta being signed and jobs leaving this area. so they've been waiting for a pretty long time for something new to come along. so the usmca deal is giving people hope right around the holidays. i want to introduce you to a couple people we talked to. the first is the vice president of operations at a local manufacturing company. and followed by him you will hear from ray grubber. he is the president of the local union here. his family's been in this community for generations. take a listen to what they had to say about this. is usmca better than nafta for your business? >> yes. our initial perception is yes it is, bec

trade representative robert lighthizer was there signing this new ratified usmca. mexico will have to re-ratify this deal. canada will have to start their process over again, because they have a new legislature here in place, but now we see that the house could set a vote for next week. liz? liz: edward lawrence, thank you very much. all right. with one trade deal down, one to go, what does it mean for stocks in 2020? blackrock just splashed lukewarm water on the bulls on this one. the heads of macro research and fixed income at the firm which by the way, boasts $6.8 trillion in assets, saying that while global growth could edge higher, limiting recession risk, blackrock is turning neutral on u.s. equities in part because central banks will push the pause button on rate cuts next year. we decided to look back on blackrock's prediction this time last year. the firm a year ago said that while a recession was not likely in 2019, the odds of recession would rise steadily and that investors should adjust their portfolios for shaky times ahead. okay. as we all know, we s

the weekend that started on saturday morning with the speaker and myself and the trade rep, robert lighthizer, out a -- he sent hunting expedition, we spoke with him. but the speaker talked to me ernestly about we are near, we are near. on sunday when tom brady was about to take it in, all of a sudden i looked at my phone and said pelosi for caller i.d. long wisdom tells me the hell with brady, take the call. speaker pelosi: i was watching baltimore. mr. neal: this is a transformative agreement. it's a template for future agreements. our constant emphasis was on enforcibility, enforcibility, enforcibility, we fixed that. the idea and notion that the president of the afl-cio would be supportive of this initiative i think tells the story. this is more than a triumph for organized labor, it's atry oomph for workers everywhere across -- it's a triumph for workers everywhere across america. they strengthened the labor standards. the environmental chapters. they enhanced the verification mechanisms for environmental trade. with the unflinching leadership of the speaker we secured important changes

trade representative robert lighthizer. let's start with the other agreement. the house is set, democratic-controlled house is set to vote on the usmca, the free trade deal with mexico and canada. this is a win for the president to get this through, but speaker pelosi and her caucus did have some last-minute maneuvers here. speaker pelosi is quoted as saying, "we ate their lunch" when it comes to the trump administration. how do you respond to that? you made some concessions to labor and it did irk some republicans. >> let me make a point about that. we had an election. the democrats won the house. number one. number two, it was always my planning and i was criticized for this, as you know, it was always my plan that this should be a trump trade policy, and a trump trade policy is going to get a lot of democratic supported. remember, most of these working people voted for the president of the united states. these are not his enemies some what did we concede on? we conceded on biologics. yes. that was a move away from what i wanted for sure. but labor enforcemen

robert lighthizer says the agency is also exploring opening investigations into similar digital taxes by austria, italy, and turkey. leader is malaysian back in court in kuala lumpur .irecting -- defending himself he will deliver a sworn statement and face questions after a ruling last month that the prosecution had made a successful case against him. he has been accused of accepting bribes for approving a state guarantee on a loan. has an investment from another gulf neighbor. kuwait will invest up to $1 billion in the ipo as riyadh seeks regional support when there has only been lukewarm interest from further abroad. we are told the kuwait investment authority was reluctant to commit significant funds to aramco but are told it was in their strategic interest. ,lobal news 24 hours per day i'm su keenan, this is bloomberg. bring in our chief north asia correspondent. let's talk about what is happening right now. lams i predicted, carrie did not give any concession as far as the independent commission against the police or against any other violent crimes that have happened in hong kon

lou: robert lighthizer the u.s.rade representative maintained throughout that he will insist upon powerful enforcement mechanisms particularly in intellectual property. are there dates certain for trust but verify verify case? >> it's my understanding that the $50 billion purchases have to be the same quarter by quarter. we'll know fairly soon if the chinese don't make the purchases they promised to make. there are several other mechanisms in the enforcement process that deal with an end to intellectual property theft. at least if it continues we'll have a mechanism to punish the chinese when they are caught doing it. that's part of the break through. >> it's one of the most difficult aexpects of any agreement with the chinese. it goes to the heart of national security. the chinese as ut as that you td me with the cultural imperative towards pillaging and stealing intellectual technology and whatever they can. >> they call it revenge. >> i call it theft, and i don't like it. i would punish those who did. is there a

law down to mexico i made the last ages of these negotiations along with his trade negotiator robert lighthizer, so we are expecting more news within the next couple of hours. host: white house acting chief anstaff mick mulvaney at event, and he was quoted as saying, i will not testify but i will remind everybody what gordon sondland said, which she very rarely talks to me and had trouble getting me on the phone. we will go to democrat line. caller: hello. watching your show on c-span and i just want to comment. calls himself a president needs to be out of office. a blind man can see this stuff is just wrong. we don't need this. -- patrick is next in kansas, republican line. caller: yes, thank you for taking my call. i am a former law professor and i was watching this on c-span because i am retired. professor turley made a lot of sense to me. even though he is a democrat and did not vote for the president, i think his vote was that there and abuse of power and it is congress doing it. it is setting a precedent that if you do not like a president and he is of the opposing party, you spring a neb

us trade representative robert lighthizer raised the possibility of higher levies after securing washingtong—running dispute. a wto panel on monday said that brussels had failed to comply with its rulings. video—sharing app tiktok has been hit with a class action lawsuit in the us that claims it transferred "vast quantities" of user data to china. let's explain, for those who don't know, it's the video sharing app mainly used by young people, teenagers, they video themselves filming singing songs, videos, that sort of thing. not that dissimilar from instagram but shorter. extremely popular, a lot of young people ‘s data is on there. the lawsuit accuses the company of "surreptitiously" taking content without user consent. karishma vaswani has been following the story in singapore... sta rts starts off as great fun, grows into something massive and then it runs into confrontation and contention. that is to talk all over. david, i don't know if you've used it. i have! yes, i have certainly dry it, there is an element of addiction, when you start using the app but it's not getting any easier fo

robert lighthizer had a banner week last week. it was not only the u.s.hina trade deal, but also the usmca. cesar: easing the uncertain deed that has been weighing on the region, uncertainty in the auto sector. so far, even though the report , the impact of uncertainty will help. however, the main issue will be whether there is uncertainty on the implementation. romaine: a lot of people are sort of banking on this idea that we start to see an increase in business spending, capex spending. given how long -- i was going to see -- going to say how late, but how long, will you expect a meaningful uptick in that type of business spending? the consensus growth because of that. not only from the transportation sector there, but also perhaps in residential investment. that we have the adjustment of inventories, yes, the trade war headline has been bad, but you are still seeing demand down the road. that will lead to investment for just that amount. romaine: our thanks to cesar rojas, citi global economist. coming up, going above and beyond meat. we will hear from

trade representative robert lighthizer will fly to mexico with canadian officials expected to join the talks. hong kong is facing its worst ever economic slump, with thousands of jobs under threat, and shops preparing to close forever. the retail management association says a third of respondents are laying off staff. more than 40% expect to go out a business in six months. many months of unrest have pushed hong kong into recession, hitting retail, tourism and hospitality especially hard. saysese finance minister prime minister shinzo abe should not rule out a fourth term in order to achieve changes to the constitution. is japan's longest serving, and has said he will step down in 2021. beal media was told it would difficult to bring changes to a national referendum in that time, and the prime minister should consider to hang on. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am su keenan. this is bloomberg. -- juliette:inese as chinese inflation accelerated, and extended run of declines cop

at this point, we don't know whether or not the phase one is going to be signed from what robert lighthizer has said he thinks this phase one deal should be signed by early january. at the end of the day, it would make it easier for china anyway to be able to reach some goals when it comes to agriculture ral purchases if it does allow for these. >> a lot left to be determined eunice yoon on trade shares of unilever sinking largely this morning why it is christmas coming early for mariah carey that is trending and coming up when "worldwide exchange" returns after this >> announcer: today's big number, 29 that's how many record closes the s&p 500 had this year. stocks are on pace for the largest yelyaisie 13ar gn nc20 >>> welcome back shares of roku are lower after they announce chief financial officer is stepping down he joined in 2015, he plans to help hire his replacement and assist with the transition the stock is up 300% but down 3% this morning unilever is cutting the sales growth for 2020. the consumer products giant reporting a slow down in south asia and weakness in north america. th

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

is ready to ramp up the confrontation with the eu according to the trade representative robert lighthizerhey could see increased tariffs in europe. the united states trade deficit with the eu was around $169 billion in 2019. lighthizer says it is expected to rise to $180 billion this year let's bring in the head of asset management at jp morgan. that would be really bad news for the uk economy if we have a new trade war directed this time at europe. >> let's be clear, the discussions around the aircraft go back to some of the wta findings from a couple of months ago. we are seeing china and the u.s. move that is something markets have taken pretty positively. think about the construction of the u.s. china trade dispute you are seeing fairly broad support from across the aisles the u.s. going after europe is not going to get the same level of bipartisan support. some shots across the bow don't seem unusual certainly, the u.s. has talked about those in the past. we are about to trip into 2020, which is a u.s. election year. anything damaging to trade, damaging to u.s. economic outlook which

alix: trade representative robert lighthizer and advisor jared kushner will travel to mexico city tos. rep. nadler: if the president puts himself before the country, he violates the president's most basic responsivity. alix: house democrats prepare to unveil two articles of impeachment against the president, one on abuse of power and the other on obstruction of congress. >> it is outrageous we are trying to remove a president with a kangaroo court like this. alix: the leaders of the committees running the impeachment will unveil their next steps at a news conference scheduled for 9:00 a.m. and what is going to leave the markets? trade, central banks, or the u.k. election? s&p futures moving lower, down 0.4%. the real concern is will the tariffs this coming weekend get implement it on chinese imports? buyt by the rumor -- is it the rumor, sell the face on the u.k. election? going me as mark mccormick, td securities global head of fx person, not on the phone. what do you think? we are notnd of know going to see any escalation in the tariffs. we will not see the tariffs slept on china.

secretary steven mnuchin and robert lighthizer. >> president trump is set to meet tonight with steven mnuchin, lighthizer and navarro will discuss whether to keep the december 15 tariffs. the final decision would be trumps circulating a memo in favor of the tariffs. under his alias, he argues the tariffs won't have a big impact on the u.s. economy or stock market and china hasn't changed what he says are unfair trade practices. and recent buying of u.s. pork and soy is due to domestic problems stating they booked to book 500,000 tons of u.s. soybeans coming ahead of the hol guy when pork demand is strong and china is trying to drive up its pig p population reporting from beijing >>> let's get straight to where jerm ver my corbyn is voting. you can see him with his labor bath front and center. >> i think that is a red teletubby in the background. >> i think it is elmo. >> casting their votes on this election day >> meanwhile, we'll get back to our guest, chief european economist at ubs we just got fresh commentary this morning saying recession in the general economy is very unlikely we

to sign that with robert lighthizer.would say that right now, this is good enough, it sets a positive enough background for actual gains next year if companies continue to make enough money. >> well, if companies continue to make enough money and if china doesn't pull a stunt and want this deal to fall apart, i think then we could see a little bit more. ashley: jeff, sad trombones. you used to be the perma-bear. >>> tesla delivering its first cars made in china. we know how much you love tesla and elon musk. >> tesla -- yes, i know. tesla, yes, i have never been a fan of tesla. i have had a lot of negative things to say about them. listen, they are going to make money in china. but this is a company that has grown a lot because of the government subsidies to buy teslas. now they are moving all their production out in china. they are going to -- it's a huge market. they are going to make money but one of the reasons i do not like tesla is they have a very hard time actually making money on the cars they produce, and they

trade representative robert lighthizer about support for the agreement and what this means for the broad economic growth story, watch this. >> over the course of 2 years we finally got the negotiation done in about a year and last year we spent at trying to find a way to get through congress. i think we have, we have the first trade agreement in a long, long time that has support of almost every business group, almost every agriculture group, labor groups, democrats and republicans so where we are -- maria: he has made sure to stay atypical, he did not want to -- apolitical, rather, he did not want to come across as one side he's been working with nancy pelosi, lighthizer working with unions but this is big victory for the president to actually get this tone. >> this is a bizarre situation where you have wednesday the house impeaches the president and thursday enacts his top agenda priority. i mean, this is absolutely bizarre and i think not in terms -- when you look at the market, doing so well, it's kind of an indicater that the market doesn't believe anything of this is going to amoun

ustr robert lighthizer is talking about the 86 page document, including commitment on intellectual propertyagricultural purchases. i think we are looking at early 2020 before we get those details. vonnie: what about the intellectual side of things? will the next phase be much more difficult to negotiate, particularly now that we are seeing that china is also in a spat with germany on huawei? viewthere's a cynical which has some justification, which is that this phase i deal, beyond the suspension of december tariffs, is really just going to be a stirfry or reheating of some existing commitments which china has already made. if that is the case, then clearly the difficult discussions on intellectual property, on technology transfer, on industrial subsidies come on market access, they are going to be pushed to a phase two discussion, and that discussion is almost by definition going to be more difficult and more time-consuming. vonnie: thank you. very clear analysis from bloomberg's tom orlik in washington. for more insight, let's bring in viktor hjort, bnp paribas global head of credit strat

trade representative robert lighthizer met with mexico foreign affairs undersecretary to clarify languageoric usmca ideal and lighthizer says new labor inspections would be performed by independent panelist not inspectors from the labor department, the house inspected to vote on usmca thursday. that is moving right ahead. joining us tonight is u.s. commerce secretary wilbur ross, the man moving a very large agenda ahead and great to see you. let's start with trade, these are extraordinary developments, as usmca, phase one trade deal between china and the united states, anyone of them would be a big deal. this is historic stuff. >> it is fundamentally reshaping the nature of trade among all countries in the world. because it is not just usmc or as you say that would be huge in itself itself, not just the china deal but also the the deal with japan, no president has ever gotten for important trade deals done in his holy ministration let alone in this little time. lou: the president saying he's not a globalist and he certainly is not a globalist elite, he makes it clear that his followers an

earlier we saw mexico agreed to some of the final changes that robert lighthizer was helping to arrangee democrats would go for and nancy pelosi signing on yesterday. now we are barreling towards a vote which would finalize a deal that has had elements to it since last november. david: it looks like it is

. >> 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 has had a very close relationship with house democrats trying to figure this out.is will they. >> it's a delicate line for her politically, because on the one hand, there are many of her members who really want something substantive as an accomplishment going into the election year. this could be one of those things they could tout. on the other hand, it would be handing the president of the united states a huge victory, a real win that not only would the president be able to tout, but i think it would frustrate many of pelosi's own members who don't particularly want to be in the position of running against republican candidates who can go out on the stump and talk about it. it's a delicate thing for her. my sense is there will be some kind of handshake agreement if there isn't a vote before the end of the year, and then perhaps come back after the holidays and vote. >> it would obviously be a trump victory, but democrats want to have some accomplishment. the question is whether many in the caucus would see this as an accomplishment. the fact this is even still on

trade representative robert lighthizer says there's no date yet for phase two talks. >> we don't have a date. we have to get this, the final translation, the formalities, and the agreement. i will tell you this. the second phase two will be determined how we implement phase one. phase one will be implemented right down to the detail. it is a remarkable agreement but it will not solve all the problems. let's get more with our china correspondent tom mackenzie. let's start out with the ego data. industrial output and retail sales coming in better than expected. what is the takeaway? reporter: significantly stronger on both of those fronts than the forecast had expected. retail sales looking at 8% growth in november. industrial production at 6.2%. investment was essentially flat. officials are saying some of the measures they enacted earlier in the year have started to play through in terms of this data. it does follow as well from stabilization and the official and private surveys when it comes to pmi. now you have the views of some economists that you are looking at a stabilization and