this person turned to me and said tpp, tpp and tpp. things turned out a little bit differently. so i want to start off the conversation starting off with john and working our way down sort of a general question here. how big a deal was trade in last tuesday's election and what in general can you glean going forward? how is this issue going to play out politically over the next few years? >> thank you for having me. trade was a really big deal. when you look at polls and it says people were worried about the economy they don't usually include trade in those kinds of issues. so if you look at ohio, michigan, wisconsin, i looked at those figures when i was coming over here. it is about 52 to 30. does trade harm us or help us? then if you look at the 52% it is about 60/30 or something like that trump over clinton. and you have to remember that those are votes that are salient. it's an issue much more likely that somebody is going to vote who is worried about trade hurting their jobs than someone who thinks it is okay especially in those midwestern states. it was an enormous issue. o

and tpp has also some national security implications. because we don't like to see state-owned companies, military-owned companies in china making money, you know, abroad, and using some of the profits for their military expansion. and under the tpp, that would not be for them to -- it would be pretty difficult for them to do that. so in that sense too, this is very good opportunity. so i'm not sure when the good time -- the chance for us to -- time will come but this might bring a great disappointment -- disappointing result. >> seems like there's unpredictability in all kinds of fields now that trump is going to be the next president. this might be a difficult question, but what is your prediction for 2017? >> well, you know, there's a strong -- kind of element of celebration today. but, you know, waking up tomorrow, we have to be aware that mr. trump is still surrounded by lots and lots of scand ldz. so media will be tough with him. so i'm not sure that he has a honeymoon period so-called next year, so let's just see what kind of peop

in other speeceches he said he wants to totally renegotiatate e tpp. so, mitch mcconnell, the senate majority leader said just within the last day that he will not bring up tpp for ratitificationn the lame duck session of the congress. so, that means it will not be ratified in the lame duck session during this administration. so t will be in the hands of the new administration, the trump administration beside what to do. so, he will either decide to scrap it altogether or to renegotiate it. >> trump mentioned that japan may have to pay for its fair share of defense costs and he also said japan and south korea may or should have nuclear weapons to defend themself. do you think the scenario is really likely? >> from 1987 on, he has been very consistent in saying that japan is a free writer on defense. allies, including japan, pay their fr share.e. so, i expepect thatt he will wa japan to play pay a bigger burden and either pay more assume a greater burden in terms of defense. that's one thing. i think he has said that north korea has nuclear weapons shou

tpp.s a part of the tpp in favor of malaysia and vietnam, which are with the tpp near death, he fears his hiring plans will also stall. >> we think the tpp in our particular company will generate numerous, high-paying jobs. most social media designs, sale and marketing. >> if you got a chance to sit down with donald trump what would you tell him about the tpp and asia? >> i would say asia is an very important place. the united states would be wise to sit down and say how can we engage china. because this is where things happen. >> reporter: for "nightly business report," i'm eunice yo yoon. >>> well, it's being called the white house in midtown. trump tower in the middle of manhattan is creating a traffic and security nightmare and a headache for some of the most recognizab recognizable retailers in the world. the flagship stores are concerned as the busy holiday shopping season approaches. >> many top retailers are not feeling much cheer. the reason, security and crowds here at trump towe

let's kick it off with tpp.uppose it doesn't come as a surprise because we knew from his campaign rhetoric he wasn't a supporter of tpp but he's confirm it. what are the potential ripple effects for global trade? >> by the u.s. taking a more protectionist approach the ripple effects is many allies particularly those in asia, from their perspective is the fact that it leaves a void, a void that can possibly be filled by china as the leader avenue economic integration order within the far east itself. so there's that geopolitical element to it. it's not just pure trade there's the geopolitics involved. >> u.s. stepping back allows china to really gather up the smaller nations. >> 12 nations negotiated over a series of years and basically that idea was, including india, japan, these are countries that want to contain china but want to somewhat keep a distance and make sure that there's still a u.s. presence in the region to balance things and by the u.s. not basically being a part of tpp any more that void it's hav

i have to say for critics of tpp or opponents of tpp, i think the question really is by defeating tpp, or delaying tpp, how are they improving workers rights around the world? how are they leveling the playing field for our workers? in the meantime when we could be raising these workers rights, why are we imposing on our workers a continuing unlevel playing field. >> do you have a theory of what -- i know you say you prefer to think of tpp in purgatory. do you have a theory of who put it in purgatory? >> are you asking about divine intervention here? no, look, i think what we've seen is a rise of populism. >> right. >> not just in this country but around the world. a populism that was both the right and the left. i think you've seen a politics that didn't always permit a full debate based on facts. i think that combination of events has made it difficult to get the message through about just what's at stake here. >> yeah. do you remember where you were october 7th, 2015, when hillary clinton came out against the trans-pacific partnership. >> i think i was probably at work, in my offic

that and the tpp. matt rivers from beijing, thank you. >>> at least three people injured after a 6.9 magnitude earthquake off the coast of japan. it triggered a three-foot tsunami at the fukushima plant. at this point, it caused no additional damage. thank goodness. the biggest wave 4.5 feet hit sendai to the north. tremors as far as tokyo. you see the lights in the bookstore swaying. tsunami warnings have since been lifted. residents are expected to feel aftershocks. >>> and snow shovels are out in parts of the northeast here at home. more than a foot of snow fallen in some areas and more on the way. let's get to meteorologist pedram javaheri. >> boris and christine, good morning. snowshowers in place in the northeast. the cold air locked in place. albany, 30. syracuse, 30 degrees. light to moderate snowshowers as the lake-effect snow machine is offering in watertown and binghamton. and cold air aloft over the great lakes. that energy sets up snow later on this morning. notice the winds into wednesday

let's turn straight back to the tpp. remember that hillary cap -- hillary clinton also opposed this during the campaign. she said, i will oppose it after the presidency. the fact he has come out and said, we going to pull out of this -- he is not in place. nothing has really changed on trade. or have's the best market interpretation of this is something that might have happened may not happen, and we are back to where we were. can it turn ugly? absolutely, it can. francine: the problem, which some commentators are worried about, is that trump has made threats, saying he will punish china for alleges unfair trade practices, right? the chinese have so far ignored these. the rhetoric we have heard on the campaign trail, and what we are struggling to grasp right now is, what is he actually going to do? all of the candidates said a lot of things in the run-up to this. what is he going to do? so far, we do not know. who is going to be treasury secretary, who is going to be commerce secretary. until we get some inkling of that,

the tpp was signed in february after roughly a decade of negotiations. it planned to group 40% of the world economy involving a dozen countries. it put pressure on other nations to play by u.s. rules, but it cannot proceed without being ratified by the united states. would not make sense without the united states. it is impossible to renegotiate. losing the u.s. would destabilize the basic balance of interests. >> for many countries who already have agreements with each other, the tpp was above all an opportunity to trade with the united states. the failure of the deal is seen as hurting japan's most, along with vietnam and malaysia. but pulling out could cost the u.s. political leverage. the tpp had been the cornerstone of barack obama's so-called pivot to asia, but with the u.s. abandoning it, asia-pacific leaders could have a trade deal of their own, toward china. beijing has already begun courting pacific leaders. >> the chinese president is getting countries which had previously signed up to tpp, which is american-led, excluding china, to look at th

next, not down with tpp?rump says he is going to scrap the partnership on his first day of office. this is bloomberg. ♪ guy: 46 minutes into the equity's assessment. minas and particular well bid this season. why are commodities rising? president elect donald trump has put out a video to update people on his transition to the white house and his policy plans. he says he's going to bring jobs back to america by scrapping the tpp, the transpacific partnership. i am goingon trade, to withdraw from the 10 pacific partnership, a potential disaster for our country. negotiate fairl bilateral trade deals that bring jobs and industry back onto american shores. guy: donald trump speaking overnight, updating everybody on what his plans are. joining us now, since cable. -- vince cable. he will discuss what a 21st century industrial strategy can do to rebalance the british economy. good morning. global trade seems to be coming on picked or at least -- unpicke d. how does the industrial strategy form itself? needs the u.k.

: we take an equ stand on the tpp and other t tre pacts. it is not an issue of one trade zone being more important than another zone. >> tan said two of the tpp member nations, peru and chile, had expressed interest in joining the rcep. china officials are expected to keep a close eye on the incoming trump administration as they formulate trade strategy. >>> here's a look at some of the other business stories we're following. >>> japan's trade balance in october was in the black for the second consecutive month. officials at the finance ministry say the surplus was $4.5 billion. the value of exports shrank but an even bigger decline in imports kept the index in positive territory. imports fell 16.5% from yen terms from the year earlier. exports were down 10.3% in yen terms from a year earlier. supermarket sales across japan rose in october for the first time in three months. the japan chain stores association put the total value of sales at more than 9,400 stores at about $9.8 billion. that's up 0.6% in yen terms from the same month last ye

the tpp would have included about 40% of the world economy.sident obama has predicted that if the tpp does not pass, it would allow beijing to drive the global rules of trade, and we are starting to hear that emerge. rishaad: thank you very much indeed. there is even more pressure on the president of south korea after prosecutors say it -- said she did play a role in this peddling influence and access scandal. is accused geun-hye of collusion and allies have been indicted, haven't they? yes, they have. yesterday, the prosecutors filed indictments against her longtime friend and two former aides, accusing them of not only influence peddling, extorting money from the largest corporations in the world, samsung, hyundai included, they were pressured to donate tens of millions of dollars totaling about $65 million. two foundations that she apparently siphoned off for her own personal use. what was interesting about the indictment was they went into park'sabout president involvement, saying she had a major role in influence peddling and alleged in o

e tpp deal is essentially doomed.et's get more. -- and many observers think the tpp deal is essentially doomed. let's get more. how concerned are you about this? >> for us, it is business as usual. the u.s. market is very important to us, and not just the size, but the influence on world markets. we are confident in the u.s.. trade between asia and the u.s. has been growing. the projections for next year is growth of 2% to 4%, so we are confident. there will not be any material change for a while anyway. jitteriness,l this the up-and-down, stocks, commodities, so it's too early to say anything. how would you characterize container shipping at the moment? still inan industry trouble because of the low profitability. that trade with the u.s., it is starting to look more healthy, but overall, the industry is not where it should be. is that suggesting perhaps the u.s. economy is getting back on its feet? >> it is both directions. there is also a lot of trade going back. rishaad: maybe it is a bellwether for a recovery? ec

some say this is a low level version of tpp.st: any type of position is likely to be good in providing stimulus, but not as good as tpp in anyways. tpp was a good conduit to reform the economy and it was a reason for vietnam and malaysia to make them a bit more competitive. they don't have that kind of tariffut it would allow services and investment, so it is an alternative that works. not having the u.s. into india and, but having china, the mixes very different as well. how did that change the landscape in this part of the world? guest: this would be the first time china and india are in a trade deal, similarly, japan and china, it allows for significant parts of asian trade and adds complexity. india, there are fears that the country already has a trade deal with china and as part of the reason why there have been hiccups in negotiations. they are still hoping to accelerate it. like china isms rising to the occasion and would stand to benefit from a donald trump presidency. but can they claim the free trade mantle as the cham

bush to create the tpp.t trump during the campaign was saying they were getting these bad deals from china. that's why we are against tpp. tpp excluded china and it set a much higher standard for free trade and it brought in all of our allies into a grouping of people who are going to be able to stand up to china to create new higher standards for labor, for environment and to tie our commission together. now the united states is out of that equation and china is very quickly picking up the slack in a much, much stronger position than it was just a few weeks ago. >> so of course, donald trump said during the campaign it is bad for american workers. a part of this larger message that u.s. companies are shipping manufacturing to places where la intor cheaper, et cetera. as an immediate economic effect, is it right to assume that being outside of the tpp would mean less business for american companies, less sales if asia, less export, et cetera? >> well, immediately, it won't change much. what this is about is

he was talking about tpp to the asia pacific leaders. he worked for his entire presidency, building on a legacy of president george w bush. our country was on the verge of a historic success in tpp, which would have been not only beneficial for the united states, in terms of our economics, but it would have created relationships with our most important allies and partners that would have allowed the united states and our countries -- and countries that have similar values to us be in the driver's seat. with tpp all but dead, china will be in the driver's seat. that's what's happening. it is difficult, i'm sure, for president obama in lima, because china is taking a victory lap. cry th china has had its opposing view of the world and opposing trade deal, the regional comprehensive economic partnership. now, all the american partners are now moving towards china. they all thought they could stand up to china in the name of higher standards. now, they're going and some, really, on bended knee towards china. it is a historic, in ways, defeat

we will stand up to china and keep america out of tpp., but others worry it could halt asia's rise among america's top trading partners and are calling on washington to support the tpp. >> you have put your reputation on the line. it is the big thing that america is doing in the asia-pacific. canada's views very greatly. donald trump has found his slap tariffs on imports and label china a currency manipulator. market point of view, it would be damaging it donald trump were to win. >> the philippines would be the biggest loser. it has the largest export exposure and southeast asia, and a third of remittances come from the u.s. a clinton presidency could push asian trade to the next level. she helped obama redefined the relationship with asia, traveling to the region twice as often as the previous secretary of state. clinton's voting record while in congress shows she leaned in favor of looser international trade, including deals with australia and singapore. u.s. andde between the asia has jumped 50% in the past seven years, once a new pre

now with tpp looking like it is dead, asian leaders are turning to the china-led deal and saying if tpp, we will go for this one, and china's happy to take that leadership role there. rishaad: thank you very much indeed. let's look at chinese steelmakers. they are forecast to flood the , stokingain next year overcapacity and renewed trade tensions. this is coming from fitch ratings, which is estimating that 100 million tons of chinese steel will be exported next year as producers benefit from a input yuan and lower prices, also benefiting from stronger sentiment when it comes to the auto sector, and this is likely to add pressure, particularly on the side of brussels and washington, who have been ramping up the pressure on china when it comes to their steel exports. at thethat this year g-20 following last year's record exports, and policymakers from europe and the u.s. pushing china this year to rein in that capacity. china said it would work to do that, but if fitch ratings forecast for this 100 million tons comes to ask, then expect that pressure to continue. we know brussels itself

in addition to rolling back, not signing onto tpp. moreover, lifting the energy restrictions, that would create half a million jobs just next year. these are real revolutionary policies that he unilaterally can do as an executive, for whatever reason president obama hasn't chosen to do them. >> so that's the what. it's about the how, deciding to release, i should say, we don't use dropped here, release this video, instead of -- >> why play by the rules when you won doing it your own way? there's no doubt about it the first week and a half has been good for donald trump. his poll numbers are up. you see his popularity growing nine or ten points, even folks who voted for him but had unfavorable views, you see that going up. it's been interesting while his cabinet has been very monolithic, it's been almost all white males we've seen appointed so far. the fact you're beginning to hear about tulsi gabbard, other people, be interesting to see if he takes that forward. i think december is a warmup. i think january is where it gets interestin

i'm against the tpp . i believe here in iowa we are such great growers, builders, and makers and so we need to make sure when we trade, it is fair trade. i know that my opponent has spoke for a long time about being in favor of nafta. awful, these have been agreements for the state of iowa. jobs.e lost thousands of they have been sent overseas and it has effected every single community in this district. for -- of percent -- 20% i am wanted to percent portrayed but not trade agreements unless they are fair trade in that is what i want to see. >> thank you. gears a bit, but still related to agriculture is water quality. in the most recent report from the i would department of 754ral resources from 2014, waterways are considered impaired. i was rivers and lakes are getting more polluted. and lakes arers getting more polluted. rivers and lakes are getting more polluted. and how your solutions would you balance the need to support i was -- i mrs. vernon: clean water is the number-one thing that keeps people goi

approval is key for the 12-country tpp to take effect. >>> now, trump's opposition to the tpp isn't stopping the japanese government from moving ahead with the deal. members of the ruling coalition are planning to have it swiftly approved by the diet. foreign minister fumio kishida said the tpp is economically and strategically important and that japan remains committed to have it go into effect soon. >> translator: the leaders of the 12 member countries have agreed, they will try to have the pact take effect at an early date. the united states has expressed its intention to do all it can during the current administration. it's quite natural that japan will cooperate. >> the governing coalition plans to hold a vote on bills needed to approve the tpp at the lower house session on thursday and send them to the upper house. >>> in other business news, japan's machinery orders fell in september for the second consecutive month. the orders are considered a leading indicator of future capital spending. government officials changed their assessment on machinery orders from picking up to standing st

the tpp wasn't creating any new jobs. it's not going to create new jobs by saying we're out of the deal. i don't know where the jobs, concrete jobs are coming from. i hope to see so soon. >> if you're looking to make yourself popular with the american people on your way in including people who may not have voted for you, including democrats, bernie sanders supporters like yourself, speaking out against tpp may not be a dumb thing. even though he was clearly against it already. >> he was clearly against it already. i don't think tpp is going to win him any new folks. tpp is something donald trump ran on, one of the places where he and senator sanders aligned. we said tpp was not a trade deal we should be participating in and we need to rethink the way we engage in america's trade policy. we want to look at the weeds, only three chapters had to do with trade. the other things had to do with environmental implications, things donald trump doesn't even believe in climate change. so, yes, i think tpp is a nod to those folks wh

there's no way he would be in favor of the tpp. but i think we're going to see the cost of that rise as those allies of ours, including australia, are now going to seek their own deals with china as a result. we may live to regret that. >> it empowers china? >> absolutely. the chinese are the ones who are the biggest beneficiaries of the death of a tpp. lastly, what's not on the list? what's interesting is i would have expected the executive order obama signed to legalize the 5 million illegal aliens that are being held up in court. there's no real urgency. if you want to show decisiveness, you would cancel that on day one. i think he will eventually. i'm just surprised it wasn't on list. it would be -- it would send a real statement had he did it -- were he to do it in the very first hour. >> next up, the pope makes a big change to church doctrine on abortion. (my hero zero by lemonheads) zero really can be a hero. get zero down, zero deposit, zero due at signing, and zero first month's payment on select volkswagen models. this bl

what about the work on tpp? >> many countries spent a lot of time and resources in the negotiations. many years spent, expecting the access to the u.s. market. now, countries are going to look havethe agreement they can with themselves and you are seeing signs of like-minded , wherees in the region they announced they are likely to have their own agreement. -- bloomberg an alternative for tpp. be too likely to say. >> you see it taking a bigger role and a leading role. countries get involved with the agreement with china and there are open markets, transparent markets, and we will seek the same from china. it is interesting to think about it revolves and i think they want access to the u.s. market. >> plenty to talk about. >> it is 6:49 here in london. indications grow that members of opec are closer to a deal. we will bring you the exclusive interview with the ceo of compass group. we will talk with vince cable . stay with us for that and more. london. 6:53 and you cannot help but wonder the meetings between tr

of the tpp will hold talks in peru on the sidelines of a regional summit that starts on saturday. he says he wants the 12 countries to show had international community their commitment to the free trade agreement. >>> meanwhile, donald trump has picked republican national chairman reince priebus as white house chief of staff. considered a washington insider. u.s. media are reporting the choice of priebus willingness to cooperate with main stream. the choice could upset some of the president-elect's die-hard followers. trump had promised to get rid of typical washington insiders. in a statement priebus said he's grateful to the president-elect for giving him the opportunity. the other frontrunner for the position was conservative media executive stephen bannon. bannon had served as trump's campaign chairman. trump instead chose bannon to be his senior counselor. trump will take office on january 20th. >>> turning to business news, tokyo stocks and the u.s. dollar continue to rally as investors clung to expectations that the incoming trump administration would introduce more economi

there's no way he would be in favor of the tpp. but i think we're going to see the cost of that rise as those allies of ours, including australia, are now going to seek their own deals with china as a result. we may live to regret that. >> it empowers china? >> absolutely. the chinese are the ones who are the biggest beneficiaries of the death of a tpp. lastly, what's not on the list? what's interesting is i would have expected the executive order obama signed to legalize the 5 million illegal aliens that are being held up in court. there's no real urgency. if you want to show decisiveness, you would cancel that on day one. i think he will eventually. i'm just surprised it wasn't on list. it would be -- it would send a real statement had he did it -- were he to do it in the very first hour. >> next up, the pope makes a big change to church doctrine on abortion. i've been on my feel all day. i'm bushed! yea me too. excuse me...coming through! ride the gel wave of comfort with dr. scholls massaging gel insoles. they're proven to give

is tpp going to help us as well? guest: certainly.u look at the consensus economic view of nafta, you find a consensus view and the trade commission just did a study on this. there was one by the obama seenistration that shows we a small but significant gdp gains, productivity gains, wage gains. the problem is, and this is why trade is a political hot that an issue, the cost to trade or automation or any type of creative instruction and that being born by a discrete minority of the united states workforce. the benefits of trade, whether from lower prices or more productivity are far more diffuse. situation like that, it is right for political demagoguery. in 2008, president obama was protectionist himself. he was anti-nafta and anti- outsourcing and now he is championing the tpp. went you get into office, the political calculus changes. the majority of the country supports free trade and free trade agreements, but they don't follow the issue closely. the people who do follow the issue closely are those who have lost from trade or any

mexican officials are hoping a version of the tpp without the u.s. can still be salvaged. >> thank you very much. time now for our press review. studio -- we the have one topic in the u.s. grabbing many headlines. we will focus on the latest news coming out of canada. the prolific singer-songwriter leonard cohen has passed away at the age of 82. >> let's look at the local papers in montreal. , a legendary montreal singer-songwriter dead at 82. that is what the montreal gazette says in a long and touching obituary. he was an artist who was considered old in 1967 when his first album came out. yet, he ended up outlasting almost all his contemporaries. he was a poet, artist and singer and somewhat of an anomaly because he did not have a traditional singing voice. newspaper language reminds us of what has been a morbid year for legendary singers. we lost david bowie, prince and now, leonard cohen. a great poet is no longer with us. that is what it says on the home page there. the website says the mayor of montreal has promised that flags will fly at half

for one thing, tpp had terrible rules of origin. rules of origin means can stuff come in from outside the boundaries of the treaty countries? in automotive, the majority of a car could come from outside tpp. namely could come from china and still get all the benefits of tpp. and if it came in from mexico, all -- >> is that a bad deal? >> absolutely. absolutely. and we believe in bilateral negotiations. have very good deals with lots of countries. >> interesting. so this huge regional approach to trade you think is a bad idea. country to country to country. >> absolutely. >> the problem with regional trade agreements is you get picked apart by the first country. then you negotiate we the second country. you get picked apart. and you go with the third one. you get picked apart again. what has to be put into perspective, we are the big market. we are the world's biggest importer. we need to treat the other countries as good suppliers. not as determining the whole show. >> we'll get -- we've got so much to do, so little time. can you gu

that's what the tpp would have done.would have included some environmental and labor standards that would have been increased and made enforceable that the context of tpp that was not true in nafta and that potential improvement is on the verge of being cast to the curb, if you will. and that's rather unfortunate, too. so there are significant lost opportunities and it will be difficult, i think, for, frankly, democrats and republicans in congress who oppose the tpp moving forward to justify this action or inaction as the case may be and to lay out some sort of coherent strategy for addressing these concerns. this administration pursued a coherent strategy. we worked for years to negotiate the kind of agreement that would advantage u.s. workers and our broader economy but it looks like that responsibility may fall to someone else. ill think they will have a hard time putting together the kind of coherent strategy with as much promise as the one this administration put forward. >> reporter: i know the president was asked

"tpp would be meaningless without the united states.an will urge other signatories to hurry in completing the message procedures to ratify the pact as soon as possible. " and, australia's prime minister -- >> he will have to make the decision in america's interest. can i say to you that it is very clear that, from australia's point of view, that getting greater access for australian exports, whether food sources to those big markets, is in our interest. reporter: it is clearly trade pact won't work without the u.s.. in australia, the faint hope remains that he will change his mind, at the latest by january 20 when he is sworn into office. helena: authorities in washington have reportedly approved the sale of more than 100 airbus commercial planes to iraq. the islamic republic is modernizing its fleet of aircraft. it would be the latest sale to tehran amid lessening sanctions after last year's nuclear deal. many of the aircraft components are made in the united states. more businesses a little later. first, back to christopher. christoph

will withdraw from the tpp.n addition, republican senate leader has dismissed the possibility of tpp bills being submitted before president barack obama's tenure ends in january. >>> now turning to markets. the rally in major stock markets following donald trump's election win appears to be petering out. dow jones industrial average closed lower overnight, led by declines in the sector. enthusiasm is waning in tokyo as well. share prices opened lower. now the nikkei 225 is currently trading at 17,793 and it's down 0.39%. banking shares are leading the index lower. many automakers are down as the u.s. currency weakened a bit overnight. let's have a look at currency levels. the dollar overnight touched the 5 1/2 month high in the upper 109 yen level. some profit taking has kicked in, though. right now, 108.60-68. the dollar had rallied as u.s. treasury bond yields had been rising following trump's victory, but overnight, weaker than expected producer prices and industrial production data are weighing a bit on the

for the critics are the or the s i think the question is by defeating tpp or delaying tpp, how were they improving the workers rights around the world parks how were they leveling the playing field and in the meantime when we could be raising the workers rights, why are we imposing a continuing level playing field? >> a theory about i know you heard of you think that it's in purgatory but do you have a theory of who put it in purgatory? [laughter] if you're asking about divine intervention here, i think what we have seen is a a rise of populism in the right and left and politics that didn't always permit a full debate based on facts and i think that combination has made it difficult for us to look at the message for just what is at stake. >> [inaudible] punic i think i was probably at work. that was a few days after we completed the tpp negotiation and got to washington to immediately go to the hill and consoled and we were in the process of doing so. >> do you remember how you felt? [laughter] >> i won't comment on any candidates past or present, but i think that this process has unders

not as advanced as the tpp.ears for those two unwind and get to a place where we can actually see what they are. certainly things like environment protection and labor profession which was in the tpp. we tonigdon't know if that will included in a new deal. it is worrying for the 11 other countries. they lost the massive u.s. market opening which they thought they had. that is difficult for them. >> so many questions around the trump administration. andrew stevens reporting from hong kong. thank you. >>> president obama's final medal of freedom ceremony is heavy on star power. recognition to contributions to the national interests of the u.s. or world peace. among the people, bruce springsteen, michael jordan, bill and melinda gates and tom hanks. >>> the russell 2,000, a gauge of small cap stocks, hit a record. the first time all four averages have done that on the same day since 1999. companies of all sizes are getting a boost from the trump rally. against all odds, the opposite. almost two straight weeks of ga

withdrawing from tpp is certainly one of them. timing of that announcement also interesting coming just a couple bays after president obama was in peru meeting with other countries that are part of the tpp. you can just imagine how they felt when they saw that. as susan said, not a surprise. something that countries must have been preparing for. >> and environmentalists don't like the ideas reversing, for example, clean coal issue, shale issue, in place during the obama administration? >> yes. you can see kwai why he wants t something right way, doesn't have to fight with congress over spending and the bottom line, like his costly infrastructure plan which is going to meet resistance among republicans, but he's also going to meet resistance not only in rolling back regulations like you mentioned, environmental one, but also to the tpp. i mean, the meeting in peru, the feeling is that these countries are moving on without us. china is increasingly aggressive militarily right now in the south china seas. they benefit the most if we'

and this person turned to me and said tpp, tpp and t be pp.ell, things turned out a little bit differently. [laughter] so i want to start off the conversation starting off with john and kind of working our way, sort of a general question here. how big a deal was trade in last tuesday's election, and what in general can you glean going forward? how is this issue going to play out politically over the next couple of years? >> well, thank you for having me. trade was a really big deal, and when you look at polls and it says people were worried about the economy, they don't usually include trade in those kind of issues, in those issues. so if you look at ohio, right? michigan, wisconsin, i looked at those figures when i was coming over here. it's about, oh, i don't know, 52-30 does trade harm us or help us. and then if you look at that 52%, it's about 60/30 or something like that trump over clinton. and you have to remember, too, that those are votes that are salient, those are -- it's an issue -- it's much more likely that somebody's going to vot

president-elect donald trump has called the tpp a potential disaster, saying it threatens american jobsas well as the nation's sovereignty. it could meanned higher costs for u.s. importers and increased prices for consumers. >> the markets have been hitting records this tuesday. averagejones industrial broke above 19,000 for the first time ever. the s&p traded above 2200 for the first time. strong data in the u.s. has helped contribute to that rally. stocks have pared back slightly now although the major indices are all in the green. the dow jones leading gains after dropping below the flatlined earlier in the session, of .3%. strong gains earlier in the session did help the european indices as well. the german airline of times a has canceled nearly 900 flights because of a strike by pilots on wednesday. the 24-hour walkout is over a long-running pay dispute with the character. since aprilh strike 2014. ofther strike caused dozens flight cancellations. >> we've been in negotiations since the summer. the wage negotiations started in july. we already went on strike once and thought we wer

years in the shadow of the tpp.as a trade deal that was going to bring in from the united states side all the regulations to raise standards for labor, environment, intellectual property. what they want to try to do is amaga made existing free trade agreements that have been worked out with other countries. and india, which is one of the reasons why they might have some difficulty getting it through. having a meeting next week and india has some problems with liberalizing their services. that it's a bit of an issue for all the other countries involved in it. rishaad: what are the economic benefits it is likely to bring to this part of the world? they would not be as much as expected from the introduction there are benefits. basically it is to bring together all of these countries with harmonized tariffs and so global supply chains can operate more seamlessly. that is what the big finish it -- big benefit is. it takes in 30% of global gdp. rishaad: if india is part of it. how does china when out in this? >> it helps

. >> the website of trump's transition team says leaving the tpp is a priority issue to be tackled in the first 100 days of his presidency. during thehe campaign trtrump promised o on his rsrst day in office he'd nonounce the u u.s. would withdraw from the free trade pact. >>> the japanese government's top spokesperson says tokyo will keep pushing for the tpp deal anyway. chief cabinet secretary yoshihide suga said it would be presumptuous to say anything about what policies trump intends to follow. he says japanese officials will continue working on ratification of the free trade deal. >> translator: the u.s. is going through a change of administration and japan must lead procedures to push the tpp deal forward. the japanese government will try to speed up discussions on the tpp in the diet. >> suga says the government would carefully monitor the situation during the remainder of u.s. president barack obama's term. >>> executives at tranansasia airwayss say they'y'll wind dow the struggling company andnd en flights, ending 65 years of operations. >> translator: the board has decided

for the critics are the or the s i think the question is by defeating tpp or delaying tpp, how were they improving the workers rights around the world parks how were they leveling the playing field and in the meantime when we could be raising the workers rights, why are we imposing a continuing level playing field? >> a theory about i know you heard of you think that it's in purgatory but do you have a theory of who put it in purgatory? [laughter] if you're asking about divine intervention here, i think what we have seen is a a rise of populism in the right and left and politics that didn't always permit a full debate based on facts and i think that combination has made it difficult for us to look at the message for just what is at stake. >> [inaudible] punic i think i was probably at work. that was a few days after we completed the tpp negotiation and got to washington to immediately go to the hill and consoled and we were in the process of doing so. >> do you remember how you felt? [laughter] >> i won't comment on any candidates past or present, but i think that this process has unders

thered: he is talking tpp and what that will mean for this part of the world. what did you make of this video? >> it is an interesting medium. donald trump making his policy pronouncements the a a video that goes up on youtube. certainly he will be the first american president to do that if he continues to do that once you take the presidency. if he does do that, if this is going to be the way he communicates with his audience, not by a press conferences or re-things, itn -- will be difficult to ask questions. there are a lot of questions and that six point plan he announced. rishaad: it is interesting he is going to do it on the first day of his administration and he will be doing a lot. what about his second day? >> second day will be resting. signaling that he is going to withdraw and put into train the withdrawal of the tpp. instead, he's going to negotiate all of the binder -- all of the bilateral agreements and these will bring jobs back to america. that is the first question i would want to ask. which countries are going to be doing this bilateral agreem

with respect to tpp and specifics, it seems as if the -- an institute released a study saying while tppficial, overall if it wasn't done, it was not catastrophic. and it seems to me that donald trump is betting that his ability to do bilateral deals will get the u.s. economy further than doing a multi-lateral broad deal overall for the global economy. >> john stoltzfus with the dow at 19,000 and the s&p 500 breaking 2200, where does that leave us? how much of the optimism has been factored in? >> i think a considerable amount has given the fact that it's going to take years to see the fruits of a lot of what's just on the drawing board. first you have to complete the design, then implement it. you've got all kinds of execution risks. the world moves forward as you're doing this. but we've got to think that the market -- the stock market not anything near ahead of itself as the dollar we believe is ahead of itself. we also think that the bond market has been grossly oversold at this point. >> john silvia, how much of a runway does deficit spending have before those vigilantes whom we're

would havet the tpp done.t would have included some environmental and labor standards that would have been increased and made enforceable. that was not true in nafta. that potential improvement is also on the verge of being cap. kicked to the curb, if you will. there is significant lost opportunities and it will be for frankly think, democrats and republicans in congress who oppose the tpp, moving forward, to justify this inaction, and to lay out some sort of coherent strategy for addressing these concerns. this administration pursued a coherent strategy. we worked for years to negotiate the kind of agreement that would advantage u.s. workers in our broader economy, but it looks like that may -- that responsibility may fault of someone else. they will have a hard time putting together the kind of coherent energy with as much promise as the one visit ministership of forward. reporter: [indiscernible] the president and it was brought. -- president's answer was brought. broad. [laughter] director, would you like

>> tpp is seen as a way to challenge china's power in asia. i have no idea what went none the hallways or elevators of trump tower. but if you wanted to stand up to china, the tpp would be aiming to do it. i'm not saying that means it's worth it. but pulling out of tpp, it makes it easy for it to be the king of asia. we are saying look across the pacific to america and deal with us. kennedy: the trump names on everything it's like hello kitty and "star wars." there are companies he doesn't even own. but he licenses his name to them. what is he supposed to do about all those things? it seems practically to change the name of every trump stamped entity on earth. >> we had henry paulson, the treasury secretary. he was rich and it took multiple lawyers, full-time jobs to figure out what to do with his assets. >> there is a difference between liquid assets and real estate. you can't just sell building in multiple companies. >> he has a company whose named asset is his brand name. you can't get rid of all conflicts of interests until govment, journa