we have supported tpp all along. it's good for the region, it's good for our negotiations with the u.s. and japan. in four years time if we go through all the negotiations we are currently pursuing we'll be the hub of the most impressive network of free trade agreements. i think if the u.s. wants to catch up to be in their interests. and and finally were negotiated 15 agreements for the moment, 15 countries or groups of countries see us as one it comes to trade. as a result of the policy review they'll probably find out that you do a deal for european union it's just one deed not a series. >> go back to the audience. >> hello. i'm doug palmer with political. i just wanted to ask wendy, there's some uncertainty about what will be the status of u.s. gr in the new administration whether b is still a cabinet level agency or be play second fiddle to the commerce department. for someone who has worked there for a long time, we think would be the impact on u.s. negotiated ability if it's a cabinet level or if the u.s. gr is

and 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 kind of 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 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 -- in those issues. 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? if you look at the 52%, it's about 60/30 or something like that trump over clinton. you have to remember, too, that those are votes that are salient. it's much more likely that somebody's going to vote who's worried about trade hurting their jobs than someone

so what options do they have what is going on in the region and not just tpp countries but not tpp countries as well. first as i mentioned a number plan to go ahead and proceed with ratification. japan, new zealand, ratified tpp. australia announced they are going ahead, mexico and others. it's not going to proceed with ratification and very interestingly they are going to go forward but passing reform legislation and a lot of the areas that have been called for under tpp. other countries i hope as they upgrade with other countries in the region or enter into new fta for negotiations will try and push tpp standards. a number of countries including prime minister abe will persuade the president-elect to take a fresh look and understand how would he says the u.s. interest on the economic front and the geostrategic friend, but also regional interests. other tpp countries are talking about could they do tpp without the united states mlb 11 agreed not excluding the united states, but keeping the door open for the united states to join later. the most important right now, a lot of countries are lo

and not just tpp countries but non-tpp countries as well. first as i mentioned, a number plan to go ahead and proceed with the ratification. japan, new zealand just a few weeks ago ratified tpp. australia has announced they are going head. mexico and others. vietnam conversely has announced it's not going to proceed with the ratification, but a very interesting vietnam has said they will go forward with passing reform legislation in a lot of the areas that have been called for under tpp. and other countries i hope as they upgrade their fda's width of the countries in the region or the enter into new fda's or through the negotiations will try and push tpp standards. a number of tpp countries including primers abi has said they're going to try and persuade the president-elect to take a fresh look at tpp and really understand how it advances u.s. interest both on the economic front that your strategic front but also regional interest. other tpp countries are talking about could they do tpp without the united states? all the 11 agree with exclud

we were members of the tpp as was mentioned.we have the tpp bill in our senate being analyzed and voted on in the next session in the spring in mexico. we have to analyze what will happen if the u.s. will be able to join or if we will have to have a different type of arrangement within asia-pacific. the advantages of tpp, you have a region that would be the region that's going to be the engine of growth over the next few years years, over the next 5 years asia-pacific will add almost 1 billion and have people to the middle class. these are consumers and you want to be in the front line when that opportunity opens up and it's already opening up. we will continue either through the tpp an and/or looking at options whether it's why laterally or other collateral arrangements. mexico is able to engage in a fully open manner with countries in latin america that have the same values and same pursuit of an open trade environment and economy. there's a lot we can continue to do in that region and that's what a lot of these countries that

obviously we supported tpp all along. because we think it's good for the region and also good for our negotiations with the u.s. and with japan. i think in four years time if we conclude all the negotiations we are currently pursuing, we will be the hub of the most impressive network of free trade agreements. i think that the u.s. wants to -- it would be dangerous. and finally with negotiating i i think 15 agreement for the moment, 15 countries or groups of countries with one block when it comes to trade. so i think as a result of the policy review they will probably find that if you want to deal with the european union it's just one deal. it's not a series of bilateral. >> doug palmer with politico. i just wanted to ask wendy, there's some uncertainty about what would be the steps of usgr in the new administration, whether it will i guess still be a cabinet level or somehow play second fiddle to commerce department. i just wonder from someone who's worked there for a long time what do you think would be the impact on u.s

the us tpp is dead in america with trump. they are both looking for a new partner.a time when it looks like free trade, globalisation, all that is on the backburner, what can they hope to achieve, these two massive parts of the world's gdp? on one level they are big economies and if they improve trade relations there are economic benefits from that. on another level they want to send a signal to push back against the protectionist views coming out of america and also to some degree the uk as well. looking specifically at the uk, we have heard from japanese companies in the light of brexit that some are considering moving headquarters out of london, they are concerned about passport inc writes for financial services. japanese firms are some of the biggest foreign employers in the uk, what does that mean for the uk economy and japan's prospects? it's a big risk for the uk because clearly some foreign investment into the uk has been to access the broader european market. if you lose that access or if you worry you might you will be looking to relocate your investments,

the tpp calls for japan to scrap tariffs on 95% of imports. including agricultural. it also stipulates a wide range of trade and investment rules. these cover issues such as protection of intellectual property rights and settlement of investment disputes. the tpp is a product of years of negotiations, but the deal is in doubt now that u.s. president-elect donald trump is vowing to pull america out. japanese prime minister shinzo abe continues to champion the deal. he says it would help to clarify labor conditions and environmental rules. before the diet vote, there was one last question and answer session at a special committee. abe said despite trump's comments, the other 11 countries that are party to the deal have pressed on with their domestic procedures. >> translator: each member nation needs to get parliamentary approval concerning the strategic and economic value of the tpp. and then show the outcome to be the national will. >> there are concerns that if the tpp falls apart, china could take the lead in making trade rules in the pacific region. >>> legislatur

we are 100% behind tpp. this recently negotiated agreement will unlock more trade opportunities with these other fast-growing tpp countries. tpp represents more than 480 million potential customers for u.s. businesses. the agreement would eliminate 18,000 tariffs on u.s. made products, thus increasing global demands for american-made goods. it will spur greater investment in the united states, which correlates directly to new jobs here. our strong recommendation to the incoming trump administration is not to abandoned tpp but to improve it towards full free trade which president-elect trump supports with these countries. there was also a great deal of negative talk about nafta during the election campaign. but, in fact, nafta is the linchpin of our current economic competitiveness. here is what nafta does. it eases trade among 450 million people in the united states and our trading partners, canada and mexico. nafta trade more than quadrupled in 20 years, which boosted the economies of all three countries. n

they supported tpp. i think that is a major issue for a union members and for folks in the rust belt talking about -- who might have defected this time around. they need someone who is going to take a boulder stand. that is why you see he is out ellison.g allison -- it will be a competitive race between the two. 10 days break got and in washington will be back out with these confirmation hearings. thanks so much for being with us this week on newsmakers. >> thank you.

we're 100% behind tpp.s recently negotiated agreement will unlock portrayed opportunities with these other fast growing tpp countries. tpp represents more than 480 million potential customers for u.s. businesses. the agreement would eliminate 18,000 tariffs on u.s. made products, thus increasing global demand for america -- american made goods. it will spur greater investment in the united states, which correlates directly to new jobs here. our strong recommendation to the incoming trump administration is not to abandon tpp, but to improve it towards full free trade which president-elect trump supports, with these countries. there was also a great deal of negative talk about nafta during the election campaign, but, in fact, nafta is the linchpin of our current economic competitiveness. here is what nafta does, it eases trade among 450 million people in the united states and our trading partners, canada and mexico. nafta trade more than quadrupled in 20 years which boosted the economies of all three countrie

they supported tpp. i think that is a major issue for a union members and for folks in the rust belt talking -- who we were talking about earlier, who might be effected this time around. they need someone who is going to take a boulder stand. that is why you see he is out supporting ellison. that said, from what i am hearing, it will be a competitive race between the two. susan: we have got 10 days' break, and then washington will , be back out with these confirmation hearings. thanks so much for being with us this week on "newsmakers." >> thank you. >> thank you. [captions copyright national cable satellite corp. 2016] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] "watching this week, to journal" will look at issues facing the trump administration. we will take a look at different including challenges for the security team, and a closer look at the secretary of defense nominee. i tuesday morning, it is trade and j

that it was tpp light? to have those protections but it was more of a tariff. >> n number of american leaders have said america has vital interest in the nation and they are an ancient power. so it has accepted that the strategic groups are separate to symbolize and normalize between the united states and the asian countries to have this relationship it cannot be anybody, china or in the united states for those that will lead conduct themselves with the greater consequence so the basic concept of tpp had those conditions but and thus set the national committee spends time looking at chinese investment. even and though trade is controversial, i think there is a consensus that investment is basically good that it is job created that 18 if the president was sitting here to say creates jobs. yes foreign investment creates jobs. do you think it is a reasonable theory that the president-elect will conclude what president obama could not which is the bilateral investment treaty to look to a business person as the

japan just a few weeks ago ratified tpp and australia announced they were going ahead.vietnam conversely announced it isn't going to proceed with ratification. but very interesting that you're going to go forward with passing reform legislation in a lot of areas that have been called for. in other countries i hope as they upgrade in the region or enter into new will try to push the standards. a number of countries including the prime minister said they are going to try to persuade the president elect to take a look at how it advances the u.s. interestu.s.interests both on tc fund and geostrategic fund but also the regional interest. others are talking about the united states into keeping the door open to join later. but most important right now i think a lot of countries are looking at plan b.. a lot of the countries rely on trade and recognize that it contributes to growth and jobs. they want to attract more investment and they don't want to stand still so they are looking at other negotiations in the region and i think what we are going to see and we are already seein

now, modifications to tpp are smart.appen to be a democrat who supports tpp, but would love to see some modifications and more protections for the american worker. donald trump said a ton of things. he's "a," never going to be able to do, but "b" i'm not altogether sure he believed in in the first mace. >> it's important to remember when you're in negotiation, you put yourself out. you fire something, you ask for the moon when you only expect to get a certain amount. if you were going out, as your opening bid, say i want what you would ultimately get, people would take even more away from that. you're going to see democrats and people opposed to trump come away from some sort of -- some sort of original goal of trump's and make -- they'll believe that they have won the day when it was trump's goal all along. >> that works on economic issues but i don't think a number of these people in the administration or republican party as a whole, for instance, want a muslim ban. there are certain things that he said that people don

tpp is an area where taiwan was angling to get included in the tpp. is not part of the trump play book but if you wanted to help taiwan over the long term, help build its economy and integrate it into the regional trade structure, tpp would be a far better vehicle to do that than a one-off phone call. >> thank you for joining us. coming up, has fake news gone too far? a man opens fire on a d.c. pizza parlor because he apparently saw fake stories that claimed hillary clinton ran a child sex ring out of the restaurant. >> sara owns the dog cafe. and the same is done at crumbs and whisker for cats. walked around the shelter, no intention of adopting. he was the very last kennel in the very last row. emaciated. he was skin and bones. usually what you see in neglected dogs. it was one of those complete, meant-to-be moments... i totally fell in love with him. (avo) through the subaru share the love event, we've helped the aspca save nearly thirty thousand animals so far. get a new subaru, and we'll donate another two hundred and fifty dollars to help those

is local brewing sector being protected by the absence of tpp.h vietnam [inaudible] it is not going to stop trading because tpp is not there. we were never convinced it would happen anyway. -- as thegovernment government has implemented measures to open up the market despite these doubts over the tpp, how supportive has the communist party here been in taking the economy forward? very: they are doing a good job. it has been a communist government for the last 40 years. or so. track.re reforms on listed.ers have been the opening to foreign -- two markets to foreign investors has not happen. we have a degree that is in direct conflict. somebody needs to take charge of that and work it through. if the anonymous to have a chance of getting into the msci emerging markets. given that opening up to doestors has not happened, they want foreign investors to cool down on their interests and vietnam question mark -- vietnam? guest: we will get back to a situation where foreign investors could not buy [indiscernible] so everyone is able to buy. muchped it wo

so, the strategic purpose of tpp, or of something like tpp, symbolize and formalize some kind of structural relationship between the united countries those asian that want to have this relationship. anybody'st be in interest, either china or the united states, to see the world breakup into regions of groupings, in which each conduct themselves like national states with much greater consequences. of tpp wasic concept important. specific conditions met everybody's concerns. important.was >> the national committee spent a lot of time looking at chinese investments in the united states and u.s. investments in china. controversial, i think there is a consensus that investment is basically good, that it is job grading. if president-elect trump was sitting here, i think he would say, yes, investment creates jobs. is a reasonable theory to come up with that president-elect trump will conclude what president obama could not conclude, which is the bilateral investment treaty? it could look to a business person has a low hanging fruit and job creating. it would be a way to lay out a constructive found

thee tpp calls for japan to s sp tariffs inhases onn 95% of imports, including agricultural products and industrial goods. it also stimulates a wide range of trade and investment ruleles. these cover issues suchh as protection of intellectual property rights and settlement of disputes. the deal is in doubt now that president-elect donald trump is vowing to pull america now. shinzo abe continues to champion the deal. before thehe diet vote, there w one lasast question and answerr sessioion at a special committe. abe said despite trump's comments the other 11 countries that are party to the deal have pressed on with their domestic procedures. >> translator: each needs to get approval for value of the tpp and then show the outcome to be the national will. >> china could take the lead in making trade rules in the pacific region. ledge slapers of other member countries have also been debating the deal. new zealand became the first to complete domestic procedures last month and discussion are taking place in pursue and o australia. complete domestic procedures and between them they must al

perhaps the tpp, a lot of countries have been subject to its negotiations. clearly a lot more room to go in and bilaterally negotiated. the impact regionally may not be felt the way tpp had the prospect for u.s. influence in asia to manifest itself. so we will see. but the trump administration and american jobs first. back to the issue of tax reform, one of the underlying debates right now has to do with international tax reform. how do we go in and position the u.s. as a destination for multinational corporations so we can remove the senate for things like that? a lot of discussion is about this border adjustment tax, how we will treat imports. i know many of the luxury brand here today, if you have manufacturing facilities overseas and are now looking to see what will happen with imports in this country, that is a very important debate. the disadvantage we feel now could be rectified by an adjusted tax, does not mean good things for retailers here. sec. pritzker: the border adjusted tax will lead to retaliation. president-elect trump putting attacks on chi

so, the strategic purpose of tpp or of something like tpp is to symbolize and formalize some kind oftructure relationship between the united states and those asian countries that want to have this, and it cannot be in anybody's interest, either china or the united states to see the world break up into regional groupings in which the regional groupings conduct themselves like national states toward each other with even greater consequences so the basic concept of tpp was important whether there were specific conditions that met everybody's concerns. i have never really looked at that as a concept. i think it was important. >> investment, the national committee spends a lot of time looking at chinese investment in the united states in u.s. investment in china. even though trade is controversial, i think there is a consensus that investment is basically good, that it's job creating and if president-elect trump were sitting here, he would say yes investment creates jobs and i think the china president would agree that foreign investment creates jobs. do you think it is a reasonable theor

was there any point in tpp if you could do these individually?deals remain the holy grail and produce the best outcomes because you get consistency across the board, but we also have to be realistic about the challenge of multilateral trade deals. difficult to secure. australia's strategy has been pragmatic, multilateral, regional, and bilateral. we will not be left waiting to achieve an outcome on a bilateral since what we pursue a regional or multilateral trade you, so i will continue to pursue the best deals that i can for australia, bilaterally or multilaterally. haidi: i believe australia currently has seven trade young negotiations. what are the priorities for the country now in terms of trade? this deal with indonesia is my number one priority. it is the area i put most focus and time on. i'm here in jakarta for three days as part of ongoing discussions. i met with the trade minister for indonesia, lima, peru, so we have very high level engagements, focused on living up a high-quality quality trade deal between indonesia and australia am a

they have their own version of tpp called rcep.we completely abandon tpp, and don't improve it, if we cancel it, rather than improve it, then we're going to see leadership in the trade area and in asia to china. that's a very bad thing in my opinion. >> smith also saying there is room for improvement in nafta. but withdrawing from it completely would be catastrophic. and it does give the u.s. a competitive edge. smith is hoping to influence the administration here. he has the ear of president-elect trump. and if you're a ceo of a multinational corporation concerned about some of the tweets from trump on china, or what we heard at the rally last night, some of the comments on mexico, you might be reassured by smith's comments who says it starts at home with a more competitive tax rate and while there is room to sort of renegotiate on trade, trade deals are so important for this country on growth. they're very important for fedex as well. they're the life blood of that company. >> does he favor retaining this sort of skeleton of tpp

, may elope with the tpp, but meanwhile trump hates the tpp.how does that work out? he's going to have to reach out. on the one hand, he says he's a war hawk, he's going to smash isis. on the other hand, he says he's not going to do anything. whichever way he goes, if he's going to be an isolationist, he has to reach out. if he's going to be a war leader, he has to reach out. he does have to reach out at some point. right now, he feels, you guys told me to reach out the entire campaign and i didn't reach out the entire campaign and i'm president of the united states and you are on tv talking about me. >> talking about reaching out, we had senator warren on last night and i kept trying to ask her, what is your stance on tpp? is that something you would work with him on? infrastructure and she's not willing to say, she's willing to work. it doesn't seem like -- paul, what do you want to see the democrats do? do you want them to do what mitch mcconnell said early on in the obama administration? >> i've spoke to several of them and they keep coming

that it was tpp light? to have those protections but it was more of a tariff. >> n number of american leaders have said america has vital interest in the nation and they are an ancient power. so it has accepted that the strategic groups are separate to symbolize and normalize between the united states and the asian countries to have this relationship it cannot be anybody, china or in the united states for those that will lead conduct themselves with the greater consequence so the basic concept of tpp had those conditions but

president-elect donald trump has said he plans to kill the tpp accord once he's in office. the agreement required u.s. approval to come into effect, which is why countries are looking for alternatives. china wants to make rcep the basis for trade rules in the asia-pacific region and they say japan wants the deal to enable free trade at the same level as the tpp. >>> checking now on the markets. tokyo stocks ended lower on a stronger yen. ramin mellegard has the details from the nhk market studio. >> lower share prices in new york weighed on overall sentiment in tokyo most of the sectors were lower. also as the dollar fell against the yen. let's have a look at how the two major indexes closed out thursday, december 29th. 1919,145, down 12%2% for the nikkei and the broader topix, 1,518, down 1.2%. now, on to individual stocks, toshiba tumbled by double digit percentage points for a third day in a row on continued concerns over huge losses coming from its nuclear business in the u.s. also some credit agencies cut the company's ratings. now, softbank shares also fell, although

i think we need a tpp agreement. i'm not suggesting the one negotiated was the best one, and it couldn't have been done better and should have been done better. we are dealing with communist countries. when you are dealing with communist countries in trade agreements, you really need to make sure you have strict enforcement on governance issues in the agreement. we can always do better there. i am hopeful that we will not give up with vietnam, that we will not give up with other countries and trying to develop a trade relation. if there's a void, china will fill the void. i think it is important that we are actively engaged in those areas, but they are going to have to be agreements that have broader support here in the united states. otherwise, it won't get done. so, the trump administration is going to have to reach out and get broader support and bring in organized labor. we're going to need support in order to get those types of agreements done. kristen silverberg: and while i think your point on china is an impo

i think the debate on tpp -- i will let the experts have it. charlie: republicans have been in favor of free trade. brian: absolutely. business table, which i am part of -- business roundtable, which i am part of, we are generally in favor of free trade. it gets lost in the job relocation question. wrong?: is that the job relocation question? are the people opposed to tpp right in saying that trade deals hampered jobs and the creation of job loss? to think about trade -- to think about the globalization that has occurred, you can't hold that back. at the end of the day, we have to be competitive as america. there are very defined places where we can win, and we have to get people into those jobs. that's a long time. i can read expert material that job loss innot have manufacturing and expert material that says it did. i'm not sure which to believe. no matter what happens, you have to train people in jobs to be valuable at the price we want people to earn in the united states, which is higher than any place in the world. ofhink that's were a lot

month with donald trump, a formal meeting in washington so, given the delicacy, given the fact that tppough, given some classic misunderstanding is, ithink, across the pacific, including the scale of japan's contribution to defence, i think it really is important to have a early meetings. tpp is not going through, i think there is a need for some substitute in terms ofjoint projects, building exercises and are early meeting i think will be very important in that regard. the music world has been paying tribute to george michael, who died yesterday, from suspected heart failure, at the age of 53. the singer sold more than 100 million albums in a career spanning nearly four decades. his partner said he will never stop missing him. # wham barn, i am a man #. wearing a bikerjacket and a white tee, george michael takes his first steps into the limelight as one half of the pop duo, whami. # if notjust stop, don't get in a rut #. back then, he had big hair and a perma—tan — it was his idea of early ‘80s glam. the reality was a little different. so they stuck us in this hotel that couldn't have

. >> the tpp is a prime example on where this administration maybe struggled. at the end of his term, president obama had hillary clinton and bernie sanders, democrats who were fighting for the nomination and hillary clinton winning that nomination, both were opposed to the tpp. it was an issue that donald trump could throw back at hillary clinton and talked about the point where it looked like she was going to be the that would support that issue. when i went on the campaign trail and talked to people in rural pennsylvania or ohio, thank not just talking about the economies and bringing jobs back, but a lot about tpp and feeling as though the trust of president obama was eroded because of that alliance. that was definitely something to go back to the point that you made about the idea that he was talking about demonizing people different from us, he was in some ways talking directly to donald trump. a lot of people and not the people who voted for him, but his campaign was about demonizing people who are different. muslims or people of different nationalities

i think the debate on tpp -- i will let the experts have it. charlie: republicans have been in favor of free trade. brian: absolutely. business roundtable, which i am part of, we are generally in favor of free trade. it gets lost in the job relocation question. charlie: is that wrong? the job relocation question? are the people opposed to tpp right in saying that trade deals hampered jobs and the creation of job loss? brian: to think about trade -- to think about the globalization that has occurred, you can't hold that back. at the end of the day, we have to be competitive as america. there are very defined places where we can win, and we have to get people into those jobs. that's a long time. i can read expert material that says it did not have job loss in manufacturing and expert material that says it did. i'm not sure which to believe. no matter what happens, you have to train people in jobs to be valuable at the price we want people to earn in the united states, which is higher than any place in the world. i think that's were a lot of train

think this regional comprehensive economic partnership that china is was tpp-liked, that would be myescription of it. it doesn't have the investment projections but it is more a tariff agreement. sec. kissinger: a number of american leaders have said that has a vital interests in asia. way, andwe are, in a asian power. actually, president ts except that in a number of his statements. tpphe strategic purpose of or of something like tpp is to symbolize and formalize some kind of structure relationship andeen the united states those asian countries that want to have this relationship. and it cannot be in anybody's interest. either china or the united states, to see the world breakup into groupings in which each grouping then conducts themselves like national states towards each other. with even greater consequences. tpp wasasic concept of important, whether it is the specific conditions meeting , as aody's concerns concept, i think it was important. investment. the national committee spends a lot of time looking at chinese investment in the united states and u.s. investment. in china. a

>> first of all, it isn't a question of pulling out of tpp. tpp does not exist. >> right. >> it's a fiction of people's imagination at this point. >> obama wanted to push it until the last days in office. come on. >> it's especially a figment of his imagination. my point is it's hard to say there's disruption when you don't do something you weren't doing anyway. >> what about nafta? >> it needs to be fixed but not fixed with blowing up the whole world. mexico is not going to go to zero, canada is certainly not going to go to zero but there are changes needed and i think the markets are recognizing it. look how the peso has acted. that doesn't tell you that everybody knows there will be change, i don't know what does. >>> my thanks to wilbur ross and steven mnuchin and >>> more now on some key economic issues ahead in the new trump administration. i'm with house majority leader kevin mccarthy. congressman you said you'd be all about jobs. tax reform is a priority, repealing and replacement obamacare is a priority and border security is a priori

a lot of people have said that by avoiding the tpp we're giving china a better chance.'m going to be intrigued to see how the president-elect's policy begins to work out. there are people who feel that one of the reasons that he looks like he's kind of cottoned up to putin is to put china further on edge, to have it look as though there could be some kind of working roim betwework working relationship between russia and the u.s. and that would make things a little tougher for china. the other thing to watch for is mr. abe in japan has wanted to improve military there. if trump gives him endorsement for, that that will put the squeeze further on china. so we won't have it just on the trade area. the whole relationship will be something to be watched carefully. >> how does the market react to a trade war? >> not well. not well at all. and that's why they've got to be careful. you know, an enormous amount of the earnings for the dow and many of the other indices come from offshore. and we still haven't gotten any detail on brexit. you know, people talk as if, well, brexit

so tpp helps them.t gives them the chance. >> they are a lot more powerful than they were in 1994. >> and the real thing they want is a good bilateral conversation that is practical which donald trump said more broadly is the kind of thing he is going to pursue. there are potential negatives. it is not universal that president-elect trump's victory is bad for china. there's ways it could be a benefit for them as well. >>> stocks to watch, plus major league baseball avoiding awe walkout. >>> welcome back and good morning. let's get you up to speed. the first trading day of december. and dow futures are higher by 25 points in the early action. s&p barely negative. and nasdaq a bit negative as well. on this first day of the month, here's how markets closed out a blockbuster month of november. the dow finished higher 5.4%. s&p up 3.4%. and the nasdaq finishing higher by 2.6%. it really under performed yesterday. the biggest winner of the four major averages is russell 2000 finishing with a gain of nearly 11

keep in mind that tpp was designed to help specific rim trade partners in the americas and asia, but china. the idea was to create a trade alliance among nations that did not include china. tom: i want to some up here and au mentioned this about technology company. wasof the hallmark moments the passing of john glenn. you and i both grew up in space families. here was this icon of a generation truly, and admit they are less innovation -- and it meant fearless innovation. , and theost the risk risk to fear -- and the fear to risk? abby: large expenses by the government going back to the early portion of the 19th century had to do with funding research that may or may not pan out. we don't do that. tom: we don't fail like we used to. fail.we don't like to it is on the government that can find that kind of thing. governmenting to everywhere, not just the u.s. government. by not providing the basic research, or the capital, and of providing sufficient encouragement for our young , ande to become scientists to really explore the facts and the data out there in the natural world, we put ou

that it was tpp light? to have those protections but it was more of a tariff. >> n number of american leaders have said america has vital interest in the nation and they are an ancient power. so it has accepted that the strategic groups are separate to symbolize and normalize

tom: help me wh this concept of americaexceptionalism and what we have witnessed in the campaign, tppoth candidates, and the idea of a new isolationist, zero sum, neo-mercantile america. is that a genuine fear for abby joseph cohen? abby: it is a concern for me. history would bear out that those models do not work. intermediate to long-term, they harm not just the country imposing those policies, but it tends to hurt world trade as well, particularly for such a large economy like that of the united states. tom: do we have a fear that china, or someone else for that matter, takes the vacuum of not just isolationism, but our reticence to move abroad? is there a fear that china takes our place? abby: we are seeing the signs that china is becoming very anxious on the world stage economically and politically. we see it most clearly among their specific trade partners in asia, but also in latin america. keep in mind that tpp was designed to help specific rim trade partners in the americas and asia, but did not include china. the idea was to create a trade alliance among nations that did not

. >> donald trump, quote, we will renegotiate nafta and tpp. >> yeah, i mean, the problem with the position that donald trump takes on trade, is he acts as if trade is between countries. trade is not between countries. trade is between individuals, just as we were talking about the two-year-old swapping with another two-year-old. if i want to trade with someone in china, with brazil, with germany, i should be able to do that. the government shouldn't come along and say, oh, no, no, no, you can't trade. although we tend to act that traed is between countries and we might say, well, agree, if you're going to trade with us and you have to do, the amount of trade that happensments if the trade is going on. both -- no one forced me to buy the noodles that i have or the german car i'm better off giving the money and the german car maker says we're better off, and once it's individuals it will affect how we do our public policy with regard to trade. >> gary wolfram teaches at hillsdale. >> thank you for having me. >> this book tv on c-span tv for readers. a debate on the economy. at 8:45, heather

look at somebody like wilbur ross, his commerce pick, signed a letter in favor of tpp.spoken out vociferously against tpp you look at someone like mnuchin, who comes from goldman sachs. that is a true stick in the eye all the people that said hillary clinton is way too close to wall street. look at her giving speeches at goldman sachs for him to choose somebody like that. that is the issue, less their wealth and more the policies. ashley: let me ask, kelly, is donald trump draining the swamp with these kinds of appointments? >> donald trump promise since the beginning of his campaign he brings in the brightest, smartest, best people in his cabinet. we'll start winning again. i think that is exactly what he is doing. nobody that supported donald trump expected him to name walmart greeters to his cabinet. they wanted the best and brightest. you have to look at policies. this is where i agree. look at policies and look at steve mnuchin, who went out yesterday we'll give tax breaks to the middle class. this isn't going to be all one-sided taxing the wealthy. ashley: right.

keep in mind that tpp was designed to help pacific rim trade partners in the americas and asia, but did china. the idea was to create a trade alliance among nations that did not include china. tom: i want to sum up here, and you mentioned that goldman sachs is a technology company. i think of what jeff immelt is doing with the internet and general electric. one of the hallmark moments of 2016 was the passing of john glenn. you and i both grew up in space families. with thein rochester people of kodak. here was the icon of a generation truly, and it meant fearless innovation, testing, and i mean this with the immense respect for all, risk-taking. have we lost that? the ability to take the risk as a nation? abby: large expenses by the government going back to the early portion of the 19th century had to do with funding research that may or may not pan out, the basic research and so on. we don't do that. tom: we don't fail like we used to. abby: we are not willing to fail, that is a great way to express it. it is on the government that can find that kind of thing. when i say government, i