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Automatic TRANSCRIPT

President trump sent a shockwave through the markets after announcing a trade deal with China might make more sense after the twenty twenty on election then early this morning as we started squawk box the markets reversed course and indicated to open higher on a Bloomberg report. That people familiar with the matter said the. US and China China are getting closer to agreeing on the amount of tariffs that would be rolled back in a phase one trade deal. This is all happening while. President trump is in London for the seventieth anniversary of NATO's founding and let's get back to Becky I guess there's a lesson from the last twenty four hours. It's every trade headline could swing things in one direction or the other markets gets are watching this waiting to see what happens as we get closer to that December fifteenth deadline for win. Additional tariffs are expected to go on. If there's not a trade deal that's reached yesterday. Yesterday was A little bit of a rough session for stocks the Dow at one point following more than four hundred points before closing down by two hundred and fifty points. That's just worst day since early October. And that tells you a little bit about where we've come in these markets the idea that a one percent pullback. We haven't seen that in over two months. How are we hitting new highs for two three months up to thirty one day or so on the SNP? But I think a lot of that was built on the assumption that you would see if not some trade deal that was done. Additional tariffs on our back to that. We're back we're GONNA supposedly according to this person who knows which persons which campus which we're going to have something by December fifteen th and there will be additional tariffs anyway anyway when it was all said and done we have a two day. One wasn't caught call market trauma. Let's at one point. One point nine percent point nine for all time is one percent for the year one point nine percent down from all time by the way much needed needed it. It's good thing overall. I need more Shaka tree is a what is this. This is not even a I don't know this is like a hangnail. Look equity even psoriasis. Equity exposure exposure has been optimistic for the entire year. You have a friendly fed. That's underneath the market. That's supporting the market. Anytime cautious optimism evolves into extreme stream optimism which over the last couple of weeks. It seems to have. It's good if you temper. That enthusiasm have a little bit of a pullback in the market because that leads you to the next road higher. Let's get the latest trade buzz from Jeffers in Washington who was it. Amen was up from our side and it was at the the more Eh wasn't Navarro. Probably have you think it was Mnuchin or something the source for this Bloomberg piece that we're all talking about this morning yes you know. There's like three senior administration officials who do tend to talk not sure I can name exactly which senior administration officials Bloomberg but they're saying. US China move closer or to trade deal Despite heated rhetoric so that gives you a sense that we might be getting halfway there but a lot of these reports have been giving you the sense that we're getting halfway there and halfway there and halfway there as you know you can go halfway there forever without actually getting there so not clear what this necessarily means. The president is in London then where he has been making headlines about trade during the course of the week a lot of complexities on the global stage here for the president to sort through in London and will watch for those relationships during the course of the day today as we see these further bilateral meetings between the president and European leaders and whether we get any indication from any of those where any of these trade negotiations between the US and the European countries or the US and China where any of that is going to land. Joe There. I guess ascribing some some of president trump's comments or not ascribing but describing them as not necessarily policy but sort of speaking just off the top of his head. That's what we're hearing about the COP off. The COP does a lot of off-the-cuff does he does. And you know in in the way does it. You gotTa Love It. It's like I'm thinking that but I'm not going to say but right after he said it. which is it's just? It's kind of funny question yesterday. I don't want to answer that question. And then he answered the question he did Eh. Makoni is pretty funny to you. GotTa admit where he goes. That was the biggest non-answer you know your. That's why you're such a good politician because you really don't say tense meeting between Emmanuel Macron and big handshake Sanchez to write a squeezy handshake from down to one hundred percent taxes on two point. Four billion worth of French goods will make a relationship a little still thinking thinking about that. Can you still get. I still get French onion soup without without a terrorist. We're so we're GONNA in front of. Ah French fries. Though I saw another potatoes are getting smaller. I saw that today. I don't know whether it's climate change whether it. Hey Ain't you really concern me with getting getting halfway there and then halfway the halfway there because that's asymptotically analysis you will never get there. You realize that you can see where you're you're trying to get and you get closer to eat within a millimeter of getting there. But then you're only by two. Yeah you'll never ever get there. Let's just hope you're wrong about that. I mean that's the question is are we getting. There does indicate some underlying reality or are these just officials sort of talking to reporters on the on the sly one thing that's obscured scared with all the back and forth the Mnuchin wing that Navarre wing is. Is there a deal on the table for the taking if we wanted it right now is there takeoff on the tariffs and buy some. You'll score is that. Is that deal on news. That skinny deal on the table right. I mean it seems like the Chinese would would agree to buy something from the US in exchange for the US holding off on tariffs the question is how many what tariffs and which which of the tit. For Tat responses responses during the course of the year will be rolled back at what time that is much more complicated negotiation but you could imagine that the US was willing to roll back all of its tariff. Eric increases the Chinese would buy some goods call today. But that's not what the president got in this for. That's not what he wants. But let's get to Eunice you in Beijing for the trade bus from China just outlined launched in a bid on what you guys were discussing with aim on that Bloomberg report just based on on versus in China has said they are already thought that they we had an agreement on Tariffs Robak over a month ago. Our about a month ago. I know that's when the commerce ministry if you remember had said that there there is going to be a phase out of these tariffs and said it quite quite a proudly then the next day president trump head backed act away from it. So I think it's probably worth taking this latest report with a grain of salt until the until we actually we see hit