A Week of Wins and Losses for President Trump

Automatic TRANSCRIPT

The Wall Street Journal listeners. Come from all walks of life and business and no matter what type of business urine eighty P is here to help you achieve what you're working looking for with. HR talent time benefits and payroll informed by data and designed for people learn more at design don ADP DOT com. It's been a week of wins and losses for the White House. The US and China agreed to phase. He's one of a trade deal while a house committee approved articles of impeachment against President trump president. Trump's time in the White House has been sort of marked by you know political whiplash. You'll you've seen extreme highs extreme lows throughout these nearly three years but even by trump standards this this was a sort of remarkably extreme week contrasts and no more sitting on laughs. Kids are now skyping with Santa It's Friday December thirteenth. This is the PM addition of what's news from the Wall Street Journal. I'm Anne Marie for totally in New York after more than twelve old hours of debate. The House Judiciary Committee has approved two articles of impeachment charging president trump with abuse of power and obstruction of Congress. Today's vote along party lines sets the stage for a vote by the full House next week. If either article is approved trump would become the third American president to be impeached by the House but efforts to remove him from office are expected to fall. Short in the Republican led. Senate were a two thirds majority as needed to impeach UK. Prime Minister Stir. Boris Johnson says. He'll move quickly on brexit and promised to boost public spending after decisive election win on Thursday the Conservative Party scored its biggest win and since one thousand nine hundred eighty seven with Johnson winning a majority of eighty seats in parliament. Johnson says the. UK's split with the European Union will be completed by January thirty. I in a Wall Street Journal exclusive. We report that the. US Justice Department is preparing legal action against concert promotion giant live nation over its ticketing practices specifically they allege that the company is strong arming concert venues into using its ticketmaster subsidiary. That would be a violation of a merger sure settlements live nation and ticketmaster reached with the government in two thousand ten. US consumers held back on purchases November. The Commerce Department reported a slower slower-than-expected start to the holiday season with lackluster sales on items ranging from close to electron ix. November is a key month for retailers. Hoping to rack up up sales on Thanksgiving and black Friday thanksgiving also fell late this year making for a shorter holiday season with six fewer shopping days as compared to Twenty Eighteen Wall Street Journal listeners. Come from all walks of life and Dan Business and no matter what type of business you're in eighty P is here to help you achieve what you're working for with. HR talent time benefits in payroll informed by data and designed for people learn more at designed done eighty P dot com. It's been a long trade war but it looks like there may be a truce. US and Chinese officials announced today that they've come to a limited agreement phase one as they've been calling it. President trump agreed to cancel new tariffs scheduled to take effect on Sunday and agreed to cut the existing fifteen percent tariffs on one hundred. Twenty Billion Dollars. Worth of Chinese goods is in half an exchange. China has agreed to boost purchases of US agricultural products by thirty two billion dollars over the next two years and will work to raise that total up to fifty billion dollars. Annually The U. S. China trade dispute has rattled markets before but reaction today were mixed with some analysts saying investors are waiting for more specifics on the deal. Joining me. Now from Washington is Wall Street Journal reporter Josh Zoom Bruin. So Josh there are a lot of pledges here is any of it. Binding among the basic gist from what we understand at this point and again we haven't seen the written details so this could change. Is that if China doesn't live up to its commitments the the tariffs that the US is imposed. We'll go back. We'll kind of snap back into place. So that's kind of the enforcement mechanism that if China plays along the tariffs that were lowered today day. Remain off but if China doesn't follow through the tariffs return the tariffs could even rise. Okay let's take a look at the broader economic nommik picture here. This has been a very long dispute ongoing between the US and China. It's not over yet. What can you tell us about how people are feeling about Economic Mike Recovery from this so you can kind of break down? What's happened in the trade war into two pieces? One is the direct impact of the tariffs themselves so the US is imposed used tariffs on three hundred sixty billion dollars a year worth of Chinese goods and they've agreed to cut the tariffs on about one hundred ten N.. Billion of that a partial cut on one hundred ten billion. So you're seeing a little bit kind of coming back from from what's been put on there and so a lot of economists. Economists have estimated that the trade war took about half a percentage point off. US growth. So if you look back into early two thousand eighteen the the. US economy was growing about three percent If you look in recent quarters it's been growing about two percent and economists about half of that slowdown is kind of from the trade effects. So we're getting a little bit of that. We're expected to get a little bit of that back so that adds up to actually not a huge amount maybe one tenth or two tenths of a percent on growth. That's it's not actually a huge pickup but the other big effect that the trade war has had on the economy is it. It's introduced a huge amount of uncertainty for businesses trying to kind of plan in their operations. And we've seen a lot of businesses holding off on making investments and kind of making decisions about new factories and new supply chains and so we might expect expect some of that to come back as well But but there's a big question mark there which is you know. How long does this truce last? We've seen a lot of truces between the US and China. I know that They appeared great at first and then more details came out. They weren't as good as people thought and then they end up falling apart. And so even if that's not the case this time it's happened so many times that I think a lot of people are still going to be a little uncertain about whether or not this deal is really the one that sticks. If it does prove to stick overtime you could start to see kind of all that trade related drag start to fade because the uncertainty would kind of dissipate but for now is just too soon to say people have been burned too. Many Times Wall Street Journal Journal reporter Josh Zoom Brune joining us from Washington. Thank you so much Josh. Thanks for having me. Getting China to to agree to a trade deal has been a major focus for the trump administration and it was just one of a couple of big wins for the White House this week there was also democratic support for the US MCA a trade. Deal and bipartisan agreement. On spending bill but those big wins all came as house. Democrats moved forward with articles of impeachment against President Trump. Joining us now to talk about this roller coaster week in Washington is Wall Street Journal White House reporter Catherine Lucy so a lot of news this week Catherine. Let's start with impeachment. The the House Judiciary Committee advanced two articles of impeachment against the president. Today that now goes to the full house but even if it passes there both parties say it's unlikely to advance in the Senate where Republicans have the majority so for telling wins and losses for the week cure who comes out ahead. Well as with many things in trump's Washington in town which is as we know very politically divided. This is a mixed result certainly impeachment which we believe will come next week in the house. This is a serious this is a serious rebuke of the president. This is only happened a handful of times before in history only a few presidents have ever been impeached speech by the House. So this is a serious. It'd be a review on his presidency on his record this historic implications. That said he said he is not expected to these expected to be acquitted in the Senate and so moving forward. He is not expected to leave office. And there are. There are pros and cons to this. For both sides. A House members felt a democratic house. Members felt they had to move forward. This that this was needs charged. Were serious that they had to do this. And they certainly were hearing from supporters in parts of the country that this was important. They really cast this as I said of a moral choice that this is something that they've had to do that. This is this is their responsibility. As elected officials on the president's side he has consistently he and his allies have consistently rejected rejected the impeachment process entirely have casted as a witch hunt. They have cast it as a sham and we have seen that among his supporters. I You know that this has been an effective strategy that His campaign says that fundraising has picked up your interest volunteering attendance and his rallies that his base base has really been invigorated by what they see as a partisan effort. Let's turn to trade a lot of news on that front this week earlier we ahead and agreement Democrat signing onto the US MCA deal. which is the rewrite of Nafta between Canada Mexico and the US and today we got news that the US and China have finally sealed a phase one agreement on their trade dispute so progress on both sides? Sounds like a win for president trump. Who has vowed to renegotiate negotiate? US trade agreements with other nations. Absolutely president trump ran on renegotiating NAFTA he ran on taking a new approach to the China. China these are campaign promises that he very badly wanted to show progress on before twenty twenty when we know he'll be seeking reelection. And so yes. These are absolutely important wins for him going into the New Year. But I would also say that you know a lot of Democrats also wanted to reach a agreement on The US MCA and this was a lengthy negotiation. Concessions made on both sides to get there and that one of the calculations on behalf of democratic leadership herships was that while impeachment is underway. It was important for them to show that they were continuing to do their legislative work and that for members particularly securely those representing swing districts Democrats who had You know flipped districts at a previous even help Republicans in two thousand eighteen was very important for them to be able to go back to their districts over the holiday break and be able to show that they were continuing to work on. This is one issue that in a lot of those areas is very important RENEGOTIATING NAFTA was seen as a key priority in manufacturing and agricultural sectors sectors. So that that that has benefits on both sides rides. We also had a bipartisan. Deal on spending this week kind of snuck in there between all the trade and impeachment news. Current funding is set to expire on December number twentieth But if we think back not too long ago we had a government shutdown over funding particularly over funding for the border wall in twenty eighteen. So it seems like any deal before for the the looming deadline is a win. This this sounds like it came through rather quickly compared to that one. Yeah I think that you can cast as a win for all know. Both sides were Refaeli. Open all along that no one really wanted to repeat the shutdown of last year which obviously started before Christmas snuck into the next year was not seen seen as politically advantageous for the president and so there was a lot of effort both from the White House from lawmakers to try and get to a AH agreement that everyone could live with and I think there wasn't a lot of interest in in stretching this into the holidays. Okay so taking a look at all of the week's news overall what can we say about Out The final tally for president trump. How was his week? You know it is hard president. Trump's time in the White House has been sort of marked by a political whiplash. You know we've seen extreme highs extreme lows throughout these nearly three years but even by trump standards this this was a sort of remarkably extreme. Week of contrasts You saw him reach conclusion on a number of long held complicated complicated you know legislative and trade promises between the North American trade deal. Rewrite the China deal oh as well as other issues. We didn't discuss You know something's got into some of the bills that are you know. Events in this week is his goal of a space force so he he scored a lot of things as a huge amount of stuff came together in this week but on the other side of the ledger impeachment moved forward. He is on track to be one of a very small number of presidents who have been impeached by the House and that is a significant historic moment so it is truly a split screen of a stack of winds but one very significant loss Wall Street Journal White House reporter Catherine Lucy joining us from Washington. Shington thank you so much Katharine thank you move and before we go this week tip on Santa and where to find him. It used to be at the mall but with fewer families shopping there Santa has had to meet his customers where they are and that's online line. The denver-based Company talked to Santa has more than three hundred Santas who spent hours chatting with kids by video. Parents can sign up for the service and send through their kids names and wish-lists this season the company says they'll deliver more than ten thousand videos to kids all over the country. The Saint Nick's on talked to Santa Represent just a fraction fraction of the more than five thousand professional Santa's in the United States but the online trend is catching on quickly. They have quadrupled their actors since the service launched five years ago. And that's what's news for this Friday afternoon. I'm Ameri totally for the Wall Street Journal. Thanks for listening.

Coming up next