Truth will always matter, that journalism and journalist will. Im Shepard Smith. Goodbye. Greg wow. Im neil cavuto and like you have a little stunned and a little heartbroken. I dont know what to say. Shepard smith, as i said, just a few days ago on this very network. A decent human being, a heart as big as texas. I didnt say texas at the time. Just lower manhattan. It wow. A better newsman you probably cannot find. Again, a bigger more emotionally connected to humankind, you cannot find. Shepherd, i dont know what the
heck you are planning to do or where you will go but i just know you will be great at doing it and you deserve the best that life has to offer. Im sorry if im a little shellshocked here but im going to miss my buddy. All right. Onto the news at hand as shepard would say because Breaking News does change everything and we have a lot of it going on right now including stocks that are just taking off. Its the word right now, the tentative deal is to leave the dial up about 300 plus planes, although it had been up more than 500 points at one point. The president is in the oval office. He has with the vicepremier of china. He is also with his Treasury Secretary, trade investor, they are all gathered in their taking questions from reporters about all of this on a day where the markets seem to think that a truce is better than nothing and this looks like a substantial truce at that. I want to get to read from john roberts at the white house on all this. John, and publicize of being a little shellshocked. Take it away sir. Ive just been trying to compile my thoughts as well. Neil i walked out did a hit and suddenly got hit by a subway train. Holy mackerel. Lets try to get to the news at hand as i do just news that we just heard. Completely shocking. The president with leo, the chinese vicepremier and the oval office, yesterday the president seemed to indicate things were going well in Terms Of Trade and talks with china. Whether Treasury SecretaryTreasury Secretary mnuchin was in the briefing just a while ago. He was saying that things were looking good and there you see leo coming over from the trade Representative Office to the white house. I asked secretary mnuchin, i said the stock market seems to like what its cheering and he said the stock market is always right. You pointed out the stock market was up about a hundred points higher than it is so maybe they were expecting more than what we
seemed to be staying out of the oval office. Or maybe this is just a temporary expectation. We dont know. But the president did see, as you can hear the helicopters landing behind me, he said we have come to a very substantial phase one deal, the deal was getting ready. Itll take three to five weeks to do. They come to a deal on Intellectual Property which was one of the three big pillars here in terms of getting a new deal with china. They have also come to a new deal on Financial Services as well as currency, china apparently is going to buy some 40 to 50 billion in Agricultural Products which may be either 20 or 30 Million Metric Tons of soybeans, also buying pork. Getting conflicting figures on the number of tons. Not as much of they bought in 2016 but more than they bought in 2017 and 2018. This thing is all just its in the works right now. We will hear more from the president coming out in just a
few minutes from not recording getting handed off to the pool but on the surface at least, this does not look like the grand bargain that the president was looking for initially. He talked and alluded to earlier this week the idea that they might get some sort of a partial deal in place. He said its not his preference but he wants to get a big deal. But china internal has blinked a little bit. They were on the crushing, punishing weight of their sanctions. They have rest stomach asked for it sanctions that were scheduled to go into effect on october 15h which were originally going to be post on october 1st but the president gave pause because of chinas 70th Anniversary. Those tariffs will now and not go into effect on tuesday. We do not know about the other tariffs that are expected to go into play on december but for the moment it looks like the temperature is coming down in this trade war. Its off of a rolling boil. Its now down to a simmer and now it may be getting too cool further from here. We have to wait to hear from the playback to hear what exactly was said in that meeting. Neil thank you very much john roberts. Before i gauge reaction from i guess you are, i can ignore the element in the room and the elephant leaving the room, Shepard Smith leaving the network. Hes one of the originals as im ive had he just didnt age but i did. He didnt get a pound, i gained maybe 5 pounds. Why are you laughing . So im with you, little shellshocked. I apologize if im not my normal cells but lets get reaction. Im just a little bit bummed. All right. Kelly jane torrence, susan leave. Susan, i begin with you. On the markets may be reassessing this trade deal . Its still a very big amount. We have been up over 500 points. What are they sort of turning over . They are turning over the details. The devil is in the details in any agreement and this is a feelgood path because its been that they are looking for but its better than what it was and tariffs dont go up this month, dont go up in december, and you have some sort of agreement. Once again giving more Market Access to Financial Firms and the fact that they are starting with a Better Foundation i think is positive going into the nem here . The oval office and the advice from here, china, so we will get a better idea. An optimistic this is substantial deal and obviously, many were waiting for this, the better part of a year and a half wanted to see
we are headed in the Holiday Season come about the fact that a lot of chinese toys coming to the u. S. But that is something that affects every household. I think the pressure is on to get a deal. We have to keep in mind with the agriculture this is something that if there is relief, they can do it in the farm bill. But i think the politics here are pretty important. Neil just to be clear, i know these are new developments but that tariffs are delayed now and will take effect next tuesday so that stage off would have been higher tariffs on 250 billion of goods. And in december, 350 billion worth of goods. But now, the question becomes the trust to verify the reagan line and whatever china does, we have to have proof. And i guess a means by which we can hold them accountable. What do you think . Well, that is a great point,
neil, im feeling your pain. Many will miss Shepard Smith when hes gone, but the devil is in the details and after that, will those details actually take effect . Remember, we were talking a few weeks ago because donald trump said he is only going to make a big deal with china, in other words, a deal that included Intellectual Property, currency manipulation, all of those things. I started worrying the last week or so, he was backing off of that. We still dont know how big this deal is. He said substantially become apparently, but he also said it was phase one. It is to include Intellectual Property and on manipulation so you are right, these are huge things that china has been reluctant to do anything on. Basically since the communist regime took power and opened up its economy. So i think we do need to verify for sure. And i will say im glad that donald trump is a little anxious
to make a deal, take some heat offer they the impeachment and have people talking about something good especially going into 2020. The trade war is really the only big negative and the economy. I was worried that he would get a quick deal, anything he could get. So im happy to hear it is Intellectual Property that is a part of this. The trade deficit, wed know it doesnt matter much but we know Chinese Companies using American Technology because of Chinese Government has either stolen it or forced American Companies to handed over. Neil all right, guys, i want to thank you and we are waiting for the president , still talking to the oval office about some of the things he is saying, china is responding on a Currency Pack and committed to buying more farm goods. He didnt say how many more farm goods or get back to the levels before we had this Trade War Bubbled up almost a year and a half ago. He talked about the fact that they did discuss hong kong, but great progress is being made in
hong kong and the chinese have toned it down a bit. This would be beneficial to the economy as well. The president saying i think it will be tremendous for china what we have been doing well. And i think we will do better. On top of that, waiting to hear from the president. And we hear fox is still trying to assess One Of The Best and brightest going on to bigger things, happier things, personally more rewarding things. I can only wish Shepard Smith best for the 23 years a quarter of a center we have known each other. It is a pleasure and an honor. We will have more. vo with fair, Transparent Value for every tradein. Enterprise makes it easy. Oh, wow. You two are going to have such a great trip. Thanks to you, we will. This is why voya helps reach todays goals. All while helping you to and through retirement. Can you help with these . Were more of the plan, invest and protect kind of help. Voya. Helping you to and through retirement. I cantwhat . Ve it. That our new house is haunted by Casper The Friendly Ghost . Hey jill hey kurt movies . Ill get snacks no, i cant believe how easy it was to save hundreds of dollars on our Car Insurance with geico. I got snacks ohhh, i got popcorn, i got caramel corn, i got kettle corn. Am i chewing too loud . Believe it geico could save you fifteen percent or more on Car Insurance. Neil a couple of things on capitol hill today on impeachment problem. In the middle of that, mike. Neil, good afternoon former ambassador marie is eager to talk to, and arrived on capitol hill six hours ago, Career Diplomat spending 33 year in Foreign Service and her
opening statement obtained by fox news, Marie Yovanovitch said i was incredulous that the u. S. Government chose to remove an investor as best as i can tell on unfounded and false claims by people who clearly with questionable motives. Earlier house intelligence said she was biased against President Trump. This was somebody not just supporting clintons when clintons running, but telling clinton was going to win, prognosticating about it but also wants to trump one was badmouthing the Trump Administration in ukraine to ukrainians and State Department staff. So shes got a lot to answer for. We are looking forward to questioning her this morning. Also today u. S. Appeals record court for the financial records and the president s team trying to block the Accounting Firm to hand over the situation the information. 21 and d. C. Saying it is a victory for the democracy. As the Courts Reaffirm Congress Authority and responsibility with oversight and consider legislation on behalf of the american people. Pelosi said congress will continue to protect our democracy, neil. Neil thank you very much. So where does this go right now, the president could take this all the way to the Supreme Court of the United States. Joining us now the former prosecutor professor lowell at quinnipiac. What do you think . Where does this go . Well, i think the president is in trouble. This decision, judge, this is Court Appeals for washington, d. C. , the d. C. Circle. The same court found in the Watergate Hearings the Senate Committee investigating the watergate could not enforce a very similar kind of subpoena. However, they did say that the House Of Representatives is now investigating the president for wrongdoing and its cold impeachment. I think what happens with this, neil, nancy pelosi prompts the house to take an official vote to empower the judiciary and
officially investigate for impeachment. If a subpoena it would get enforced and he would have to turn his records over and you and i talked about before its all about the Southern District and never about mueller. To be when saying everyone with the Mueller Probe he had so much more to worry about. The former governor of new jersey agreed with you in the Southern District probe. The Southern District once the stuff, right, the Southern District, backandforth, get stop. Are you saying that if you have a formal probe or inquiry launched by the house, this supersedes them and they have to hand these over to the House Committee . I think right here, it came out today, and i think the dissent has it right. Which is, legislature has the power to issue a subpoena for the purpose of furthering the legislative function to create laws. So we have the power to issue subpoenas, however, this court said over 20 years ago, my
decade is wrong, and the context of Potential Wrongdoing by the president. If you want to look into that commit is the house as responsibility and it has to be within the context of impeachment. In that case my think what happens if they are mack is the Judiciary Committee offers the s enforce but this case going to the Supreme Court has to take i, and its going to be another monumental neil why do they need the tax records again . Essentially it was to cross reference payments made and the white house said it was a very spacious argument. That is exactly right. How does this further the legislative function and the judge and his dissent, that is the question he asked. I think that is the right question by the way. If this goes on appeal to the Supreme Court, my sense the dynamics of the court today, the court asked the same question and it comes out the same way. Neil which is what . There is no legislative function here. Neil but different with impeachment. Now come at the same time i would not be surprised if they say look, the wrong committee issued the subpoena so lets assume the judiciary and the context of impeachment investigation tomorrow issue the same subpoena. I could see the court saying the first one was wrong. The first one that got upheld here, but the one that got subsequently issued by the judiciary, they will uphold that one and he will have to turn over his records. That is where going back five months ago and we talked about this with governor christie, i think there is enough of a danger they are mack. The other thing i will say, what is going on with the indictments against the two associates of rudy giuliani, there is practice, folks who know how to manage the rules of impeachment. But the senate needs to go on defensive here. I dont know that his legal team neil you mention going on defensive, we have from the white house, this tape to wrap up speaking with reporters. He has argued that hes not going to cooperate with the second. If they call if nancy pelosi calls for that, does that change things . Look my think he will end up handing over the documents. Neil the tax documents, well, that gets leaked out. Lets go to another segment. Hes getting impeached. There is no two ways about it. Neil in the house. Then it will go over to the senate. Ceremonially they will walk them over and then the senator will try him as chief justice. Neil but you need twothirds. When he twothirds and you and i had this conversation, trump was more like clinton then nixon. Nixon really faced criminal charges and the threat of going to jail. That was not clinton, he was never going to jail. Trump, when we talk nine months ago i said hes more clinton
then nixon. As we sit here today he somewhere in between and moving more towards nixon. That is where his record that came out of Michael Cohens office and everyone in the Southern District, that is what he needs to worry about, real criminal exposure. Which then the other side incredible leverage and that is where he becomes more like nixon then clinton. Neil the eight years in question, obviously, that is what they are looking for in that time frame. Okay. So who knows whats in there. Neil john, you pressed in on a lot of stuff but again i remember coming and adjusting the Focus On The Mueller Stuff but focus on what is happening in the Southern District of new york. That is coming true and a nightmare for the president. He just wrapped up speaking with reporters a while ago to talk up a trade deal in hopes no doubt people will focus on and not so much as impeachment development. President trump there is nothing bigger than what we are doing with china. I think it is important these
are the questions that are asked. And generally, we have the premier of china, one of the most respected men in all of china in the world for all that matter. We have Great Respect for him and a great friendship with him. And we have come to a very substantial phase 1 deal and i will go through some of the points. And then i will ask the vicepremier to say a few words. In any comments that he may have. We have come to a deal pretty much subject to getting it written. It will take probably three weeks, four weeks, or five weeks as you know we will be in chile together at the big summit. And maybe it will be then or maybe it will be sometime around then. But weve come to a deal on Intellectual Property. Financial services, a tremendous deal for the farmers, a purchase
of 40 billion to 50 billion of Agricultural Products. Just to show you how big that is, that would be 2. 5, three times what china purchased at its highest point so far. So they will purchase 16 or 17 billion at the highest point, and that will be brought up to 40 billion to 50 billion so i suggest the farmers go immediately by more land and get bigger tractors. They will be available at john deere and other great distributors. But we will take the purchase of Agricultural Products from 40 billion to 50 billion meaning in that neighborhood 40 billion to 50 billion and i believe what they have been doing is about 8 million right now. And so the other thing that i will say, over the last two weeks, a lot of purchases have
started going back to the farmers. And doing a lot of business with us which we appreciate very much. But it really started a few weeks ago. But they intend to go up ultimately once the agreement is signed from 40 billion to 50 billion. Really, that was from a base of probably 16 billion and right now, it is 8 billion and the 8 billion was lower than 8 billion. They got up to 8 billion because they were purchasing quite a bit the last week. So we also have the agricultural structural issues. We have some incredible progress on the structure and structural issues. And perhaps, you could discuss that on agricultural and explained the importance of the structural issues that we have saw. I would say probably as important as the purchases is the fact we have corrected a variety of spf sanitary files,
sanitary issues corrected, biotechnology used, and it will be much easier now for American Farmers to be able to ship to china. We have made some corrections on our side too that will help the chinese side. President trump and that has been completed pretty much done. That is correct. President trump and other big issue have come to conclusion on is currency, Foreign Exchange and steve, do you want to explain that please . Weve had good discussions with the governor, of china, the central bank. We have also had extensive discussions on Financial Services opening up their markets to our Financial Services firm. So we have pretty much almost a complete agreement on both of those issues. As you know, mr. President , currency has been a big concern of years since the campaign. And we have an agreement,
transparency into the Foreign Exchange markets and free markets. We are very pleased with that. President trump weve also made Good Progress on Technology Transfer. And we will put some of Technology Transfer in phase 1. Phase 2 will start negotiations almost immediately after we have concluded phase 1. And i think phase 1 should happen pretty quickly. So Intellectual Property, we have an agreement on Intellectual Property. Financial services, the banks and all of the Financial Services companies will be very, very happy with what we have been able to get. I think johnny is going to be happy china is going to be happy because they will be served by these Institutions Tht Go into china. It will be a tremendous thing for banks and for Financial Service companies. Agricultural, structural issues, tremendous for the farmers as steve said, that is almost as
good as which i disagree with him on that but almost as good as going from A Billion Dollars and ten to 16 billion, which was their alltime high at 240 billion to 50 billion so we will be up to 40 to 50 billion of agricultural purchases, which means the farmers are going to have to work a lot of overtime to produce that much. That is the largest order in the history of agricultural by far by two and a half times. In technology will have some Technology Transfer in the agreement. But Technology Transfer will largely be done here and also in phase 2. So we are going to start negotiating phase 2 after phase 1 is completed and signed. And then there may be a phase 3 where we may get it done in phase 2, so either two or three phases. We are very happy and we have Great Respect for china and
president xi. And i want to tell you that i watched the 70th Anniversary in great detail. It was an incredible event. Congratulations on the 70th, everyone, that was really something. It was amazing to watch. He has done a terrific job in all of my team has done a fantastic job. And i just want to thank you for being here with your team. You are a tough negotiator, congratulations. It is something that we realized from the beginning. Important not only for china but the u. S. And the world. And every time there is adue, tn incredible. Every time the market is good news, the market would go up incredibly. And then other news that was very big, the market just didnt really care. Just seem to care about the deal with the usa and china. And that is okay with me. So we have had a tremendous relay, negotiation, very complex negotiation. But something thats going to be great for both countries. Mr. Vice premier, would you like to Say Something . First on behalf of the Chinese Government we would like to extend our thanks to President Trump for your congratulatory message to the 70th Anniversary of the founding of the peoples republic of china. [speaking in native language]
we very much agreed to get to the china u. S. Economic relationship right, it is something good for china or for the United States and for the whole world. We are making progress towards a positive direction. [speaking in native language] within a day, i have had very good communication with both ambassador light kaiser and senator manoj him. And mr. President , we have made substantial progress in many fields. We are very happy about it. We will continue to make efforts. And thank you for this opportunity for me and all of my
colleagues. President trump thank you very much. It is a great honor. I think that the currency Foreign Exchange agreement that we made where we made tremendous benefit both in terms of the magnitude of it and the simplicity of what we are able to do. So make a very complicated process much simpler and that in and of itself, i see something we have been looking for. Yes, chris. President trump thank you very much, can i see that . Thank you very much. Yes, yes, this is for guys like john who are not good with chinese. We will have that magnified so fast, your head will spin. Well, a tremendous message and thank you very much. And i have read this and i appreciate it very much. This is from president xi. And we knew that we were going to have a very successful phase 1. It took us a long time to get here, but it is something that is going to be great for china and great for the usa. We appreciate it very much. Please congratulate president xi. Thank you very much. Thank you. President trump please. The the vicepremier has
requested and the president approved while going through the process of documenting, we will not implement increase of tariffs scheduled to go in place 25 to 30 . That is correct. That is correct. President trump including the other ones. On behalf of i think we are very close. I think this is an important phase and a lot of things, the agriculture will be completed because when we bring it up to 50 billion, a project that will be the number. I dont know that, there is a question whether the farmers can produce that much. I think they can, but they are literally. I said it jokingly but i mean it, they have to buy more land. Which is okay. It would be a good time to own land in iowa, nebraska and a lot of other good states. They are very happy about it. But we are taking it from
8 million which it is now and it was about 2 billion to 3 billion, but if you take the highest that it ever was was 16 billion, and we are bringing that t to 250 billion, so from 16 billion to 15 billion so anywhere between 40 billion to 50 billion. They actually started purchasing a lot from the farmers. We just got messages from the midwest. The 20 billion. , 20 million tons. Tremendous amount of soybeans. That was over the last couple of weeks. We got word of, you know, we notice it quickly because you see the price go up a little bit. It is incredible the way the market works. Yes. [inaudible]
President Trump that is right. We are working enforcement right now. That is largely agreed to and that is one of the things. We have an enforcement provision. And they are working out the final aspects of that Enforcement Position and i think that is something, bob, you wanted to Say Something about that . So we are going to have a very elaborate confrontation consultation and various areas of difficulties to be resolved,h parties have allocated and assigned various people with a structure under it. And we are down to the final details of what will happen if there is not a resolution. That is kind of the final issue we are putting together. But both sides agreed, absolutely have to have it. A workable dispute settlement mechanism. We are very close to that. The u. S. china relations
right now, what kind of u. S. U. S. China Be Working At . I think it is great. The relationship may be better than its ever been. We are very tough with negotiation and never been in negotiation like this but i give china tremendous credit because for 25 or 30 years, they have done very well with the u. S. And now, we are doing something jointly. We are doing it in a fair manner. I give china credit what they have done over the last 30 years. Tremendous credit, i dont blame china but the people representing the country. Now, we have a deal and ultimately, i think it will be fantastic for china and fantastic for the United States. Could you clarify if this is an actual deal or progress towards a deal . President trump it is subject to everything getting paper. We have agreed in principle to
just about everything i mentioned, all of the differences and now we are getting it paper to. I dont think it should be a problem getting it papered. China wants it badly and so we wanted also. We should be able to get that done over the next four weeks. We are going to be in chilly in five weeks so we will see in terms of signing when it happens. We will do a formal signing with president xi myself, but this is just something that is very exciting. Im very excited, actually, we cover more territory with agriculture. Im very excited for the farmer. Theres never been a deal for this magnitude for the american farmer. President trump bob you were talking about it . Im sorry the question is in this agreement, we are not dealing specifically with wall way, it is a separate process. Hunter biden spew to where is hunter, by the way . We are going to discuss where is hunter because i will stop at the helicopter, but right now, in respect to china and we will only ask questions [inaudible] President Trump i have not brought up joe biden. China can do whatever they want with respect to the bidens. And china can do whatever they want with respect and they have 1 billion going to somebody, that is up to china. But we do have to look into corruption but no, that has not been brought up. A deal over the next three, four, five weeks wont fall apart. President trump anything can happen. That can happen, but i dont
think it will. We know each other pretty well. We have negotiated this for a long time. There is a possibility, of course, on unable to get paper to. But ive been doing this for a long time. The vicepremier has been doing it for a long time. Many other deals for many, many other years for both of us. His people are very professionals, great professionals, and so am i. The likelihood of it falling apart is not so good. What do you think, steve, what would you say . We have a fundamental understanding on the key issues. We have gone through significant amount of paper, but there is more work to do. We will not sign an agreement unless we get and can tell the president that this is on paper. I know the vicepremier needs to go back to do some work with his team, but we have made a lot of progress the last two days. President trump and most of this is known by the people in china by president xi. He has been following it
closely. Mr. President , you have been working together over a year and a half. Can you comment on the progress in the middle east . President trump are you from china . Yes. President trump the people of china have to be very proud of your team. They are unrelenting. I say that in a positive way. They are unrelenting. They are tough, they are smart, and they have negotiated a great deal. But i think the people of china should be very proud of this team, starting with the vicepremier, a very good man. Weve gotten to know each other well. And everybody on my team respects your team. So i think they have handled themselves incredibly well. Mr. President President Trump they increase from 25 to 30 , that will be suspended. We will be paying 25 , but not increasing to 30 . And then you might want to mention the additional the additional tariffs, the second half, that is scheduled to go into effect december 15. And the president has not made a final decision on that, but there was plenty of time to make that decision. That is certainly part of this process with the chinese. We are working our way through it. So the first one has been suspended. The second one is subject to the president making a final decision, but the way that this works out, that will be well in advance of that day. [inaudible] President Trump students . No, no, no, no. We are going to be very good to chinese students. Nope, ive heard this question many times before, including from our own security people. We want all the people that want
to come over from china, the greatest University System in the world. We keep it that way. One of the reasons, a lot of students from china. We are not going to make it tough. We are going to make it great for everybody else. Mr. President President Trump i think that is important. I think, steve, it is very important. Our universities are available. The world comes into use our universities. We have the greatest system in the world. And china will not be treated any differently. I think it is important for you to say that to the people of china. Our system is open. People get in based on merit. We have incredible talent coming in from china. They occupy a big space in the universities. And we want to keep it that way, okay . There was a false rumors going around that we were going to close, disclose just close to china and that is so false. I have already exchanged an opinion. Mr. President , i think you have been clear in your directive all along through Trade Negotiations in your view on universities. We will followup. President trump i can give them my word that i want him coming here. Want the greatest talent in the world coming to the universities, harvard, yale, princeton, the school of finance, stanford from all of these great schools. We want them coming here. And that is what we have. That is one of the reasons we have this great system. There have been discussions about that but not by me. I want you to know why end those discussions quickly. Mr. President , extending we will be making a decision
on that and evaluating although i would comment assuming we close the agreement and we have the assurances, that will be a big step in the right direction for our evaluation. Mr. President , [inaudible] President Trump we do, we do a lot of business with Chinese Companies. We have two be with Certain Companies careful and we have to pay very close attention. But tremendous business with chinese and chinese businesses. It has tailed off. We have tailed it off and we purposely tailed it off, but that will Start Building up quickly again. We expect that to build up to a much bigger extent than even before. When you talk about a strained deal with china, President Trump this is phase 1 and thats a big part of it. The farmers, the Intellectual Property, a lot of areas are
covered here. Frankly, in great shape, Intellectual Property, Financial Services will be a massive move to the banks and Credit Card Companies and all of these companies, including ownership interests. Before, you had to do certain things that made it difficult for banks and institutions to really go into china. China has really been opened up now for the first time to Financial Services into the big banks and Credit Card Companies and other types of Financial Services. So that is a tremendous thing. I think we have complete agreement on that. Intellectual property come a lot of agreement, but we will have some of that included in phase 2. Agricultural should be done. And signed a big deal with japan. That was a very big deal. A lot of that had to do with agricultural. So the farmers are doing well. Currency, Foreign Exchange, we are set on that. That weve been able to do and only through simplification but the importance of it, it is very important. Technology transfer. So we will have some Technology Transfer here. Some will be in days too. We will be able to include with phase 2 but it may be phase 2, phase three. What about a phase 1 . You said earlier this week you wanted one big deal. President trump because it is such a big deal. And it covers so much territory. That doing it in sections and phases, i think, is really better. And we are talking about very big. Dont forget, we covered fully agricultural even in terms of Agricultural Structure issues. In terms of 50 billion of agriculture so that will be covered in its entirety. Currency, Foreign Exchange will be covered in entirety. Financial services, i think will be covered in its entirety. So the banks and lending institutions, all institutions are covered. Some of Technology Transfer, large part of Intellectual Property will be covered. So i think it actually works out to be a unique package. And we can focus on phase 2. [inaudible] President Trump whatever it is. [inaudible] President Trump only good things and bad things. I think we have a lot of good things right now. [inaudible] President Trump what we are doing, we will start you on right away to get this papered right now. It is already partially papered. Much of this has already been completed from the standpoint of paper. But we think it will take four weeks, five weeks, Something Like that. We happen to be together in chile and that can be a point or maybe not. President xi will be there and i will be there at the big summit. In the oval office, you said you are about four weeks away. [inaudible] President Trump i think we got to know each other a lot better. Theres been a lot of back and forth since that happened. We thought we had a deal and perhaps they didnt. But it didnt work out that way. This deal is a bigger deal than the last deal, relatively speaking. We are talking about big parts of it, Financial Services and agricultural. When we talk about 50 billion in agriculture, we never had that in mind in the first year. We were thinking about 20 billion come anywhere from 16 billion to 20 billion but now we are talking about 50 billion. So this is actually a much bigger deal. A big chunk of it but a much bigger deal than we had in mind. Certainly in terms of, i would say, steve, Financial Services is bigger and more complete. Intellectual property will be in
both phases of the deal. Are including it in this deal. Because a lot of things have happened over the course of the last year. So i think this is actually, when you add it up, a more important deal, a bigger deal and more precise. The currency President Trump the currency Foreign Exchange is included. The foreignexchange aspect of it is much more complete now than it would have been under the other system. Dont forget come a lot of things have happened with currency and Foreign Exchange. We were not talking about a year ago. From china. When and where . President trump we will find that out. That will be up to the vicepremier and president xi. So we will find that out. [inaudible]
President Trump the United States has been doing very well. China might think, this will be tremendously positive. This is going to be tremendous thing for china. We have been doing well, and i think we will do better. We have been doing very well. We have been leading the world in many aspects of what we are talking about. I think we will do even better, and i think china will do tremendously well with this. This is a great deal for china and a great deal for us. Is that annual or will it rise, that figure . President trump do you want to define that . It will scale up to an annual figure, yes. Within the second year. President trump less than two years. Hong kong President Trump we discussed hong kong and progress has been made by china and hong kong. Ive been watching, and i actually told the vicepremier, it has toned down a lot from the initial days of a number of months ago when i saw a lot of people and i see far fewer now. We were discussing it. And i think that is going to take care of it so. I think this too was a great deal for the people of hong kong to see what happened. I think this is a very positive thing for hong kong, but it really has come at the escalation really has deescalated a lot from the beginning. And we were discussing that. The Chinese CompanyPresident Trump we will look at the black list, and we will be making a determination which companies would be on that list. [inaudible] President Trump yeah, i do, i do. I think the Federal Reserve should cut rates regardless of
this deal. We are higher than other nations. Germany is loaning money and has to be paid back, they get paid, okay . It is ridiculous. And i think the Federal Reserve should cut rates regardless of how good this is. We have a great economy, but we have a Federal Reserve that is not in step with the rest of the world. So i think they ought to get in step. And if they were in step, regardless of the china deal, the china deal is much more important than the interest rates, but this has to do with more than trade. This has to do with world peace. This has to do with getting along. This has to do with the rest of the world. This is not just a deal on trade. This has to deal with a lot of friction and bad things happening in the world. So this is far more important than the Federal Reserve and interest rates. But the Federal Reserve should cut interest rates, absolutely. In the process for the ability President Trump i think it
is help me because yesterday the biggest crowd, we broke a stadium record. We broke the record in minnesota. Nobody has ever seen anything like that. You saw it and you understand it too. My poll numbers are going way up. The impeachment is a hoax. We didnt discuss it, but i will tell you, it is a hoax done by people who are losing. They want to try to use it on the election. I dont think it will happen and i dont think china believes it will happen because if they did, they would rather deal with a sleepy joe biden. Hes not going to make it anyway but whoever does emerge from the other side, probably they would be better off waiting. But they also know that when i win, the deal gets even tougher. It gets even tougher. They expect that i will win. Otherwise they would not sign a deal. It is very simple. Mr. President , do you like
terrace . President trump i do like tariffs. [inaudible] President Trump we will have a deal that is a great deal beyond tariffs. It is an important deal for china and an important deal for the world and an important deal for the United States. This is a deal beyond tariffs. I really mean that. I think that world peace. There was a lot of friction between the United States and china. And now, it is a love fest. That is a good thing. That is good for china, and it is good for us but its good for the world. The vicepremier said the same thing. He said it better than anybody could have said. He said this is a great thing for the world. He didnt say china or us, he said its a great thing for the world. Hes absolutely right. Perhaps you would like to comment. The whole world is watching. President trump the whole world is watching. It is amazing. But we want to provide peace and prosperity for the whole world. It is very, very much peace and prosperity. President trump its beyond the trade deal. Rhetoric was getting tough, and we have ships and they have ships and we have planes and they have planes. You know, bad things can happen. Stupid things can happen, but this is a great, a great thing that is taking place. We have a very good bonding relationship. And i have very little doubt that we will be able to get this thing finalized. It is not overly complex. Then they will start phase 2. But this is important for a lot of reasons. Thank you very much. I hear a helicopter. I hear a helicopter. Im going down to louisiana. They have a soldout crowd in louisiana and hopefully, the governor of louisiana is not
doing a very good job in louisiana. Hopefully, he will get the 50 of runoff. Have a nice new republican governor of louisiana. And i hope a lot of you will join us. Are you joining us, john . Did you watch last night . Did you enjoy it . It was good to watch. President trump a lot of people enjoyed it, john. Have a good time, everyone. They cothank you. Thank you very much. Thank you. President trump we will talk about that later. The president is leaving now. Thank you. Thank you, press, speech to the president has made it clear. We have the g. O. P. Strategist, and at democratic strategist. This idea that its going to be a trust but verify thing to use
line from ronald reagan. If they do, its a big deal, isnt it . Markets have obviously rallied as a result of the framework of the deal. The deal itself as prompt described isnt a terrible deal. But the only reason why trump needed the installation of the first place was because of the threat he posted on twitter a couple weeks ago. The key here will be trump is not putting his foot in his mouth virtually on the internet and blowing up negotiations as they committed into writing. It could prove to be a major victory for the Trump Administration of amanda manifest itself we do it depends on what the chinese do. Working with u. S. Companies. Charged with stealing information. Thats the detailed part of it. Lauren, how do you think it goes . I think we are going to have
to wait and see how much is put on paper, what the actual agreement looks like once its finalized. I agree i think its a really good first step. Trump, with the threat of the additional 5 on tariffs, it was a good pause. They made china blink a little bit to make progress in the Trade Negotiations. I was surprised to hear trump insinuates that could have been planes and ships and other things, insinuating there mightve been some escalation militarily if this had not gone through. I think it mightve been a stretch. Neil scared me a little bit. Just wondering, the president was hoping this would take attention away. Its an achievement if it comes to pass but the Impeachment Bugs are still crawling around in here. The pursuit of his tax records and other testifying whether the president wants them to or not. You have these concurrent crises. I dont think this will totally take the limelight off the impeachment and all the other crises he has going on. In many ways its an accomplishment for the president may be where we are not quite there yet obviously and theres a lot that can happen the next several weeks. Depending on the president s actions. I think he saw the crisis he created by Creating The Chain Te war with china. On the flip side, the democrats say we can move forward with an Impeachment Inquiry and still get things done. Its good it. Its good to see we are still moving forward with an important negotiation of the china and other important policies that impact our economy at home. Neil all this other noise around the Impeachment Stuff and everything else, we have a guest here saying at least in the house it looks like he could still be impeached. It might not go anywhere in the senate but its interesting how
this could all capitol hill with Landmark Trade deals to hear the President Elect and democrats Landmark Impeachment moves. Yeah. I totally agree. Its really interesting to see how this is all going on, not just with trade deals. You have Impeachment Stuff happening but there is significant back channeling with the white house and an earnest way with the democrats in the house on drug pricing. I think they have shown a willingness to Work Together but you never know. When the Impeachment Stuff comes to a head, he is the decider. There are conversations going on the number of different issues between staff at least. Neil i want to thank you all very, very much. Of final few words if i made the last 30 seconds. My friend and colleague of some 23 years, Shepard Smith, leaving this network. He defined this network in the early days. Reporting is secondtonone and
a journalist who always tried to get the story right and hold truth to power. Theres always the back and forth between those conservatives do get upset, liberals who want to know more. We politicize everything. I can only talk from the human being perspective. Damn good one. We will miss you. Here is the five. Jesse im Jesse Watters with kd, juan, dana, greg. Its 5 00 in New York City and this is the five. President trump unleashing on democrats and pummeling joe biden during a Fiery Campaign rally. It was his first since the democrats launch their inquiry. The president wasted no time going on the attack. President trump democrats are on a crusade to destroy our democracy. Thats whats happening. The wretched washington swamp