A long negotiation process theres a lot to break down here and were excited to have Richard Wolfe both of economic up on here to help us cut through the slopes and dig through the details. And while we have seen a breakthrough on the prey front the tension is still present in the tech sector and the race. We take a look at the latest battleground in the fight taking place in the United Kingdom so much to get to and sell a little time lets go. Despite this touted as a quote a landmark signing of phase one between president and vice premier li all the markets are still an interest phase one has pretty much been priced into the market already so if anything additional detail starts to take the steam out of the rally and it came of the surprise that existing u. S. Tariffs on chinese goods will stay in place even appy the deal is signed bloomberg reports that the 2 sides have an understanding that no sooner than 10 months but u. S. Will review the progress and potentially. Additional terrac
Trade arguments and terror threats and the u. S. Investment restrictions will continue throughout 2020 the official text will be released later on to review but there is a nonpublic component of the agreement which is a confidential annex with detailed purchase amounts devils always in the detail as we wait for the documents to be released. I mean this is fascinating seems like its a big win for the Trump Administration but what is china really getting out of actually signing this deal today here in washington exact us ive got a clue what i was getting with the quid pro quo why is china actually getting china is making these huge ad commitments 200000000000 dollars worth in the following 2 years and what is it getting not in return not getting spanked by more terrorist by the u. S. To avoid more punishment by the u. S. How is that exactly fair is not really getting any additional reward in return then why do they sign the deal to do that in order to have a cease fire in order to avoid
And china have their phrase one trade deal but this is just the beginning of was a long negotiation process theres a lot to break down here and were excited to have Richard Wolffe host of economic update on here to help us cut through the smoke and dig through the details. And while we have seen a breakthrough on the trade front the tension is still present in the tech sector and the race but we take a look at the latest battleground in the telecom fight taking place in the United Kingdom so much to get to and so little time lets go. Despite this touted as a quote a landmark signing of phase one between president and vice premier a little the markets are still on enthused phase one has pretty much been priced into the market already so if anything additional detail starts to take the steam out of the rally and it came of the surprise that existing u. S. Tariffs on chinese goods will stay in place even after the deal is signed bloomberg reports that the 2 sides have an understanding tha
After eating sevenmonth lows. Theproducers can halt recent slump. The latest trade data from china. The numbers will show how deeply the trade war is biting. Lets see how things are shaping up for asian markets. The s p went after through the largest recovery since december of 2018, we are seeing some modest gains in asia. Nikkei futures down, seeing the new zealand stocks up 0. 5 this is after new zealand, india, and thailand surprised with Interest Rate cuts. We are watching for a slew of Economic Data the big one is the china trade data, expecting exports and imports to decline. We saw some week pmi data before. Also, philippines Second Quarter gdp data will be coming out, it grew faster in the Second Quarter. Expecting japan currentaccount surplus data, expected to widen. We will also watching for singapore retail sales. Paul lets check in on the first word news. War isescalating trade seen pushing the economy toward a first recession in a decade. Larry summers says the risk in the
on tuesday, representatives of us presidentjoe biden and congressional republicans met again on capitol hill. the two sides have untiljune 1st to come to an agreement on raising the govenrment s borrowing limit, or risk the us not being able to pay its bills. some analysts have warned a default could lead to huge job losses in the us and even a global recession. stocks on wall street finished sharply lower on tuesday. despite this, optimism among leaders remains. negotiations are very hard, very difficult, both sides have to understand they won t get everything they want. we are trying to get to a budget that is reasonable and bipartisan. that democrats and republicans in the house and senate will be able to vote on and agree on. this is the process, that s why we are moving in this way, to make sure it s bipartisan, but also reasonable. that s what you all can look forward to. for the latest on this story, i spoke to cbs news congressional correspondent, nikole killion. has