Agreement ratified House Speaker nancy pelosi announced the agreement Tuesday Morning calling it a victory for American Workers listen. This is a day weve all been working to and working for on the patch to yes we were in range for elia but until we could cross a certain threshold of enforcement for our workers rights floor and environment and point of view drug issues as you know they learned the areas that we had played out there. Well so heres the problem though everybody on capitol hill is patting themselves on the back for this historic incredible deeply meaningful trade deal that will impact workers in such a positive way but can we just tell the truth here because politics aside the u. S. Embassy a isnt a great trade deal its in fact only a little bit better than nafta so lets go back over here to the wall where we can break down exactly what is different about this particular deal compared to the original nafta. Because remember President Trump campaign that nafta was the worst trade deal in history and the us in ca is the best there are 2 major components to the us in ca that supposedly make it a better deal than nafta the 1st is labor standards so here is how democratic congressman Richard Meale the chairman of the house ways and Means Committee put it. But this is more than a triumph for organized labor its a triumph for workers everywhere across america in terms of the working Group Members i want to say that they strengthen the labor standards a strength of the environmental chapters the enhance the verification mechanisms for environmental trade. All right so what is significant about the labor part of the deal wall mung other things this agreement requires that 75 percent of automobile components be manufactured in the United States canada and mexico in order to avoid tariffs that number though was under nafta it was only 62. 5 percent so its really not much of a change the u. S. In ca also requires that 40 to 45 percent of automobile parts be made by workers who earn at least 16. 00 an hour by 2023 and by the way mexico has agreed to allow arbitration over labor disputes which is certainly a positive for workers in mexico but it doesnt really affect American Workers again congressman neil. Young fletching leadership of the speaker we also shoot your important changes in us from ca to preserve congresss ability to change your last law to address the crisis we are facing with respect to high Prescription Drug prices ok so what are they talking about here well the other big issue with the u. S. In ca was that it rigidly as it was written would have extended patents on biologic drugs to a 12 year patent protected across north america that would have been bad for mexico and canada which dont have such long patent protections on drugs and therefore both countries have many more generic drugs than the us right but the u. S. In ca doesnt do anything to help us drug prices because it only preserves congresss ability to change the 12 year patent period in the u. S. And there is currently no effort to actually change that in place a question of course and that this. Is much better than nasha. In terms of here it is infinitely better than what was initially a pope proposed by me and then its changed. Yeah but ultimately thats not true nancy pelosi and House Democrats have not given us a significantly better deal than nafta and President Trump hasnt either and heres the most important reason why because nafta decimated the Manufacturing Industry in the United States according to commerce secretary wilbur ross the us in ca get this is expected to create 176000 new jobs with a possible possible 589000 new jobs created over the next 5 years compare that with nafta which according to the bureau of labor and statistics cost 4500000. 00 u. S. Manufacturing jobs the reality here the u. S. In ca is not bringing those jobs back its not going to bring manufacturing back to the United States its not going to mean more money for American Workers and brant its not going to mean lower Prescription Drug prices for American Consumers period and meanwhile with all these trade disputes between the u. S. And north america and the u. S. And the e. U. And the u. S. And china for that matter a huge impact has been made on the World Trade Organization the w t o has now lost its ability to intervene in trade wars that is because for 2 years the Trump Administration has blocked appointments to the w t o as appellate body which acts as the Supreme Court for International Trade to have 3 members have accepted and now the deputy o. Is unable to issue rulings. And that also includes by the way negotiations with china over Soybean Production and purchases its a major part of the u. S. Trying to trade negotiation and its been over how many soybeans china is going to purchase from u. S. Farmers and while that this feud has been underway though brazil has been racing ahead of the u. S. As the Worlds Largest soybean producer the latin American Country will for the 1st time ever in early 2020 get this over take the United States as the largest soybean producer President Trump has threatened to impose tariffs on steel and aluminum from brazil and argentina in response to. What he called weakness in their currencies which he says is quote not good for our farmers argentina is the 3rd biggest soybean producer in the world. And the United StatesLabor Department reported tuesday that worker productivity in the 3rd quarter of this year fell by the largest amount since 2015 now the government says nonfarm productivity the metric of hourly output poor worker decreased at 8. 2 percent year over year rate in the last quarter now from 2007 to 2018 productivity increased by an average annual rate of 1. 3 percent which is much below the average annual rate of 2 point one percent which we saw from 1047. 00 all the way to 2018 now the Labor Department added that american g. D. P. Grew in the 3rd quarter and a 2 point one percent rate revised up from the initial estimates of 1. 9 percent i. I. And meanwhile looking at Economic Growth the u. K. s office of National Statistics is reporting great britains economy has grown at its weakest pace since 2009 the u. K. Economy showed no growth in the month of october after declining in august and september and the Services Sector which generally accounts for the majority of the countrys economy only grew by point 2 percent in october while construction output fell by 2. 3 percent Gross Domestic Product in the u. K. Was up just a point 7 percent year over year for the month which was the slowest annual rate growth in 7 years now there are plenty of factors at play here so lets get right to an expert hillary or switch board member of the British AmericanBusiness Association joins us in studio always great to see you hilary and i mean when you hear these numbers about whats happening in the u. K. Economy i mean what is affecting this growth that is the slowest since 2009 well couple of fact that brehm one you mentioned the construction down actually it was one of the wettest. As its called autumn in england. Thats. Exceptionally said it was one of the worst is one that really did impede construction i think what youve also seen is a lot of stockpiling leading up to all the political uncertainties of course impending election coming up so i think theres been a lot of stock piling that has also slowed things down i will say though that the pound has hit an 8 month high the guardian i mean it was reported yesterday i think it came out was 131. 00 on the b. B. C. Has said that employment is at the highest rate its been in over a year so i think you seen some kind of conflict in fact is there i think what it is is that the u. K. Next to the u. S. Is one of the Largest Global trading nations and this is also related to a lot of whats happening in the globe which is the global slowdown so if there was a resolution to the u. S. Try to trade war and all of the trade wars that are growing we might see a bump in the economy in the u. K. I think you will in lots of places also yes because the worst thing to business always is on certainty as soon as a certainty businesses plan around it they invest more they produce more and they can plan yes lets talk about this report that came out monday that germanys industrial sector dropped more than 5 percent in october it seems like its been trending this way its the worst rate since 2009 and again were watching this trend take place were seeing the worst Economic Growth since the last global recession what does this tell us about the european economy maybe more specifically though i weve talked about this before the German Economy they have some real challenges when it comes to the industrial sector they absolutely do and youre right it was bad enough september as it was worse in october i think what was actually the most scary of concern for the european economy is that germany is sort of the bellwether of europe so if production is down in germany is a bellwether of whats going to happen across the entire you and i think again is to brents point that he just mentioned i think a lot of it is due to global uncertainty i think there has to be investment that has to be the production and certainly trade negotiations and particular of course everything thats happening with the e. U. In the u. K. That has impeded german production particularly because the germans so wanted 7 calls goes into the u. K. And germany to do. That and you did mention that theyre kind of a bellwether is part of the reason that there are a bill whether because germany doesnt prop up its economy the way that some of the other absolutely yes. Or no sticking in the e. U. In another strong accounting for that you in france weve seen 800000 protesters have taken to the streets on the changes occur countrys current Retirement Systems demonstrators are made up of Union Activists there were airport workers join them on tuesday as well the teachers. As you can imagine this record as you can imagine the scars a lot of what is going on here in france what do we need to know about this with a couple of things actually i mean the worst thing is if you know obviously everyone is being towed schools are being closed the restaurants are being closed when the restaurants close in france thats when you know its going to talk about the rate and the number where the restaurants close its really bad what this all goes back to 1905 when Jacques Chirac failed to secure the whole painting for the pension plan so you think about the pension in france pensions in france thought were instituted in 19561956 the Life Expectancy expectancy was 50 to 60 years old its 82 years old now the failure of european nations and weve had this across the world i mean weve had riots in russia and in the u. S. Has been talk about the pension issues that we have here on the funded is that what should have happened is when pensions were instituted they should have been indexed to Life Expectancy then we would have no problem i mean you wouldnt have riots and people said ok well babys life well that will be you know working and do your baby will be working until theyre 70 or 80 nobody writing about what their babies had to do theyre writing about themselves now or in them in the near future so the underpinning of the problems in france is the failure to index Life Expectancy to pensions and People Living the pensions you were supposed to have a pension for a couple of years after you were taught and states can revive that we simply cant provide across the world for 2030 years on pensions and we could do a whole show about both sides of that argument for sure but right now were out of time which board member of the. British American Business association thank you so much for joining us today. Well japan is getting pressure from the Trump Administration to choose a u. S. Defense contractor to replace its f 2 fighter jets tokyo has been considering British Company which is currently developing a 6 generation tempest Stealth Fighter the current f. Twos will be retired around 2035 which means the plans for their replacements begin next year tens of billions of dollars will be spent on this project which is why the Trump Administration is now attempting to apply pressure to japan to push them to send that contract to a u. S. Company in july the u. S. Said it would request a 4 fold increase to 8000000000. 00 from the allies renegotiated the special measures agreement that determines how much they pay toward maintaining their alliance President Trump has made japan nervous by threatening to withdraw troops unless tokyo pays more but he has also simultaneously touted japanese purchases of u. S. Weapons in his meetings with the Prime Minister of japan the us has proposed jointly developing a fighter get this based on the f. 35. 00 an f. 22. 00 but they would also limit the Japanese Technology resulting in a black box fighter with no access to the source code required for independent upgrades and thats something that many japanese lawmakers say is essential for japans sovereignty. Its time now for a quick break but hang here because when we return banks across the e. U. Are laying off employees as other banks are merging to keep up with the proliferation of Online Banking what does the future look like for the Banking Sector r t correspondent atocha sweet and Public Citizen bartlett nailers will break it down for us after the break and as we go to break here are your numbers at the close. Facebook and google started with a great idea and great ideals unfortunately it was also a very dark side. They are constructing a profile of you and that profile is real its detailed and it never goes away turns out that google is manipulating your opinions from the very 1st character that you type into the search bar it will always favor one dog food over another one comparative Shopping Service over another and one candidate over another they can suppress certain types of results deiced on what they think you should be see if they have this kind of power then democracy is an illusion the free and Fair Election doesnt exist the more rope we give them the sooner were all. Each simulating civilization will be able to run using a tiny fraction of its resources. Hundreds of thousands millions of runs through all of Human History almost all. Beings with our kinds of experiences with them to simulate that once rather than on simulated ones and conditional that are good we should think were probably one of the simulated ones. Welcome back Morgan Stanley is planning to cut 1500. 00 jobs or roughly 2 percent of their workforce students certainly in the Global Economy theres a theres a trend here the layoffs will. So focused on employees and technology and operational positions according to sources familiar with the situation now the bank which has roughly 60000. 00 total employees will also take charge of between 150000000 and 200000000 due to the layoffs in october Morgan Stanley and now its earnings which beat expectations rising by 2. 3 percent to 2. 00 it or 2170000000. 00 for the 3rd quarter of this year. And on that note the Global Banking industry is seeing a bit of a shake up from mergers to restructuring some banks say theyre even shifting their focus to asia r. T. Correspondent atocha sweet has more from los angeles the Banking Industry is evolving as more people bank online more physical branches are closing but its not the only change were seeing some banks like sun trust and b. B. And t. Are merging and causing even more ships in the markets shake ups and changes are brace in the Financial Markets sun trust has completed its bank merger with b. B. And t. Creating truest that he brings combined have created the 6th largest bank reportedly serving as some 10000000 households when the merger was announced back in february officials were expecting a Cost Reduction of 160