Note . Not really in terms of the rush shoo probe as yorussia pro. There are two filings, one from the Southern District that dealt with the main crimes that cohen agreed that he had done, tax evasion, misrepresentation to financial institutions, Campaign Finance violations. Recommending a pretty harsh sentence for him. Then there was a shorter memo from the pecial counsel that goes to russia and we didnt learn anything. It sought to detail the ways in which he cooperated with the special counsels office. The only thing new there was that there had been some contact between cohen and an unnamed russian individual in 2015. But even the special counsel document has to acknowledge that that meeting never went anywhere. This is the meeting where russia approached cohen and suggested synergy on a government level between russia and the Trump Campaign. Correct. But again the memo admits that cohen didnt take the meeting. Suggested a meeting between trump and putin and that never took place. Thats not really an earthshattering bit of information here. Well, no, especially not. Remember, we waited the whole week, all of the trump critics saying this was going to be a momentous day that were going to learn about the collusion. There certainly doesnt seem to be anything in the memos, the documents would suggest thats the case. Cohen provided information concerning certain discreet russian related matters core to the investigation from the regular contact that cohen had with Trump Campaign officials. Theres again no details. That could suggest theres more information to be revealed but again, not in this memo. No. Were going to have to continue to wait, as weve been doing now for months and months, for the special counsel to put out a report to find out what other areas if any hes been investigating. Lets turn to the manafort sentencing concerning his alleged lies after his plea deal. And there is a suggestion and these relate mainly to manaforts businesses in ukraine, the things that hes pleaded guilty to. But there is a reference to a ukrainian Business Partner of his. Anything new there . Because of course ukraine and russia are right next door and thats been suggested that they could go related. Yeah, no. Again on the manafort memo, the big speculation was what did he lie about . Did he lie to bob mueller about questions regarding his own underlying crimes or something to do with russian collusion. It looks from this document that its all about his underlying crimes, his lobbying, money laundering. Colimb nick is a longterm Business Association of manafort. He was charged in the summer with witness tampering and the suggestion that somehow he and manafort attempted to get to certain witnesses and have them cover for them. This all seems to go to those questions, what conversations he may or may not have had with him on that regard. A lot of it is redacted so we dont know the detail. But even the white house has come out and said from what it understands, all of this goes to Paul Manaforts underlying crimes. Lets move to the Southern District that Robert Mueller passed off that part of the negotiation involving Campaign Finance violation to the Southern District and that involves the payment to Stormy Daniels and another woman who alleged to have affairs with donald trump and the campaign, and cohen paid them to keep quiet. The document says that cohen acted in coordination and at the direction of donald trump. And democrats are saying thats a crime and donald trump is now involved in a conspiracy to violate Campaign Finance laws. Whats new we knew that from the plea deal didnt we . This isnt new either. Well, no, its not necessarily new. I think its startling for some people to see it in there, in a court document, naming individual one, that individual one is the president , claim in a federal document that he knew about this, had discussions about this. Now, look, the justice didnt isnt going to go after him because of long time guidelines that suggest you cannot indict a sitting president. The question is are democrats. What are they going to do with this. Right. Is this what they need to now officially start impeachment proceeding as soon as they take over in the house. And i think that is the importance of this. What theyre going to do, i think lets step back a bit. Theyre going to call up michael cohen. No question about it. Maybe witness one in the new congress and theyre going to make an issue of the Campaign Issue violation, alleged violation and will decide is it something they can get away with to impeach donald trump. So something that started with russian collusion could it end with impeachment of donald trump for paying off somebody not to talk about a sexual affair . Were going to have to watch and see if they can do that politically. Thanks for being here. When we come back, a wild week on wall street as words over china trade trigger a stock selloff. More market volatility ahead. Its time to sell or trade in your car. With truecar, you can see its value in real time. Sports package, nice. Small dent. Not so nice. Within minutes, youll have a true cash offer and you can head to a dealership and get paid, today, right now. And just like you, the further into winter we go, the heavier i get. And while your pants struggle to support the heavier you, your roof struggles to support the heavier me. Crash and your cutrate insurance might not pay for this. So get allstate, you could save money and be better protected from mayhem like me. Mayhem is everywhere. So get an allstate agent. 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For me chantix worked. Boom. End of story. Talk to your doctor about chantix. A wield week own wall street where the stock fell off largely fueled by uncertainly over u. S. China relations. The market rallied on tuesday with news of a 90day truce but those gains evaporated on tuesday and continued to decline. As President Trump wade into the debate, calling himself a tariff man. So where do the china trade takes stand and can we expect more market volatility as the negotiations continue. Lets ask Deputy Editor dan henninger, and assistant editorial editor james freeman. Mary, are we going to get a trade deal with china or not . Is that the reason for the markets volatility . I think it is. Its sort of silly to think that President Trump had dinner with xi and came away with everything solved. The administration tried to put a very positive spin on it but we dont even have the framework yet. What we have a promise to work on the framework within the next 90 days. There are some other goods signals from china, a series of Government Agencies that are announced punishments for companies that steal intellectual property. It may happen. But the market understands that is a long term process. Theyre going to buy more fruits and vegetables. Theyre going to buy natural gas, too, mary. Many of the things they were already buying before as of this started. But this is a big steep hill to climb. So its going take time. Im glad to understand that the market understands that. Theres a lot to understand and get your arms around, especially the fact that all of it runs off of President Trump. And the run thing that donald trump complains about are trade deficits. We have a 376 billion trade deficit with china. He wants that smaller if not disappearing. On the other hand, its clear there are many other things going on in the this negotiation, this theft of intellectual property, the structure of the american economy, and then suddenly this week you have the arrest of the chief Financial Officer for the chinese telecome company huawei. Elevating this to a National Security issue. Its the whole National Security apparatus that is involved in this negotiation with china. How the market absorbs all of that is a good question. Theyre struggling. And how china reacts to the arrest. I was in washington this week, talked to larry kudlow, their consistent message was thaid hear in the talks a new seriousness of china, more interest in details. Putting specific proposals which they wouldnt share with us, putting those on the table. But then we get a jolt from huawei. How will the chinese react . The one nice message thats come out in the week since that dinner is the chinese are acknowledging intellectual property theft is a problem. How good will their solution be, how far will they go, well see but it seems if theyre accepting that they have to behave like a normal country following the rule of law, they would expect that we have laws that if huawei is violating them, they would be prosecuted. The more we learn about the huawei issue, the more you see a bipartisan concern, not a trump concern exclusively, a bipartisan concern that this is a bad actor or at least a threat. Its fascinating to see our friends in the Mainstream Media do the reporting of this. They seem to be cheering not trump to get a deal but for something to fail. They seem to say sellout, he hasnt really gotten anything for it. Its an odd kind of turn of events. Before they were criticizing trump for trying to work hard on china. Well, i think thats true. Theres a bias against President Trump. But hes created a lot of the problem by put all of this emphasis initially on the trade deficit which is preposterous. It doesnt matter. The main thing is the intellectual property issue. And as james says, its a bipartisan issue. Thats what we have to work on. But again, its not going to be solved anytime soon. This is going to be a very long road and in the interim we risk those higher tariffs. I think thats what the market is worried about. Tariffman. I am the tariff man. Donald trump loves tariffs. His most favorite president was william mckinley, a member of the house of representatives in the 1890s imposing the mckinley tariff. The chinese are dealing with a 19th century economic model in donald trump but the threat is real. 25 tariffs, they have 90 days to work this out and i think the markets and the economy is worried that you could get into a chronic tariff situation going into 2019 which would suppress economic activity. The chinese need to understand, may be beginning to understand that there is a consensus that the chinese predatory mai maif your is beham and its not going to go away. Thats precisely the point. One of the things that will help is inside china xi has rods roo nationalism is not popular. And there are reformers that refer the way china was going when it joined the wto. Theyll also pressure him. When we come back, the arrest of a chinese tech executive threatens to throw u. S. China relations further into turmoil. Gordagordan chang on Liberty Mutual accident forgiveness means they wont hike your rates over one mistake. See, Liberty Mutual doesnt hold grudges. For drivers with accident forgiveness, Liberty Mutual wont raise their rates because of their first accident. Liberty. Liberty. Liberty. Liberty. music throughout unstopand its strengthenedting place, the by xfi pods,gateway. Which plug in to extend the wifi even farther, past anything that stands in its way. Well almost anything. Leave no room behind with xfi pods. Simple. Easy. Awesome. Click or visit a retail store today. The arrest of a Chinese Tech Company executive threatening to throw u. S. China relations further into turmoil. Meng wanzhou, the cfo of huawei was arrested last weekend in canada at the request of the United States for allegedly violating sanctions against iran. Its a move to escalate tensions between washington and bay zing. Gordan chang, aw author of the k the coming collapse of china. Welcome. Thank you so much. Lets talk about the arrest. What signal is the United States trying to send, do you think . I dont know if its a signal. First of all, the United States has got to defend and enforce its own laws and we havent done that for a long time with regard to china, especially with regard to the iran and north korea sanctions. So theres a certain amount of this was coincidence. I dont think that they planned this for saturday night when trump and xi jinping, meeting. But we got to remember that china poses a multifaceted challenge to the United States. We dont have the luxury of dealing with just one brob a prt a time. Therefore these things are going to happen and thats because the United States has decided not to be 0 bli you olive yous to the. How are the chinese likely to react to this, take it in stride saying this is one issue in the browder relationship or will they walk away from the trade talks . I dont think theyll talk away from the trade talks. The chinese understand they need access to the u. S. Market. Last year chinas merchandise surplus against the United States was 88. 9 of their overall merchandise trade surplus. Thats extraordinary reliance on us. Theyve got to talk to us. Were going to be extremely upset and we can see that from official state media and also the national lissic global times connected to the communist party. Theyre really upset. The huawei executives when we deal with them, they say look, were a private company, nothing to do with the government. Thats the message they try to send because theyre trying to sell around the world to telecom. Can you separate huawei from the government . Its private, not a stateowned enterprise. But the connection and the coordination between huawei and the communist party is close. Also, the coordination with the Peoples Liberation army which is part of the communist party is close. You know, huawei grew extraordinarily fast. Its now the biggest tellly come equipment manufacturer in its segment. This happened for a lot of reasons, the most important because of its connection and support from beijing. Do you agree that western intelligence agencies should block its ability to operate in, say, u. S. , uk and so on in. Certainly. Especially in the five countries. Four of the five have now blocked 5g huawei equipment. Canada is the only one that has sort of not made a decision yet. But their intelligence director gave a speech this week warning about penetration by statesponsored companies in 5g. Certainly does not want huawei in canadas 5g networks. 5g will connect everything. Your toaster. So the chinese in beijing will know when your use your toaster, when you drive your car and other things. This is the internet of things. This connects everything. Lets move to the trade negotiations more broadly. How do you feel about the way things have developed so far . As i said, i talked to the u. S. Officials and they say they saw a new seriously on xi himself and the whole staff team. I think the chinese are extremely worried. Theres a since in that xi took on the u. S. Prematurely, that the chinese does not hold all of the high cards. Theres a political interest to this. Hes decentralized the cam nis party. He restored something of a cult of personality. Restored a cult of personality gotten rid of the rules. President trump facing an election every four years. Xi jinping faces an election every day because hes responsible for everything. Last year that was great because things were going well for china. He could take all of the credit. This year he gets all of the blame. Theres nobody else he can blame because hes taken responsibility and authority from everybody else. So what youre saying ask he is a real incentive to do a deal because if they dont, youre going to start to see and i would argue, this is my point, you would start to see businesses move supply chains out of china. Its already happening but its likely to accelerate if theres a trade breakdown. Yes. A lot of people were looking at the dinner to see if they could keep their supply chains in china. Walmart makes almost all of their commitments in this fist quarter for the year. And that means theyll probably stay because they might think theres a truce. I dont think though long term we can have an enduring equipment. Weve had so many deals back down with xi jinping its unlikely that they would come to terms that they would be willing to accept and we would be willing to accept. Can we get a truce for a couple of years . Yeah, we can do that. But it will break down. Thanks for coming in. Job growth slows in nevada but the u. S. Labor market continue to show signs of strength. Well take a closer look at the numbers. And new reports that the Federal Reserve could slow Interest Rate paul job growth slowing somewhat last month with the u. S. Economy adding 155,000 jobs in november. Fridays closelywatched report from the Labor Department coming amid steep swings on wall street,