Speaking on CNBC

  • The trade pact is on paper and translated and not open to renegotiation
  • China will double purchases of agricultural goods from the US under phase 1 trade pact
  • Signing of the US trade pact will be at the beginning of January
  • Pact is going through technical legal scrub. Will release document and sign at the beginning of January
  • US priority on trade with China right now is to implement phase 1 deal but prepared to work hard on phase 2
  • US farmers can meet China demand
  • USMCA trade pact should add 0.5% to US GDP
  • For the 1st time we have binding enforcement. If disputes are not resolve the Pres. has the authorization to put on tariffs
  • A lot of currency provisions from USMCA trade pacthave been put into China phase I trade deal
  • negative interest rates in Europe have led banks to hold dollars
  • strength of US dollar is sign of strength of economy
  • the increase in the deficit as to do with increase in government spending. Receipts are on track. The gains will be realized in year 4 and beyond