Trump to sign updated NAFTA pact in large White House ceremony, did not invite House Democrats

Trump to sign updated NAFTA pact in large White House ceremony, did not invite House DemocratsPresident Trump plans to sign the U.S.-Mexico-Canada Agreement (USMCA) trade pact on Wednesday in a White House ceremony with representatives from Canada and Mexico and about 400 other guests. But the White House declined to invite any of the House Democrats who helped Trump secure his biggest trade deal. Mexico's parliament has ratified the deal, which replaces the North America Free Trade Agreement (NAFTA), as has the U.S. Congress, but Canada still needs to approve it before it takes effect, likely in a few months. This is the latest high-profile event Trump has held during his Senate impeachment trial."The White House hasn't invited House Democrats to their USMCA signing ceremony," said House Speaker Nancy Pelosi's (D-Calif.) spokesman Henry Connelly. "But we'll be well represented in the huge changes to the original USMCA draft that Democrats wrested out of the administration on labor, prescription drugs, environment, and enforcement mechanisms."White House spokesman Judd Deere said the list of invitees includes "members of Congress, state and local leaders, and workers from across the country, including farmers, ranchers, and entrepreneurs," adding that "USMCA rebalances trade in North America, replaces the job-killing NAFTA, ends the outsourcing of American jobs, and invests in the American worker." Trade experts "say the impact of the new U.S.-Mexico-Canada Agreement will be modest," The Associated Press notes. "It's a blip," Syracuse University trade economist Mary Lovely tells AP. "The main thing is what it isn't: It isn't a continuation of uncertainty, and it isn't a major disruption," as Trump's other trade policies have been on business.More stories from theweek.com It's 2020 and women are exhausted The 3 kinds of Republicans that Bolton's testimony would reveal Bolton reportedly received a formal threat from White House to prevent book publication


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10 Things to Know for Today

Your daily look at late-breaking news, upcoming events and the stories that will be talked about today:

1. WHETHER TO CALL WITNESSES ROILS TRUMP'S TRIAL The impeachment trial is shifting to questions from senators, a pivotal juncture as Republicans lack the votes for now to block witnesses - potentially ...

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Five Things You Need to Know to Start Your Day

Five Things You Need to Know to Start Your Day(Bloomberg) -- Want to receive this post in your inbox every morning? Sign up hereCoronavirus toll continues to rise, it’s decision day at the Fed, and impeachment trial rolls on. Here are some of the things people in markets are talking about today.Cases soarThe number of confirmed coronavirus cases in China grew to almost 6,000, surpassing the country’s total from the 2003 SARS outbreak. The death toll has climbed to 132, with the number of new countries reporting incidents of the illness continuing to climb. Restrictions on travel to China are widening, with several airlines including British Airways announcing they are suspending flights to the country. Economists now predict that China’s GDP growth could “materially drop” from the 6% pace seen in the last quarter of 2019. Fed decisionAt today’s decision from the Federal Open Market Committee, announced at 2:00 p.m. Eastern Time, it is all but certain there will be no change in benchmark rates, with the statement expected to reinforce the case for policy to stay on hold. There is a chance there could be a small tweak to a secondary rate called the IOER (interest rate on excess reserves). The fireworks, if there are any, will come in the post-decision press conference at 2:30 p.m. where Chairman Jerome Powell may speak about the rate of not-QE asset purchases, possibly flagging a reduction in the current pace as the repo market remains calm. He is also likely to be asked about possible changes to the bank’s inflation goal amid its ongoing policy framework review. Maybe notSenate Majority Leader Mitch McConnell told members that he does not yet have the 51 votes required to quickly wrap up the impeachment trial on Friday. Today’s session will see senators question both sides, with more of the same scheduled for tomorrow, ahead of the crucial vote on Friday over whether to acquit President Donald Trump or call new witnesses. Should that lead to an extension of the trial, Republican senators have threatened to call the son of Democrat presidential nominee leading candidate Joe Biden.Markets rise Global markets are generally trading higher this morning as the virus-related sell off pauses. Overnight, the MSCI Asia Pacific Index slipped 0.2% as the Hang Seng Index opened for the first time since the Chinese Lunar New Year to post a better-than-feared loss of 2.8%. In Europe the Stoxx 600 Index was trading 0.4% higher by 5:50 a.m., driven by a rebound in mining and banking stocks. S&P 500 futures pointed to further gains at the open, the 10-year Treasury yield was at 1.63% and oil continued its recovery from a three-month low. Coming up…December wholesale inventories and goods trade balance for the U.S. are at 8:30 a.m. with pending home sales data at 10:00 a.m. Goldman Sachs Group Inc. will hold its first ever investor day later. The Fed decision is at 2:00 p.m. It is a huge day for corporate earnings with Facebook Inc., Microsoft Corp., Boeing Co., Tesla Inc., McDonald’s Corp. and General Electric Co. among the many reporting results. What we've been readingThis is what's caught our eye over the last 24 hours.Trump offers Mideast plan that Palestinians say is a non-starter.  Market linchpin rejects argument it is to blame for repo chaos. Wall Street’s London outposts are braced for a Brexit beating. Sixteen leading quants imagine the next decade in global finance.  ‘Peak car’ may have already happened. Son of a Russian billionaire is renting a $500-a-month apartment.  Instant hydrogen production for powering fuel cells. To contact the author of this story: Lorcan Roche Kelly in Dublin at lrochekelly@bloomberg.netTo contact the editor responsible for this story: Yakob Peterseil at ypeterseil@bloomberg.net, Sid VermaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


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White House objects to Bolton book; Trump impeachment trial starts new phase

White House objects to Bolton book; Trump impeachment trial starts new phaseThe White House on Wednesday objected to the publication of a book written by President Donald Trump's former national security adviser John Bolton that depicts Trump as playing a central role in a pressure campaign on Ukraine, as the Senate impeachment trial entered a new phase. A letter from the White House's National Security Council to Bolton's attorney said the manuscript appeared to contain "significant amounts of classified information" and could not be published in its current form.


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Chief Justice: John Roberts takes center stage

Since the Senate impeachment trial began last week, Chief Justice John Roberts has been mainly out of the camera's line of sight. He has, clerk-like, enforced Senate procedures and kept the clock for the lawyers at the lectern. He has tried to maintain the chamber's decorum, as when he admonished the legal teams against nastiness, citing a 1905 Senate trial precedent against use of the word "pettifogging."
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Containing Paranoia as Well as a Deadly Virus

Containing Paranoia as Well as a Deadly Virus(Bloomberg) -- Want to receive this post in your inbox every day? Sign up for the Balance of Power newsletter, and follow Bloomberg Politics on Twitter and Facebook for more.China’s unprecedented decision to quarantine a city bigger than New York has prompted travel curbs that have spread around the world nearly as fast as the deadly virus they’re intended to stop.Many of those measures have found Chinese travelers — healthy or otherwise — facing suspicion, a sideways glance, or an awkward shuffle away. With nearly 6,000 cases in China alone and at least 132 deaths, the virus presents a major challenge for governments to limit the contagion.British Airways has stopped all flights to and from mainland China. Citizens in South Korea and Singapore are circulating petitions to ban all Chinese visitors. Hong Kong has halted most daily visitors from the mainland. Even within China, residents from the hard-hit quarantined city of Wuhan have faced greater scrutiny.The fact this virus came from China makes it more complicated. While Beijing says it is sharing information, it has a history of either reacting slowly to crises or being less than transparent on the details. At home, authorities have long sought to control what the public sees and hears.That backdrop could fuel fears officials either failed to respond fast enough or are now reacting so firmly because the virus is much worse than it’s letting on.That risks fueling paranoia against Chinese people in general. China is a rising economic and military power that’s challenging decades of U.S. dominance. A strong narrative in recent years has been fear of what the growing clout of the secretive Communist state might mean for the rest of the world. There’s much debate about the role of its telecoms giant Huawei in global networks and perceived threats to security.As governments move to protect their citizens from the virus, the balancing act is to avoid things tipping into anti-Chinese sentiment as a whole.Global HeadlinesDead on arrival? | Palestinian leaders swiftly rejected U.S. President Donald Trump’s Middle East peace plan, which heavily favors Israel and offers the Palestinians far less than they’d have received under two previous proposals they also deemed non-starters. While Arab leaders haven’t monolithically come out in opposition, winning support in their countries will be complicated by a lingering animus toward the Jewish state.Protests broke out in the West Bank and Gaza Strip and are set to continue through the week. But the crowds never topped a few hundred in each place, and Palestinian Authority President Mahmoud Abbas has urged a non-violent response.Question time | Senators will spend the next two days grilling Trump’s defense team and House impeachment managers, with Senate Majority Leader Mitch McConnell trying to salvage his plans for a quick trial. His strategy hinges on a pivotal vote, possibly Friday, on whether to call witnesses. McConnell told his Republican colleagues at a hastily called meeting yesterday that there weren’t yet the needed 51 firm votes to block witnesses. A failure would be a major blow to McConnell and the White House.Joe Biden’s resilience to attacks over his son Hunter’s work for a Ukrainian company could soon face its toughest test, Joshua Green reports, with Republicans threatening to subpoena the younger Biden as a an impeachment trial witness.High seas tensions | The U.S. Navy’s patrols of the South China Sea earned a rebuke from Beijing after a warship entered waters near the contested Spratly Islands. China, one of the archipelago’s six claimants, accused the U.S. of a “deliberate provocation” when the USS Montgomery sailed through without its permission, while the Navy’s Seventh Fleet said the maneuver was within the bounds of international law.Waning influence | Trump’s bid to convince U.S. allies to lock Huawei out of their fifth-generation telecommunications networks is expected to suffer another blow today when the European Union reveals its 5G guidelines. Facing threats of retaliation from both Washington and Beijing, the EU will probably follow the U.K.’s decision yesterday to exclude high-risk suppliers from core parts of their systems but reject an outright ban on Huawei.Jihadist raid | Islamist militants killed at least 39 people in a northern village of Burkina Faso in the West African nation’s deadliest attack this year. Eschewing their normal tactic of targeting teachers and soldiers, reports about the weekend assault say the insurgents surrounded a market, told the women to leave and executed the men. Violence in the region is spreading despite large contingents of French and United Nations forces.What to WatchGerman Chancellor Angela Merkel’s coalition partners are no longer talking about trying to bring down her government or demanding big spending projects and will focus instead on fine-tuning economic policy when they meet tonight. The EU and the U.K. face tough negotiations over subsidies, taxes, fish, and workers’ rights, as they try to hammer out a post-Brexit trade deal by year’s end, Ian Wishart and Jonathan Stearns explain. U.S. Secretary of State Michael Pompeo is set to meet U.K. Prime Minister Boris Johnson in London today before traveling to Ukraine to meet President Volodymyr Zelenskiy in a bid to persuade Kyiv that U.S. support remains amid the Trump impeachment saga.Tell us how we’re doing or what we’re missing at balancepower@bloomberg.net.And finally...South African billionaire Patrice Motsepe apologized for telling Trump that Africa loves him but warned of the continent’s growing anti-American sentiment, which he said may hamper investment. Motsepe’s remarks to Trump — who two years ago reportedly referred to African nations as “shithole countries” — at a dinner during last week’s World Economic Forum in Davos sparked a debate among his countrymen, who questioned his right to speak on behalf of the continent. \--With assistance from Karl Maier, Philip Heijmans and Amy Teibel.To contact the author of this story: Rosalind Mathieson in London at rmathieson3@bloomberg.netTo contact the editor responsible for this story: Kathleen Hunter at khunter9@bloomberg.netFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


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