Another big week for President Donald Trump's trade agenda, with the White House signing ceremony for the Phase One deal with China, and the Senate giving its final approval to the new NAFTA, known as USMCA. I would expect a signing ceremony for USMCA in the coming days. With China and USMCA finalized there is talk that the President and his trade team may turn their sights to Europe. Hmmm. Just what Germany needs. See page 6.

Given the impeachment trial gets underway soon in an election year, investors should expect politics not policy to dominate headlines for the next few weeks. Washington, D.C. will be consumed with the Senate trial process. Meanwhile, the Democrats are preparing for the first votes to be cast in the primary fight with the Iowa Caucuses just over two weeks away.

The impeachment trial begins on Tuesday, Jan. 21, and some of the Republican Senators in competitive races in 2020 could face some tough choices. Two Republican Senators up this year, Susan Collins from Maine and Cory Gardner from Colorado are in states Hillary Clinton carried in 2016. Still, there’s little or no chance of the two-thirds vote needed to convict.

The Iowa Democratic debate earlier this week had a few takeaways. First was the battle between Senators Bernie Sanders and Elizabe...

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