PAUL KRUGMAN ON ELECTION NIGHT 2016: “If the question is when markets will recover, a first-pass answer is never.”

Today: Stocks Hit Record Highs As U.S. Signs Phase One Trade Deal With China.

UPDATE: China Pledges To Buy $200 Billion Of American Goods Under Phase One Trade Deal.

Plus: Landmark Trade Deal With China; New York Times Hardest Hit. “All in all, Phase One is a significant achievement of the Trump administration, accomplished in the face of hysterical opposition from the Democrats, who implicitly, at a minimum, have encouraged the Chinese not to make a deal, but rather to hold out in hopes of getting to negotiate with a Democrat in 2021. That context makes the administration’s accomplishment doubly impressive. President Trump understands the dynamic in play between the Red Chinese and the Democrats, and hasn’t been afraid to talk about it. Thus, today he signaled that he is not worried about the 2020 election, and the Chinese shouldn’t hold out in hopes of getting to negotiate with an anti-American like Bernie Sanders or a naif like Pete Buttigieg.”