On The Money: Trump 'ready' for tariffs on all $500B in Chinese goods | Trump digs in on Fed criticism | Lawmakers drop plans to challenge Trump ZTE deal

On The Money: Trump 'ready' for tariffs on all $500B in Chinese goods | Trump digs in on Fed criticism | Lawmakers drop plans to challenge Trump ZTE deal
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Happy Friday and welcome back to On The Money, where we're wondering how many more surreptitiously recorded tapes of Trump may be out there. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line.

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THE BIG DEAL: President TrumpDonald John TrumpFive takeaways from Cruz, O'Rourke's debate showdown Arpaio files libel suit against New York Times IMF's Christine Lagarde delays trip to Middle East MORE said Friday that he's "ready to go" with tariffs on all Chinese imports after laying the groundwork for levies on up to $250 billion in goods from the country.

Trump told CNBC in an interview aired Friday that he's willing to impose tariffs on all of the roughly $500 billion in of Chinese goods exported to the U.S. each year. The president said the U.S. is "down a tremendous amount" in terms of trade with China, and overstated the trade deficit between the two countries.


Trump has already imposed tariffs on $34 billion in Chinese goods, with another $16 billion set to be imposed within weeks. The Commerce Department has also listed $200 billion in Chinese exports that could be slapped with tariffs as soon as this autumn.

China has retaliated with equivalent tariffs on U.S. goods, and has appealed Trump's tariffs at the World Trade Organization.


Trump digs in on Fed criticism, says rate hikes hinder economy: President Trump ramped up his criticism of the Federal Reserve on Friday, ripping the central bank for raising interest rates amid increased financial tensions between the U.S. and key economic partners.

Trump said on Twitter that Fed rate hikes would put the U.S. at a competitive disadvantage with China and the European Union, adding that higher rates would hinder his efforts to force China into fairer trade terms with the U.S.

"China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge," Trump tweeted. "As usual, not a level playing field."

"The United States should not be penalized because we are doing so well," he added. I've got more on Trump's latest Fed comments here.


Senators want committee vote on Russia sanctions bill by early August: Two senators are stepping up their efforts to advance Russia sanctions legislation, asking key Senate committees to hold a hearing and then vote on a bill by early next month.

"The Senate has the opportunity to highlight to the American public the real threats that foreign interference in our future elections pose, and to act to deter future foreign interference and defend our country," Sens. Marco RubioMarco Antonio RubioSaudi mystery drives wedge between Trump, GOP Overnight Defense: Trump worries Saudi Arabia treated as 'guilty until proven innocent' | McConnell opens door to sanctions | Joint Chiefs chair to meet Saudi counterpart | Mattis says Trump backs him '100 percent' Dems can use subpoena power to reclaim the mantle of populism MORE (R-Fla.) and Chris Van HollenChristopher (Chris) Van HollenOvernight Defense: Trump says 'rogue killers' could be behind missing journalist | Sends Pompeo to meet Saudi king | Saudis may claim Khashoggi killed by accident | Ex-VA chief talks White House 'chaos' | Most F-35s cleared for flight Democrats torch Trump for floating 'rogue killers' to blame for missing journalist Senators concerned as Trump official disputes UN climate change warning MORE (D-Md.) wrote in a July 19 letter to top members of the Senate Foreign Relations and Banking committees.

They added that the November elections "are just 110 days away" and "the time to come together and act is now."

The request for committee hearings and a subsequent vote comes after Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellGraham: I hope Dems 'get their ass kicked' for conduct around Kavanaugh Saudi mystery drives wedge between Trump, GOP Overnight Defense: Trump worries Saudi Arabia treated as 'guilty until proven innocent' | McConnell opens door to sanctions | Joint Chiefs chair to meet Saudi counterpart | Mattis says Trump backs him '100 percent' MORE (R-Ky.) said he had asked the Senate Banking and Foreign Relations committees to hold hearings on Russia sanctions legislation that overwhelmingly cleared Congress last year, and to make recommendations for additional legislation if needed. The Hill's Jordain Carney tells us what comes next here.




  • American Enterprise Institute hosts an event entitled "Economic mobility around the world: New data and evidence," 9:30 a.m.





  • The Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation host the 2018 joint mutual forum for insured depository institutions, 8:30 a.m.
  • The Heritage Foundation hosts an event entitled "The Case for Free Trade," featuring Liam Fox, U.K. Secretary of State for International Trade, 9:30 a.m.
  • Joint Economic Committee: Hearing entitled "The Innovation Economy, Entrepreneurship, and Barriers to Capital Access," at 10 a.m.
  • House Transportation Committee: Hearing entitled "Impact of Jones Act on Consumer Prices in Puerto Rico," 3:30 p.m.



  • Senate Finance Committee: Confirmation hearing for Justin Muzinich to be Deputy Secretary of the Treasury and Michael J. Desmond to be Chief Counsel for the Internal Revenue Service and an Assistant General Counsel in the Treasury Department, 9:30 a.m.
  • Senate Appropriations Committee: U.S. Trade Representative Robert LighthizerRobert (Bob) Emmet LighthizerMcConnell urges GOP senators to call Trump about tariffs Companies brace for trade war MORE testifies at a hearing on the fiscal 2019 budget request for the Office of the U.S. Trade Representative, 9:45 a.m.
  • House Oversight and Government Reform Committee: Hearing on the Federal Trade Commission's enforcement of Operation Chokepoint to crack down on fraud, 10 a.m.
  • Senate Finance Committee: Hearing entitled "Improving Tax Administration Today," 10:30 a.m.
  • House Ways and Means Committee: Hearing entitled "Product Exclusion Process for Section 232 Tariffs on Steel and Aluminum," 2 p.m.



  • U.S. Trade Representative Robert Lighthizer will testify before a Senate panel next Thursday, setting up what is likely to be an explosive hearing on American trade policy under President Trump. Congress has been skeptical Trump's moves to increase trade barriers and slap tariffs on allies, and have grilled key administration officials as the costs of trade tensions mount.




  • Trump on Friday signed the "American Innovation $1 Coin Act," which orders the Treasury Department "to mint coins in recognition of American innovation and significant innovation and pioneering efforts of individuals or groups from each of the 50 States, the District of Columbia, and the United States territories," according to the White House.