Overnight Finance

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.

See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

Write us with tips, suggestions and news: slane@thehill.com, vneedham@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @VickofTheHill, @NJagoda and @NivElis.

 

THE BIG DEAL: President Trump 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.

{mosads}

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.

LEADING THE DAY

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 Rubio (R-Fla.) and Chris Van Hollen (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 McConnell (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.

 

ON TAP NEXT WEEK

Monday:

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

 

Tuesday:

  • The Heritage Foundation hosts an event entitled “Trade Wars Are Bad and America Is Losing: Time to Ditch Section 232 Tariffs,” featuring Sen. Ron Johnson (R-Wis.), 8 a.m.
  • Americans for Financial Reform hosts “Regulating Wall Street — Ten Years Later, Where Do We Stand?,” featuring Sens. Sherrod Brown (D-Ohio) and Elizabeth Warren (D-Mass.).
  • Senate Banking Committee: Confirmation hearing for Elad Roisman to be a member of the Securities and Exchange Commission, Michael R. Bright to be president of the Government National Mortgage Association; Rae Oliver to be inspector general of Department of Housing and Urban Development; and Dino Falaschetti to be director, Office of Financial Research, 10 a.m.
  • Senate Agriculture Committee: Confirmation hearing for Dan Michael Berkovitz to be a commissioner of the Commodity Futures Trading Commission, 10 a.m.
  • House Financial Services Committee: Markup of seven bills related to homelessness, housing, insurance standards and bank inspections, 10 a.m.
  • House Judiciary Committee: Hearing on the impact of the Supreme Court’s Wayfair decision and its impact on consumers, 10 a.m.
  • House Small Business Committee: Hearing entitled “investing in Rural America,” 10 a.m.
  • The Cato Institute hosts an event entitled “Should Cryptocurrencies Be Regulated like Securities?” 12 p.m.

 

Wednesday:

  • 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.

 

Thursday:

  • 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 Lighthizer 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.

 

NEXT WEEK’S NEWS, NOW

  • 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.

GOOD TO KNOW

  • Lawmakers have reached an agreement to strip a provision from the must-pass defense policy bill that would have sunk President Trump’s deal to save Chinese telecommunications giant ZTE.
  • Rep. Devin Nunes (R-Calif.) this week introduced legislation that would reduce the amount people pay in capital gains taxes, as conservatives press the Treasury Department to take action on the topic.
  • The Consumer Financial Protection Bureau is opening a regulatory sandbox to encourage cryptocurrency and blockchain technology development, The Wall Street Journal reports
  • Trade secrets from some of the top U.S. automakers were exposed in a massive data breach, according to The New York Times
  • White Americans with a college degree are on average three times as wealthy as black Americans with the same credentials, and in families whose head of household is employed, white families have 10 times the wealth of black ones, according to The Atlantic.

 

ODDS AND ENDS

  • 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.
Tags Chris Van Hollen Devin Nunes Donald Trump Elizabeth Warren Marco Rubio Mitch McConnell Robert Lighthizer Ron Johnson Sherrod Brown

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