On The Money: Trump notifies Congress of Mexico trade deal | Talks with Canada to resume next week | Trump blasts media after comments on Canada leak

On The Money: Trump notifies Congress of Mexico trade deal | Talks with Canada to resume next week | Trump blasts media after comments on Canada leak
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Happy Friday and welcome back to On The Money. 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 DEALUS, Canada fall short of NAFTA deal, will resume talks next week: The U.S. and Canada failed on Friday to reach a final deal on the North American Free Trade Agreement (NAFTA) despite long discussions this week.

The two nations plan to take up where they left off on Wednesday.

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U.S. Trade Representative Robert LighthizerRobert (Bob) Emmet LighthizerMcConnell urges GOP senators to call Trump about tariffs Companies brace for trade war MORE said the "talks were constructive, and we made progress."

"Our officials are continuing to work toward agreement," Lighthizer said. 

Meanwhile, the U.S. started the 90-day clock on the U.S.-Mexico agreement, with the intent to include Canada before time runs out. Without Canada a new NAFTA agreement won't get through Congress. 

Getting a deal done within three months would give Mexican President Enrique Pena Nieto a chance to sign the agreement at the end of November before leaving office.

 

Earlier in the day, the Toronto Star released off-the-record comments President TrumpDonald John TrumpLondon terror suspect’s children told authorities he complained about Trump: inquiry The Memo: Tide turns on Kavanaugh Trump to nominate retiring lawmaker as head of trade agency MORE made about Canada on Thursday during an Oval Office interview with Bloomberg.

Trump said he would not give Canada any concessions in the talks and that a possible deal on trade with Canada would be “totally on our terms.”

Despite the rough start to the morning's discussions, Canadian officials said they were making progress but there was disagreement on dairy and investor-state dispute rules.

 

Trump also notified Congress on Friday of his plans to sign a trade agreement with Mexico to replace NAFTA, setting off a 90-day clock for the nations to sign the deal.

  

LEADING THE DAY

Trump privately says he won’t compromise with Canada on trade: President Trump said that he won’t compromise at all with Canada on trade, according to remarks obtained by The Toronto Star,

Trump, in comments he wanted off the record in an interview with Bloomberg News reporters on Thursday, said he won't be budging in trade talks with the U.S.'s northern neighbor, according to a source familiar with the conversation. 

The president reportedly said he could not disclose his position publicly because “it’s going to be so insulting they’re not going to be able to make a deal."

“Here’s the problem. If I say no — the answer’s no. If I say no, then you’re going to put that, and it’s going to be so insulting they’re not going to be able to make a deal ... I can’t kill these people,” Trump said of the Canadian government, the Star reported.

 

Trump blasted the news media on Friday after the comments he made about Canada were leaked, calling it another example of "dishonest reporting."

"Wow, I made OFF THE RECORD COMMENTS to Bloomberg concerning Canada, and this powerful understanding was BLATANTLY VIOLATED," Trump asserted in a tweet.

"Oh well, just more dishonest reporting. I am used to it. At least Canada knows where I stand!" Trump added, apparently confirming the comments.

 

ON TAP NEXT WEEK 

Monday:

  • Labor Day

 

Tuesday:

  • The Electronic Transactions Association hosts “TRANSACT Tech DC / FinTech Policy Forum,” 8 a.m.

 

Wednesday:

  • House Financial Services Committee: Hearing entitled "The Future of Money: Coins and Banknotes,” 10 a.m.
  • Senate Health, Education, Labor and Pensions Committee: Hearing on the impact of zero tariffs on U.S. autoworkers, 10 a.m.
  • The Heritage Foundation hosts an event entitled “Let Entrepreneurs Raise Capital Using Finders and Private Placement Brokers,” 11 a.m.
  • House Financial Services Committee: Hearing entitled “The Cost of Regulation on Affordable Multifamily Development,” 2 p.m.

 

Thursday:

  • Senate Banking Committee: Hearing entitled “Outside Perspectives on Russia Sanctions: Current Effectiveness and Potential for Next Steps,” 10 a.m.
  • House Financial Services Committee: Hearing entitled “A Failure to Act: How a Decade without GSE Reform Has Once Again Put Taxpayers at Risk,” 10 a.m.
  • The American Enterprise Institute and Urban Institute host an event entitled “What comes next? A look at student borrowers in default,” 1 p.m.

Friday:

  • House Financial Services Committee: Hearing entitled “Survey of Terrorist Groups and Their Means of Financing,” 9:15 a.m. 

 

THE HILL EVENT

Join us Wednesday, Sept. 12 for "A Healthy Start: Infant and Early Childhood Nutrition," featuring Reps. Nanette Barragán (D-Calif.) and Bobby ScottRobert (Bobby) Cortez ScottHealthy business vs healthy people — how will this administration address the two? Washington turns focus to child nutrition The Hill's Morning Report — Sponsored by Better Medicare Alliance — McConnell warns of GOP `knife fight’ to keep Senate control MORE (D-Va.), and Administrator of the Food and Nutrition Service Brandon Lipps. Editor in Chief Bob Cusack will sit down with the headliners to discuss maternal, infant, and early childhood nutrition, and what steps can be taken to establish healthier eating patterns across all communities. RSVP here.

 

NEXT WEEK’S NEWS, NOW

  • Congress will scramble to avoid a government shutdown as they return to Washington. Lawmakers still need to strike a deal on three spending packages before the end of the month as President Trump threatens a shutdown over border wall funding.
  • Trade talks between the U.S. and Canada are expected to resume Wednesday as the White House attempts to finish a NAFTA rewrite within the next 60 days.

 

GOOD TO KNOW

  • CNBC looks into why emerging market pain is seen lasting into next year as Argentina and Turkey lead a currency crisis
  • President Trump on Friday will sign an executive order aimed at making it more affordable for small businesses to offer retirement plans to their workers, administration officials said Thursday.
  • Chinese telecommunications giant ZTE says it is rebounding after suffering a massive earnings loss when the United States banned it from purchasing equipment from U.S. suppliers.

ODDS AND ENDS

 

RECAP THE WEEK WITH ON THE MONEY: 

  • MondayTrump reaches agreement with Mexico to overhaul NAFTA | Canadian minister headed to DC for talks | Stocks surge on deal
  • TuesdayTrump accuses Silicon Valley of political bias | Senate confirms Fed vice chair | Mexico trade deal could give Dems upper hand
  • Wednesday: Trump touts progress on trade talks with Canada | Trudeau says NAFTA deal could happen Friday | Growth revised upward in second quarter
  • Thursday: Trump may impose $200B in China tariffs as soon as next week | Trump nixes federal worker pay raise | Biz groups push for deal with Canada | Trump threatens to leave WTO