On The Money: Trump touts China actions day after stock slide | China 'confident' on new trade deal | GM chief meets lawmakers to calm anger over cuts | Huawei CFO arrested

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THE BIG DEAL--Trump touts China actions on trade one day after markets crumble: President TrumpDonald John TrumpTrump: 'I will not let Iran have nuclear weapons' Rocket attack hits Baghdad's Green Zone amid escalating tensions: reports Buttigieg on Trump tweets: 'I don't care' MORE on Wednesday tried to reassure jittery investors by touting his trade ceasefire with China, expressing confidence a broader deal will be reached.

The messages come one day after Trump's warning to Beijing that he is a "Tariff Man" sent stocks tumbling and raised fresh doubts about his truce with Chinese President Xi Jinping.   

"Not to sound naive or anything, but I believe President Xi meant every word of what he said at our long and hopefully historic meeting. ALL subjects discussed!" Trump tweeted, referring to their trade negotiations at the Group of 20 summit last weekend in Argentina.

The president pointed to a Bloomberg News report that China agreed to begin implementing certain trade reforms and purchasing U.S. products, such as soybeans and liquified natural gas. Beijing also confirmed for the first time that there is a 90-day timeline for negotiations with Trump.

"Very strong signals being sent by China once they returned home from their long trip," Trump tweeted. The Hill's Jordan Fabian tells us what it means here.

 

Trump's declaration was met with a positive sign from Beijing, as the Chinese Commerce Ministry on Wednesday said that it's "confident" it will be able to implement new trade terms negotiated with the U.S., though it provided few other details.

Reuters reported that the ministry posted a statement on its website noting that China and the U.S. will work to "actively promote the work of negotiations within 90 days," adding that the two sides have a "clear timetable and road map."


But don't forget - Trump also doubled down on this threats in a tweetstorm Tuesday night, insisting "We are either going to have a REAL DEAL with China, or no deal at all - at which point we will be charging major Tariffs against Chinese product being shipped into the United States."

 

Let's see which Twitter string fits the situation on Thursday.

 

LEADING THE DAY

GM chief kicks off Capitol Hill blitz: General Motors CEO and Chairman Mary Barra on Wednesday kicked off two days of high-stakes meetings with lawmakers as she defends her company's plans to close up to four U.S. factories and lay off almost 15,000 employees

Barra on Wednesday met with Ohio Sens. Sherrod BrownSherrod Campbell BrownLawmakers grapple with the future of America's workforce The Hill's Morning Report - Presented by Pass USMCA Coalition - Restrictive state abortion laws ignite fiery 2020 debate On The Money: Mnuchin signals officials won't release Trump tax returns | Trump to hold off on auto tariffs | WH nears deal with Mexico, Canada on metal tariffs | GOP fears trade war fallout for farmers | Warren, regulator spar over Wells Fargo MORE (D) and Rob PortmanRobert (Rob) Jones PortmanWANTED: A Republican with courage Companies warn Trump trade war is about to hit consumers Lawmakers grapple with the future of America's workforce MORE (R), and Rep. Tim RyanTimothy (Tim) John RyanDe Blasio pitches himself as tough New Yorker who can take on 'Don the con' Momentum builds behind push to pass laws enshrining abortion rights Poll: Biden is only Dem candidate that beats Trump outside of margin of error MORE (D), who are fighting to prevent GM from closing its Lordstown, Ohio factory. The company plans to shutter the Lordstown plant in March, jeopardizing 1,600 Northeast Ohio jobs.

Her packed schedule also included meeting with Senate Minority Leader Charles SchumerCharles (Chuck) Ellis SchumerSchumer wants investigation into Chinese-designed New York subway cars Getting serious about infrastructure Schumer calls on McConnell to hold vote on Equality Act MORE (D-N.Y.) and Democratic Reps.-elect Rashida Tlaib, Elissa SlotkinElissa SlotkinNew group aims to support female veteran Democratic candidates Michigan Dem rips DeVos for not meeting with Nassar abuse victims Dems unveil anti-workplace harassment bill MORE and Andy LevinAndrew (Andy) LevinBipartisan group asks DHS, ICE to halt deportations of Iraqi nationals Pelosi, Sanders, Ocasio-Cortez place transgender pride flags outside Capitol Hill offices Dem lawmakers unveil Journalist Protection Act amid Trump attacks on media MORE from Michigan. During her two-day visit, she is also meeting with lawmakers from Maryland.
Barra's visit is a very public step in what promises to be an arduous battle for the iconic American automaker as it looks to tamp down the backlash from politicians, including President Trump, over the planned cuts.

Barra walked into a lion's den on Capitol Hill amid widespread public anger and with lawmakers and Trump floating proposals that would seek to block GM from its cuts or even punish the company if it follows through.

On Wednesday, she stuck by the company's plans even as she tried to calm the anger from lawmakers. I've got the details here.

 

Wages rising moderately, but tariffs hitting businesses: Fed: Wage growth in the United States has "tended to the higher side of a modest to moderate pace," according to a new report from the Federal Reserve, even as tariffs have begun to bite into businesses' bottom lines.

The central bank's "Beige Book," a compilation of economic reports from the 12 Federal Reserve district banks, found that businesses were facing a tight labor market, and having trouble attracting and retaining workers.

As a result, wages were starting to heat up. Businesses were also putting more money toward other benefits, such as health insurance, vacation and profit-sharing.

Some workers are even ghosting their bosses.

"Several Chicago firms reported that some employees have simply quit -- with no notice nor means of contact," the report noted in a pointed example. The Hill's Niv Elis breaks down the report here.

 

GOOD TO KNOW

 

ODDS AND ENDS