On The Money: Democratic candidates lay into Trump on trade | China exempts US soybeans, pork from tariff hikes | Congress set to ignore Trump's wall request in stopgap measure

On The Money: Democratic candidates lay into Trump on trade | China exempts US soybeans, pork from tariff hikes | Congress set to ignore Trump's wall request in stopgap measure
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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 DEAL—Democratic candidates lay into Trump on trade: 2020 Democratic hopefuls laid into President TrumpDonald John TrumpMarine unit in Florida reportedly pushing to hold annual ball at Trump property Giuliani clashes with CNN's Cuomo, calls him a 'sellout' and the 'enemy' Giuliani says 'of course' he asked Ukraine to look into Biden seconds after denying it MORE’s trade policy at Thursday night’s debate, characterizing it as an erratic approach that has hurt America’s economy.

But while the candidates argued that they would have approached China more strategically and shied away from tariffs, none said they would repeal them immediately, and many argued for the kind of negotiated settlement Trump is seeking.

 

LEADING THE DAY

China exempts US soybeans, pork from tariff hikes: Chinese officials on Friday said that some U.S. farm goods including soybeans and pork will be exempted from a pending round of tariff increases, according to the Associated Press

The announcement is the latest goodwill offering between the U.S. and China as both nations attempt to revive trade negotiations with another round of talks in October. The U.S. exports more soybeans and pork to China than nearly any other product, and Beijing has hindered American sales of those goods in China with retaliatory tariffs.

Trump said Wednesday he would delay a pending 5-percentage point increase to 25-percent tariffs on $250 billion in Chinese goods from Oct. 1 to Oct. 15 after Beijing announced it would exempt 16 U.S. products from its own planned tariff increase.

Congress set to ignore Trump's wall request in stopgap measure: Lawmakers are preparing to ignore President Trump’s request to loosen restrictions on border wall funding as part of a short-term spending deal.

The ask, included in the Trump administration’s 21-page wish list for a continuing resolution (CR), comes amid renewed tensions over the border ahead of a Sept. 30 deadline to avoid another government shutdown. The administration also announced recently it was moving forward with shifting $3.6 billion from military projects to wall construction.

Congressional Republicans have stressed that they support the CR funding request, which would let the administration use money to build border barriers outside the Rio Grande Valley Sector. But now they’re sending early warning signals that they don’t expect the CR to include language granting the White House request. The Hill’s Jordain Carney explains here.

 

ON TAP NEXT WEEK

Monday:

  • The Commodity Futures Trading Commission (CFTC) will hold a meeting to discuss three final rules, including revisions to the Volcker Rule,” 9 a.m.
  • The U.S. Chamber of Commerce hosts an event entitled “Financial Transaction Taxes: A Tax on Investors, Taxpayers, and Consumers,” 2 p.m. 

Tuesday:

  • The Federal Reserve’s Federal Open Markets Committee (FOMC) begins its September meeting in Washington, D.C.
  • The Senate Appropriations Subcommittee on Financial Services and General Government will hold a markup of its fiscal 2020 spending bill, 2:15 p.m.
  • A Senate Judiciary subcommittee will hold a hearing on the enforcement of federal antitrust laws, 2:30 p.m. 

Wednesday:

  • The House Financial Services Committee holds a markup to consider pending legislation, 10 a.m.
  • The Securities and Exchange Commission (SEC) holds a meeting to discuss revisions to the Volcker Rule, 10 a.m.
  • The FOMC announces its September interest rate decision at 2 p.m., followed by a press conference with Federal Reserve Chairman Jerome Powell at 2:30 p.m. 

Thursday:

  • The Consumer Financial Protection Bureau (CFPB) hosts a symposium on behavioral economics, 9 a.m.
  • The Senate Health, Education, Labor and Pensions Committee holds a confirmation hearing to consider Eugene Scalia’s nomination to be Secretary of Labor, 9 a.m.
  • The House Budget Committee holds a hearing entitled “Solutions to Rising Economic Inequality,” 10 a.m.
  • A House Ways and Means subcommittee holds a hearing entitled “How the Tax Code Subsidizes Hate,” 10 a.m.
  • The Senate Appropriations Committee holds a markup of the fiscal 2020 spending bills for Financial Services-General Government, Agriculture, and Transportation-Housing and Urban Development (HUD), 10:30 a.m.

 

GOOD TO KNOW

  • Officials with the London Stock Exchange (LSE) on Friday reportedly rejected a $36.6 billion takeover bid from the owners of Hong Kong's stock exchange.
  • A federal appeals court in New York on Friday ruled that a lawsuit accusing President Trump of violating the Emoluments Clause can proceed after a lower court had thrown out the case.