On The Money: Trump to meet China's vice premier during trade talks | Appeals court says Deutsche Bank doesn't have Trump's tax returns | House Appropriations Chair Nita Lowey to retire

On The Money: Trump to meet China's vice premier during trade talks | Appeals court says Deutsche Bank doesn't have Trump's tax returns | House Appropriations Chair Nita Lowey to retire

Happy Thursday 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--Trump says he will meet with Chinese vice premier Friday amid trade talks: President TrumpDonald John TrumpTrump denies telling Bolton Ukraine aid was tied to investigations Former senior Senate GOP aide says Republicans should call witnesses Title, release date revealed for Bolton memoir MORE said Thursday that he plans to meet with Chinese Vice Premier Liu He at the White House on Friday as the United States and China move forward with trade negotiations.

"Big day of negotiations with China. They want to make a deal, but do I? I meet with the Vice Premier tomorrow at The White House," Trump announced on Twitter on Thursday morning.


Trump's tweet came after the South China Morning Post reported trade discussions would end Thursday, earlier than anticipated. 

The scene: Chinese officials are in Washington for the latest round of high-level trade talks following weeks of lower-level discussions. 

The White House said earlier this week that U.S. trade representative Robert LighthizerRobert (Bob) Emmet LighthizerGOP senator warns quick vote on new NAFTA would be 'huge mistake' Pelosi casts doubt on USMCA deal in 2019 Pelosi sounds hopeful on new NAFTA deal despite tensions with White House MORE and Treasury Secretary Steven MnuchinSteven Terner MnuchinLouise Linton, wife of Mnuchin, deletes Instagram post in support of Greta Thunberg Mnuchin: US 'focused' on reaching trade deal with UK by end of year Commerce Department withdraws Huawei rule after Pentagon pushback: reports  MORE would welcome the Chinese delegation on Thursday to discuss forced technology transfer, intellectual property rights, agriculture, enforcement and other issues.

Trump said Thursday evening that the talks had gone well, would continue Friday at the White House and that he was still on track to meet with Liu.



Appeals court says Deutsche Bank doesn't have Trump's tax returns: Deutsche Bank doesn't have any tax returns belonging to President Trump that pertain to a subpoena from House Democrats, federal appeals court judges in New York said Thursday.

The appeals court denied a motion from a group of media outlets to disclose the names of individuals whose tax returns Deutsche Bank has in relation to Trump's lawsuit, which was filed in an effort to prevent Democrats from securing his documents. 

The Hill's Naomi Jagoda has more here.


How we got here: 

  • The Democratic-led House Intelligence and Financial Services committees issued subpoenas earlier this year to Deutsche Bank for financial records, including tax returns, of Trump, his three oldest children and his businesses.
  • Trump subsequently filed a lawsuit challenging the subpoenas, and the case is now before the U.S. Appeals Court for the 2nd Circuit. 
  • Deutsche Bank said in a court filing in August that it has tax returns relating to the subpoenas, but the public version of the filing redacted the identities of the taxpayers.

In its ruling Thursday, the appeals court said the unredacted version of Deutsche Bank's August letter "reports that the only tax returns it has for individuals or entities named in the subpoenas are not those of the President."


Survey: Two-thirds of economists say manufacturing is in recession: Roughly two-thirds of economists say the U.S. manufacturing sector is in recession, according to a new Wall Street Journal poll.

The survey found that 65.3 percent of private sector forecasters said manufacturing was in a recession, usually defined by the sector as two consecutive quarters of contraction.

Federal Reserve figures from the summer showed similar contraction at factories, while recent manufacturing data from the Institute for Supply Management (ISM) has shown two months of declines.

Economists surveyed by the Journal also said they see the overall economy slowing as it heads into 2020. The Hill's Niv Elis tells us why here.


Lowey to retire: House Appropriations Chairwoman Nita LoweyNita Sue LoweyMixed feelings on war power limits: Lawmakers and vet candidates US officials, world leaders arrive in Israel for World Holocaust Forum  House revives agenda after impeachment storm MORE (D-N.Y.) on Thursday announced she will retire at the end of this Congress and not seek reelection in 2020.

The 82-year-old New York Democrat was first elected to Congress in 1988 and rose to become the most senior member of the powerful House Appropriations Committee -- and the first woman to hold the post. Before becoming a lawmaker, Lowey served as assistant secretary of state for the state of New York.

"After 31 years in the United States Congress, representing the people of Westchester, Rockland, Queens and the Bronx, I have decided not to seek re-election in 2020," she said in a statement.

In addition to being the first woman to chair the House Appropriations Committee, Lowey also made history in 2001 when she became the first woman to lead the Democratic Congressional Campaign Committee.

Lowey's accomplishments on Capitol Hill include securing federal funding to rebuild coastal areas hit by Hurricane Sandy, enactment of a bill strengthening the enforcement of drunk driving laws and her work on foreign aid and U.S.-Israel relations. More on Lowey's decision here.

The jockeying to replace Lowey atop the House Appropriations Committee has already begun. Rep. Marcy KapturMarcia (Marcy) Carolyn KapturAppropriators face crucial weekend to reach deal Congress races to beat deadline on shutdown Overnight Defense: Trump clashes with Macron at NATO summit | House impeachment report says Trump abused power | Top Dem scolds military leaders on Trump intervention in war crimes cases MORE (D-Ohio), the longest-serving female House member in the nation's history, is next in line and almost certainly eyeing the post. But Rep. Rosa DeLauroRosa Luisa DeLauroSome kids will spend Christmas in border cages On The Money: House approves Trump USMCA deal in bipartisan vote | Senate sends .4T spending bill to Trump's desk | Why budget watchdogs are howling over the spending deal House approves Trump's USMCA trade deal amid shadow of impeachment MORE (D-Conn.), another senior member of the panel and a close ally of Speaker Nancy PelosiNancy PelosiFormer senior Senate GOP aide says Republicans should call witnesses Democrats step up pressure over witnesses after Bolton bombshell Texas AFL-CIO endorses Cuellar's primary challenger MORE (D-Calif.), quickly threw her name in the ring just hours after Lowey's announcement. More on what's next here.



  • Senate Democrats announced Thursday that they are planning to force a vote in the near future on a resolution to repeal IRS rules aimed at blocking blue states' workarounds to the GOP tax law's cap on the state and local tax (SALT) deduction.
  • President Trump's top trade official has declined to testify before a key House panel about the administration's efforts to include controversial language protecting internet platforms from legal liability in trade agreements.
  • MarketWatch: "Fed eases Dodd-Frank banking restrictions on capital requirements, 'living wills'"
  • NYT: "China Blows Whistle on Nationalistic Protests Against the N.B.A."



  • A bipartisan group of senators is calling for all branches of government to share information on threats to technology supply chains, citing potential risks to national security.