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


THE BIG DEAL--Trump says he will meet with Chinese vice premier Friday amid trade talks: President TrumpDonald John TrumpFlorida GOP lawmaker says he's 'thinking' about impeachment Democrats introduce 'THUG Act' to block funding for G-7 at Trump resort Kurdish group PKK pens open letter rebuking Trump's comparison to ISIS 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 LighthizerPelosi sounds hopeful on new NAFTA deal despite tensions with White House On The Money: Economy adds 164K jobs in July | Trump signs two-year budget deal, but border showdown looms | US, EU strike deal on beef exports Chinese, US negotiators fine-tuning details of trade agreement: report MORE and Treasury Secretary Steven MnuchinSteven Terner MnuchinTop economic adviser warned Trump on reelection chances ahead of China truce: report The Hill's Morning Report - Tempers boil over at the White House Schumer seeks focus on health care amid impeachment fever 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 LoweyTrump officials say aid to Puerto Rico was knowingly stalled after Hurricane Maria McConnell tees up government funding votes amid stalemate Dem committee chairs blast Trump G-7 announcement 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 KapturOn 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 DeLauro enters race to succeed Lowey as Appropriations chief House Appropriations Chairwoman Nita Lowey to retire 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 DeLauroOvernight Health Care — Presented by Coalition Against Surprise Medical Billing — Planned Parenthood charges into 2020 | PhRMA CEO warns against Pelosi drug pricing bill | Medicaid work requirements costing states millions 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 DeLauro enters race to succeed Lowey as Appropriations chief MORE (D-Conn.), another senior member of the panel and a close ally of Speaker Nancy PelosiNancy PelosiCummings to lie in state at the Capitol House Republicans 'demand the release of the rules' on impeachment Overnight Health Care — Presented by National Taxpayers Union —Dem wants more changes to Pelosi drug pricing bill | Ebola outbreak wanes, but funding lags | Johnson & Johnson recalls batch of baby powder after asbestos traces found 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.