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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 TrumpBiden says GOP senators have called to congratulate him Biden: Trump attending inauguration is 'of consequence' to the country Biden says family will avoid business conflicts 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.

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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 LighthizerWhiskey, workers and friends caught in the trade dispute crossfire GOP senator warns quick vote on new NAFTA would be 'huge mistake' Pelosi casts doubt on USMCA deal in 2019 MORE and Treasury Secretary Steven MnuchinSteven Terner MnuchinThe Hill's Morning Report - Presented by Mastercard - Dem leaders back smaller COVID-19 relief bill as pandemic escalates Sweeping financial crimes bill to hitch a ride on defense measure On The Money: Funding bill hits snag as shutdown deadline looms | Pelosi, Schumer endorse 8 billion plan as basis for stimulus talks | Poll: Most Americans support raising taxes on those making at least 0K 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.

 

LEADING THE DAY

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 LoweyOvernight Defense: Lawmakers release compromise defense bill in defiance of Trump veto threat | Senate voting next week on blocking UAE arms sale | Report faults lack of training, 'chronic fatigue' in military plane crashes Rep. David Scott wins House Agriculture Committee gavel House Democrats pick DeLauro to lead Appropriations panel 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 KapturHouse Democrats pick DeLauro to lead appropriations panel DeLauro wins Steering Committee vote for Appropriations chair DeLauro racks up labor endorsements for Appropriations gavel 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 DeLauroOn The Money: COVID-19 relief picks up steam as McConnell, Pelosi hold talks | Slowing job growth raises fears of double-dip recession | Biden officially announces Brian Deese as top economic adviser Overnight Defense: Lawmakers release compromise defense bill in defiance of Trump veto threat | Senate voting next week on blocking UAE arms sale | Report faults lack of training, 'chronic fatigue' in military plane crashes Rep. David Scott wins House Agriculture Committee gavel MORE (D-Conn.), another senior member of the panel and a close ally of Speaker Nancy PelosiNancy PelosiBiden backs 0B compromise coronavirus stimulus bill US records over 14 million coronavirus cases On The Money: COVID-19 relief picks up steam as McConnell, Pelosi hold talks | Slowing job growth raises fears of double-dip recession | Biden officially announces Brian Deese as top economic adviser MORE (D-Calif.), quickly threw her name in the ring just hours after Lowey's announcement. More on what's next here.

 

GOOD TO KNOW

  • 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."

 

ODDS AND ENDS

  • 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.