On The Money: Trump touts China trade deal | Wall Street, Washington see signs for caution | Trump threatens sanctions on Turkey | Sanders proposes sharp hike to corporate taxes

On The Money: Trump touts China trade deal | Wall Street, Washington see signs for caution | Trump threatens sanctions on Turkey | Sanders proposes sharp hike to corporate taxes
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Happy Monday 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. See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

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THE BIG DEAL-- Trump hypes trade deal as questions emerge: President TrumpDonald John TrumpStates slashed 4,400 environmental agency jobs in past decade: study Biden hammers Trump over video of world leaders mocking him Iran building hidden arsenal of short-range ballistic missiles in Iraq: report MORE is touting an initial deal with China as a major victory for his trade agenda despite growing skepticism over the scope and status of the agreement.

The pending deal outlined Friday would postpone an upcoming increase of tariffs on Chinese goods in exchange for Beijing drastically increasing imports of American crops. The agreement is meant to provide a brief economic reprieve for both nations as they seek out a broader deal.

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Trump has been quick to boast about scoring a major victory for "great patriot farmers & ranchers." The president tweeted that a "Phase One" deal with China can be "finalized & signed soon!" during a potential November meeting with Chinese President Xi Jinping.

But Washington and Wall Street are reacting with caution to the announcement, following signals from Beijing that it still needs time to finalize the terms and amid criticism that the limited agreement does not touch on many of Trump's top priorities for a broader trade deal.

The Hill's Niv Elis and I will have more tomorrow in the print edition of The Hill and at TheHill.com. 

 

Read more: China reportedly wants more talks to hammer out details on a trade deal promoted by President Trump before it is signed by Chinese President Xi Jinping. The country could send a delegation including Vice Premier Liu He to finalize a written deal to be signed at a summit next month, a person familiar told Bloomberg News


Read more: CNBC reports: "Treasury Secretary Steven MnuchinSteven Terner MnuchinHillicon Valley: House passes anti-robocall bill | Senators inch forward on privacy legislation | Trump escalates fight over tech tax | Illinois families sue TikTok | Senators get classified briefing on ransomware On The Money: Falling impeachment support raises pressure for Dems on trade | Trump escalates fight over tech tax | Biden eyes minimum tax for corporations | Fed's top regulator under pressure over Dodd-Frank rules Mnuchin raises concerns over global talks on taxing digital economy MORE told CNBC on Monday he expects the mid-December round of tariffs on Chinese goods to take effect if no deal is reached between the two economic superpowers. 'I have every expectation if there's not a deal those tariffs would go in place, but I expect we'll have a deal,' Mnuchin said on CNBC's 'Squawk Box.'"

 

Read more: Chinese exports to the U.S., China's largest foreign market, decreased by 21.9 percent to $36.5 billion in September, The Associated Press reported Monday, citing customs data

 

LEADING THE DAY

Trump to impose sanctions on Turkey for military offensive in Syria: President Trump on Monday said he would soon implement sanctions on Turkey following bipartisan backlash over his decision to greenlight the country's incursion into northern Syria.

The president said in a statement that the U.S. will target government officials in Ankara and "any persons contributing to Turkey's destabilizing actions in northeast Syria." The sanctions include an increase of steel tariffs from 25 percent to 50 percent and a halt in trade negotiations with Ankara.

The order leaves open the possibility of the Trump administration imposing additional sanctions on Turkey depending on its actions in Syria moving forward.

"Turkey's military offensive is endangering civilians and threatening peace, security, and stability in the region," Trump said in a statement. "I have been perfectly clear with President Erdogan: Turkey's action is precipitating a humanitarian crisis and setting conditions for possible war crimes."

The Hill's Brett Samuels tells us more about the sanctions and what prompted them here.

 

What to know about the crisis in Turkey: 

  • Turkish forces last week moved into northern Syria, attacking the Kurdish forces that fought alongside the U.S. against ISIS. Disturbing images and video footage of women and children being killed amid the fighting circulated on social media over the weekend. 
  • Lawmakers and former military officials have asserted that Trump's decision to pull U.S. forces out of the region essentially gave Turkey a green light to move forward with its operation.
  • In an effort to turn back the Turkish offensive, the Kurds struck a deal to join Syrian President Bashar al-Assad's forces. The two had previously been on opposing sides of a bloody civil war, and Assad is backed by Russia.

 

What's next: President Trump on Monday called on Turkish President Recep Tayyip Erdogan to negotiate a ceasefire with Kurdish forces amid violence in the region precipitated by a U.S. withdrawal from northern Syria.

Vice President Pence told reporters outside the White House that Trump "pressed [Erdogan] very strongly" to broker a ceasefire immediately. Pence will lead a delegation to Turkey in the coming days to help broker a settlement between Ankara and Kurdish forces, he added.

Brett has more on this breaking development here.

 

Meanwhile in Congress: Speaker Nancy PelosiNancy PelosiTrump's legal team huddles with Senate Republicans On The Money: Falling impeachment support raises pressure for Dems on trade | Trump escalates fight over tech tax | Biden eyes minimum tax for corporations | Fed's top regulator under pressure over Dodd-Frank rules Overnight Health Care — Presented by Johnson & Johnson — Virginia moves to suspend Medicaid work rules | Powerful House panel sets 'Medicare for All' hearing | Hospitals sue over Trump price rule | FDA official grilled on vaping policy MORE (D-Calif.) said on Monday that she and Sen. Lindsey GrahamLindsey Olin GrahamTrump's legal team huddles with Senate Republicans GOP member urges Graham to subpoena Schiff, Biden phone records Trump legal team gears up for Senate impeachment trial in meeting with GOP senators MORE (R-S.C.) agreed on the need for a resolution overturning President Trump's decision on Syria, as well as additional sanctions against Turkey.

"Pleased to have a conversation with Senator @LindseyGrahamSC this morning. Our first order of business was to agree that we must have a bipartisan, bicameral joint resolution to overturn the President's dangerous decision in Syria immediately," Pelosi said in a series of tweets.

Readouts from both Pelosi and Graham did not mention a deal on specific legislation, but centered on a broader agreement that additional sanctions were needed.

More from The Hill's Jordain Carney here.

 

Sanders proposes sharp hike to corporate taxes in 'accountability' plan: Sen. Bernie SandersBernie SandersGabbard moves to New Hampshire ahead of primary Sanders to join youth climate strikers in Iowa Saagar Enjeti unpacks why Kamala Harris's campaign didn't work MORE (I-Vt.) on Monday unveiled an economic plan that includes sharply increasing the corporate tax rate and eliminating most corporate tax breaks and loopholes.

The "Corporate Accountability and Democracy Plan" would increase the corporate tax rate from 21 percent to 35 percent, its level before the 2017 tax-cut law, while targeting tax breaks, loopholes and offshore tax havens.

The plan would also require companies that are publicly traded or have at least $100 million in annual revenue or at least $100 million on their balance sheet total to give workers 2 percent of the company's stock until employees own at least 20 percent of the company. 

 

GOOD TO KNOW

  • President Trump and lawmakers in both parties have focused their ire on the NBA, not China, amid last week's spat over Hong Kong protesters and freedom of speech, boosting pressure on the league to defy Beijing's attempts to stifle criticism.
  • President Trump on Friday urged a federal appeals court to reverse a lower court's decision dismissing his lawsuit over New York prosecutors' subpoena for his tax returns.