On The Money: Trump, China announce 'Phase One' trade deal | Supreme Court takes up fight over Trump financial records | House panel schedules hearing, vote on new NAFTA deal

On The Money: Trump, China announce 'Phase One' trade deal | Supreme Court takes up fight over Trump financial records | House panel schedules hearing, vote on new NAFTA deal
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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: Trump, China announce 'Phase One' trade deal--President TrumpDonald John TrumpNational Archives says it altered Trump signs, other messages in Women's March photo Dems plan marathon prep for Senate trial, wary of Trump trying to 'game' the process Democratic lawmaker dismisses GOP lawsuit threat: 'Take your letter and shove it' MORE and China on Friday announced that they had reached a "phase one" trade deal that would see a reduction in tariffs from both sides and increase China's purchases of U.S. agricultural products.

"We have agreed to a very large Phase One Deal with China," Trump announced on Twitter, adding that negotiations on "Phase 2" of the deal would begin immediately, rather than after the 2020 election.

Trump and his administration pushed back at reports that he had agreed to halve the tariffs on billions of Chinese imports.

  • The deal also scrapped a new round of 15 percent tariffs scheduled to go into effect on an additional $156 billion of imports starting Sunday.
  • Trump administration officials later said that China had committed to purchasing between $40 and $50 billion in agricultural goods over the next two years.

The Hill's Niv Elis breaks down the deal here.






Supreme Court agrees to hear Trump appeals in fight over financial records: The Supreme Court on Friday agreed to hear appeals from President Trump in three cases involving efforts to gain access to his financial records, setting up a landmark separation of powers showdown.

The justices will hear arguments in March in cases that pit Trump against Democratic-led House committees, as well as a Manhattan district attorney.

A blockbuster ruling on the extent of congressional oversight authority and presidential power is expected before July, just months ahead of Election Day. The Hill's John Kruzel explains here.

The dispute: The Supreme Court consolidated three cases in which Trump appealed to shield his financial records from disclosure after losses in lower courts.Two cases involve financial records subpoenas from Democratic lawmakers. 

  • In one, the House Oversight and Reform Committee subpoenaed Trump's accounting firm, Mazars USA, for years of Trump's personal and corporate financial records.
  • In another, the House Financial Services and Intelligence committees subpoenaed Deutsche Bank and Capital One for a broad range of financial documents related to President Trump and his businesses.

A third case involves a subpoena from Manhattan prosecutors against Mazars USA for Trump's personal and corporate financial records, including tax returns, from 2011 to 2018.


House panel to hold hearing, vote on Trump's new NAFTA proposal: The House Ways and Means Committee will hold a markup of President Trump's proposed North American trade deal update next Tuesday, setting up a Thursday vote by the full chamber.

The panel with House jurisdiction over trade policy will hold a hearing on Trump's updated version of the North American Free Trade Agreement on Dec. 17, a Ways and Means spokeswoman announced Friday. 

Ways and Means members are likely to approve the deal, called the U.S.-Mexico-Canada Agreement (USMCA), by a wide bipartisan margin. The House is scheduled to vote on the deal Thursday, a day after Democrats are expected to pass articles of impeachment against Trump.

The White House formally submitted the implementing language on Friday, which was introduced as a bill soon after by House Majority Leader Steny HoyerSteny Hamilton HoyerHouse poised to hand impeachment articles to Senate House to vote on Iran war powers bills sought by progressives Khanna: Timing of Iran bill being weighed against getting bigger majority MORE (D-Md.) and Minority Leader Kevin McCarthyKevin Owen McCarthyCalifornia sues Trump administration over fracking Trump: Impeachment timing intended to hurt Sanders Overnight Energy: Schumer votes against USMCA, citing climate impact | Republicans offer details on their environmental proposals | Microsoft aims to be carbon negative by 2030 MORE (R-Calif.).

Read more: Green groups urge lawmakers to oppose USMCA


  • The payroll data of around 29,000 current and former Facebook employees was stolen as part of a theft last month of several hard drives from an employee's car, according to Bloomberg News. 
  • A bipartisan bill to protect patients from surprise medical bills is not expected to pass this year due to sharp divisions over the legislation, according to congressional aides in both parties. 
  • House Democrats' bill to lower drug prices would raise wages for people on employer-sponsored health insurance by $116 billion over 10 years, according to the Congressional Budget Office (CBO)


Recap the week with On The Money: