On The Money: Trump says plans 'being arranged' to sign initial China trade deal | Trump talks with Bolsonaro after surprise tariffs | 2020 Dems divided over Trump, Pelosi trade deal

On The Money: Trump says plans 'being arranged' to sign initial China trade deal | Trump talks with Bolsonaro after surprise tariffs | 2020 Dems divided over Trump, Pelosi trade deal
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THE BIG DEAL--Trump says signing of China trade deal 'being arranged': President TrumpDonald John TrumpFive takeaways from Trump-Biden debate clash The Memo: Debate or debacle? Democrats rip Trump for not condemning white supremacists, Proud Boys at debate MORE said Friday that he spoke with Chinese President Xi Jinping about the "phase one" trade agreement with Beijing and said a formal signing of the deal is "being arranged." 

"Had a very good talk with President Xi of China concerning our giant Trade Deal. China has already started large scale purchases of agricultural product & more," Trump tweeted Friday morning. "Formal signing being arranged."

Trump and his advisers have touted the deal as a major victory and said it will pave the way for a second, more substantial "phase two" trade deal with Beijing.

But the text of it has not yet been released, creating continued uncertainty about its contents. Trump administration officials have said they expect the deal to be signed in early January, at which point it will be released. The Hill's Morgan Chalfant explains here

 

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Trump talks trade with Bolsonaro after surprise tariffs: Trump also discussed trade in a call with Brazilian President Jair Bolsonaro after the U.S. abruptly threatened to reimpose steel tariffs on the South American nation.

The background: The president and Bolsonaro have enjoyed a close relationship since the latter took office earlier this year. But Trump appeared to catch Bolsonaro off guard when he announced earlier this month that the U.S. would restore tariffs on steel and aluminum imports from Brazil and Argentina, citing "massive devaluation of their currencies." 

National Economic Council Director Larry KudlowLarry KudlowMORE later said the administration had not made a final decision about imposing the tariffs, even though Trump's tweet said they were "effective immediately." The Hill's Brett Samuels has more on the Trump, Bolsonaro call here.

 

LEADING THE DAY

US Steel closing mill, laying off 1,500 Detroit workers: U.S. Steel Corp. announced this week that it will close a mill near Detroit, laying off more than 1,500 workers as it tries to address financial losses.

The news comes just months after U.S. Steel announced it would be laying off 200 workers at the same mill, Great Lakes Works. 

U.S. Steel said they expect to end the mill's iron and steelmaking operations by April 1, 2020, with another part of the mill closing by the end of 2020. The estimated job loss is 1,545 workers.

Steel production will instead be shifted to a plant in Gary, Ind., where the company has invested $750 million after both the city and state gave U.S. Steel tax breaks. Those tax breaks aimed to keep at least 3,875 jobs at the plant.

The announcement comes as steel has been at the center of President Trump's ongoing trade war with China. After the first round of tariffs on foreign steel, the White House celebrated domestic steel price increases and Trump said tariffs were rebuilding the industry, but the prices have since seen a sharp decline.

 

2020 Democrats divided over Trump-Pelosi trade deal: Democratic candidates running for president were split on supporting the updated North American Free Trade Agreement negotiated between President Trump and House Speaker Nancy PelosiNancy PelosiGOP seeks to redirect criticism over Trump tax returns House rebuffs GOP lawmaker's effort to remove references to Democrats in Capitol Grassley says disclosing Trump's tax records without authorization could violate law MORE (D-Calif.) during Thursday night's debate.

The House overwhelmingly passed the updated trade deal, called the United States-Mexico-Canada Agreement, just hours before the debate, 385-41. The Senate is expected to approve it in January.

 

GOOD TO KNOW

  • The country's top antitrust enforcers on Friday argued in favor of the $26 billion merger of T-Mobile and Sprint, arguing the states attempting to block the enormous telecom deal could wind up harming customers across the country. 

 

RECAP THE WEEK WITH ON THE MONEY: