Business & Economy

On The Money: Trump touts ‘big leap forward’ with China | Questions mount about trade truce | Consumer bureau name change could cost firms $300M | GM chief to meet Ohio senators

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.

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THE BIG DEAL–Trump touts ‘big leap forward’ with China after G-20 meeting: President Trump on Monday touted “strong” relations with China in the wake of his Group of 20 summit meeting with Chinese President Xi Jinping, claiming in a series of tweets that only he and the Chinese leader could reach an agreement on trade and other matters.

“President Xi and I have a very strong and personal relationship,” Trump wrote on Twitter. “He and I are the only two people that can bring about massive and very positive change, on trade and far beyond, between our two great Nations. A solution for North Korea is a great thing for China and ALL!”

{mosads}The president appeared to be celebrating his meeting with Xi on Saturday, where the two sides agreed to hold off on further tariff increases amid trade negotiations. The pact was seen as a step forward, but it’s unclear what it truly entails. The Hill’s Jordan Fabian explains here.

 

The agreement:

 

The confusion:

 

What comes next: Trade talks between the U.S. and China have gone hot and cold for months, but both nations are feeling the economic crunch to a greater degree. The Trump administration has made significant asks that would cause Beijing to fundamentally reshape it’s economic development plan at a particularly vulnerable point for the Chinese economy. It will take a lot of good will and flexibility to strike a deal here.

 

NAFTA NO-MORE? President Trump said late Saturday that he plans to formally terminate the North American Free Trade Agreement (NAFTA) in an effort to pressure Congress to approve a new trade deal with Canada and Mexico.

“I will be formally terminating NAFTA shortly,” Trump told reporters on Air Force One while returning from the Group of 20 summit in Argentina.

Trump and the leaders of Mexico and Canada on Friday signed a revised North American trade agreement that caps off a bitter trade dispute between the three nations. But the required congressional approval for the new pact is far from certain.

 

LEADING THE DAY

Exclusive: Consumer bureau name change could cost firms $300 million: Changing the name of the Consumer Financial Protection Bureau (CFPB) could cost the businesses it regulates more than $300 million, according to an internal agency analysis obtained by The Hill.

Banks, lenders and other financial services firms subject to CFPB supervision could be required to spend millions of dollars if the agency goes through with a rebranding proposal from Acting Director Mick Mulvaney.

explain why here.

 

The background:

 

The cost:

The rationale:

 

GM fallout–Ohio senators to meet with company chief: Sens. Sherrod Brown (D) and Rob Portman (R) from Ohio are scheduled to meet with General Motors Chief Executive Officer Mary Barra on Wednesday, after the automaker announced last week that it would halt production at a plant in the Buckeye State.

The senators announced the planned meeting on Monday and said it would take place in Portman’s office.

GM said that it is planning to lay off 15 percent of its salaried workers and would not assign products in 2019 to five plants in North America, including a plant in Lordstown, Ohio, in the northeast part of the state.

 

GOOD TO KNOW

 

ODDS AND ENDS