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—Democratic candidates lay into Trump on trade: 2020 Democratic hopefuls laid into President TrumpDonald John TrumpHarris bashes Kavanaugh’s ‘sham’ nomination process, calls for his impeachment after sexual misconduct allegation Celebrating ‘Hispanic Heritage Month’ in the Age of Trump Let’s not play Charlie Brown to Iran’s Lucy MORE’s trade policy at Thursday night’s debate, characterizing it as an erratic approach that has hurt America’s economy.

• “We’ve got a guy in the White House who is erratic on trade policy. He conducts trade policy by tweet, frankly, borne out of his fragile ego,” Sen. Kamala HarrisKamala Devi HarrisHarris bashes Kavanaugh’s ‘sham’ nomination process, calls for his impeachment after sexual misconduct allegation Gun control: Campaigning vs. legislating Booker defends middle-ground health care approach: ‘We’re going to fight to get there’ MORE (D-Calif.) said. “He reminds me of that guy in ‘The Wizard of Oz’ — when you pull back the curtain, it’s a really small dude,” she said, drawing laughter from the audience.

• “He has put us in the middle of his trade war, and he is treating our farmers and our workers like poker chips in one of his bankrupt casinos,” said Sen. Amy KlobucharAmy Jean KlobucharSunday shows – Guns dominate after Democratic debate Klobuchar: Investigation into Kavanaugh ‘a sham’ Sunday shows preview: Democratic candidates make the rounds after debate MORE (D-Minn.), blasting Trump for frequently changing his position in the negotiations.

• South Bend, Ind., Mayor Pete ButtigiegPeter (Pete) Paul ButtigiegO’Rourke responds to Buttigieg’s gun criticism: ‘That calculation and fear is what got us here in the first place’ Buttigieg: Biden gave ‘bad’ debate answer on slavery’s legacy O’Rourke’s debate moment reignites gun debate on Sunday shows MORE accused Trump of lacking a strategy, noting how long the trade war has dragged on and intensified instead of being easily won, as Trump had promised.

But while the candidates argued that they would have approached China more strategically and shied away from tariffs, none said they would repeal them immediately, and many argued for the kind of negotiated settlement Trump is seeking.

• “I would not repeal the tariffs on Day 1,” said entrepreneur Andrew YangAndrew YangSunday shows – Guns dominate after Democratic debate Yang defends ,000 giveaway contest’s legality 2020 Democrats raise alarm about China’s intellectual property theft MORE. “I would let the Chinese know that we need to hammer out a deal, because right now the tariffs are pummeling producers and farmers in Iowa who have obviously nothing to do with the imbalances that we have with China.”

• Sen. Elizabeth WarrenElizabeth Ann WarrenGun control: Campaigning vs. legislating Booker defends middle-ground health care approach: ‘We’re going to fight to get there’ Democrats spar over electoral appeal of ‘Medicare for All’ MORE (D-Mass.) argued that the approach to striking trade deals needed to be reworked altogether, allowing unions, environmentalists, farmers and human rights activists to be part of trade negotiations.

 

LEADING THE DAY

China exempts US soybeans, pork from tariff hikes: Chinese officials on Friday said that some U.S. farm goods including soybeans and pork will be exempted from a pending round of tariff increases, according to the Associated Press. 

The announcement is the latest goodwill offering between the U.S. and China as both nations attempt to revive trade negotiations with another round of talks in October. The U.S. exports more soybeans and pork to China than nearly any other product, and Beijing has hindered American sales of those goods in China with retaliatory tariffs.

Trump said Wednesday he would delay a pending 5-percentage point increase to 25-percent tariffs on $250 billion in Chinese goods from Oct. 1 to Oct. 15 after Beijing announced it would exempt 16 U.S. products from its own planned tariff increase.

Congress set to ignore Trump’s wall request in stopgap measure: Lawmakers are preparing to ignore President Trump’s request to loosen restrictions on border wall funding as part of a short-term spending deal.

The ask, included in the Trump administration’s 21-page wish list for a continuing resolution (CR), comes amid renewed tensions over the border ahead of a Sept. 30 deadline to avoid another government shutdown. The administration also announced recently it was moving forward with shifting $3.6 billion from military projects to wall construction.

Congressional Republicans have stressed that they support the CR funding request, which would let the administration use money to build border barriers outside the Rio Grande Valley Sector. But now they’re sending early warning signals that they don’t expect the CR to include language granting the White House request. The Hill’s Jordain Carney explains here.

 

ON TAP NEXT WEEK

Monday:

• The Commodity Futures Trading Commission (CFTC) will hold a meeting to discuss three final rules, including revisions to the Volcker Rule,” 9 a.m.

• The U.S. Chamber of Commerce hosts an event entitled “Financial Transaction Taxes: A Tax on Investors, Taxpayers, and Consumers,” 2 p.m. 

Tuesday:

• The Federal Reserve’s Federal Open Markets Committee (FOMC) begins its September meeting in Washington, D.C.

• The Senate Appropriations Subcommittee on Financial Services and General Government will hold a markup of its fiscal 2020 spending bill, 2:15 p.m.

• A Senate Judiciary subcommittee will hold a hearing on the enforcement of federal antitrust laws, 2:30 p.m. 

Wednesday:

• The House Financial Services Committee holds a markup to consider pending legislation, 10 a.m.

• The Securities and Exchange Commission (SEC) holds a meeting to discuss revisions to the Volcker Rule, 10 a.m.

• The FOMC announces its September interest rate decision at 2 p.m., followed by a press conference with Federal Reserve Chairman Jerome Powell at 2:30 p.m. 

Thursday:

• The Consumer Financial Protection Bureau (CFPB) hosts a symposium on behavioral economics, 9 a.m.

• The Senate Health, Education, Labor and Pensions Committee holds a confirmation hearing to consider Eugene Scalia’s nomination to be Secretary of Labor, 9 a.m.

• The House Budget Committee holds a hearing entitled “Solutions to Rising Economic Inequality,” 10 a.m.

• A House Ways and Means subcommittee holds a hearing entitled “How the Tax Code Subsidizes Hate,” 10 a.m.

• The Senate Appropriations Committee holds a markup of the fiscal 2020 spending bills for Financial Services-General Government, Agriculture, and Transportation-Housing and Urban Development (HUD), 10:30 a.m.

 

GOOD TO KNOW

• President Trump said Thursday that he planned to push for a “substantial” middle class tax cut in the next year.

• Officials with the London Stock Exchange (LSE) on Friday reportedly rejected a $36.6 billion takeover bid from the owners of Hong Kong’s stock exchange.

• House lawmakers are escalating their antitrust investigation of Silicon Valley, issuing expansive requests for internal documents to four of the nation’s largest technology companies.

• The Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions on Friday against three North Korean cyber groups for targeting critical infrastructure.

• A federal appeals court in New York on Friday ruled that a lawsuit accusing President Trump of violating the Emoluments Clause can proceed after a lower court had thrown out the case.

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