President Donald Trump told a Phoenix rally he doesn’t expect NAFTA negotiations to be successful, saying, “We’ll end up probably terminating NAFTA at some point.” The United States, Mexico and Canada recently completed the first of multiple rounds of renegotiations for the 1994 trade deal.
U.S. Treasury Secretary Steven Mnuchin said the Trump administration’s tax plan will close a carried interest loophole for hedge funds but might keep the tax break for other kinds of companies. “What we are focused on is there are many other types of funds that do create jobs and we want to make sure we don’t discourage investment,” he told a crowd in Louisville, Ky.
Billionaire investor Carl Icahn resigned from his role as President Donald Trump’s unpaid adviser on regulatory reform issues just before The New Yorker published a profile that detailed potential conflicts of interests related to Icahn’s stake in a Texas-based petroleum refining company. Icahn cited “partisan bickering” in his resignation letter and denied he had profited from his advisory position.
Members of President Donald Trump’s Strategic and Policy Forum, an advisory group of business leaders, decided to disband after Trump blamed the violence in Charlottesville, Va., on both white nationalists and the protesters who opposed them. Later, Trump announced the dissolution of that group and of an advisory panel on manufacturing. JPMorgan Chase & Co. Chief Executive Jamie Dimon, a Strategic and Policy Forum member, said in a memo to employees that he “strongly” disagreed with Trump’s comments.
Bank of America Corp. and Deutsche Bank AG agreed to a $65.5 million settlement with investors who sued the banks over alleged manipulation of government bond markets. The banks did not admit to wrongdoing as part of the settlement.
House Ways and Means Committee Chairman Kevin Brady said Republican tax writers are “open” to passing a tax overhaul package that would increase the deficit for the first few years of its implementation. Brady and other Republicans believe that the economic benefits of changing the tax code would eventually erase the early deficits.
Congressional Democrats said they were hoping that the administration of President Donald Trump will negotiate a revised North American Free Trade Agreement deal that lines up with their priorities on issues like currency manipulation, government procurement and labor rights. NAFTA renegotiation talks with Canada and Mexico begin Wednesday in Washington.
Goldman Sachs Group Chief Executive Officer Lloyd Blankfein implicitly criticized President Donald Trump over his response to the violence during a white supremacist rally in Charlottesville, Va., with a tweet quoting Abraham Lincoln’s adage that “a house divided against itself cannot stand.”
President Donald Trump is set to briefly return to Washington on Monday to sign an order requesting an investigation of Chinese trade practices, which could culminate in the seeking of remedial action on imports of major products from China. The investigation Trump is requesting could last a year.
California Insurance Commissioner Dave Jones said the state will investigate whether or not Wells Fargo harmed hundreds of thousands of customers by selling them car insurance they didn’t need. The probe follows subpoenas issued by New York state’s banking and insurance regulator to two Wells Fargo units last week.