| Happy Wednesday 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. See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N. Write us with tips, suggestions and news: slane@thehill.com, vneedham@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @VickofTheHill, @NJagoda and @NivElis. THE BIG DEAL: Trump touts deal with Mexico as US and Canada close in on pact: President Trump boasted of his administration's progress on a trade agreement with Mexico in an early morning tweet on Wednesday, despite several issues still left unresolved. Trump wrote that the upcoming deal, which was announced by the White House on Monday amid contentious talks with Mexico and Canada over the future of NAFTA, focuses on U.S. farmers and will tear down "trade barriers" that negatively impact the U.S. economy. "Our new Trade Deal with Mexico focuses on FARMERS, GROWTH for our country, tearing down TRADE BARRIERS, JOBS and having companies continue to POUR BACK INTO OUR COUNTRY. It will be a big hit!" he predicted. Trump summoned reporters to the Oval Office on Monday for a joint announcement of the trade deal on a conference call with Mexico's outgoing President Enrique Peña Nieto, but lawmakers have insisted that Canada be part of any new trade deal with Mexico. "We'll see if Canada can be part of deal," Trump said. If Canada does not sign on to the trade deal, the president threatened to impose tariffs on Canadian auto imports.
Canadian Prime Minister Justin Trudeau said Wednesday that a deal to rework NAFTA may be possible by the United States' Friday deadline, but that he'd rather leave the table than accept a subpar proposal. "We recognize that there is a possibility of getting there by Friday, but it is only a possibility, because it will hinge on whether or not there is ultimately a good deal for Canada," Trudeau told reporters, according to Reuters. "No NAFTA deal is better than a bad NAFTA deal," he added. LEADING THE DAY Second quarter GDP growth upgraded to 4.2 percent: The U.S. economy grew at 4.2 percent in the second quarter, higher than the 4.1 percent reported in the advance estimate, according to the Bureau of Economic Analysis, which released its second estimate Wednesday. The higher number is just more good news for President Trump, who pointed to the first estimate as a sign that his economic policies were working. Critics have argued that the economy is experiencing a short-lived "sugar rush" as a result of deficit-financed tax cuts and spending and that the figures will quickly fall back down to earth. They also say that much of the growth has accrued to the nation's wealthiest. The numbers keep Trump on track to hit his goal of 3 percent annual growth.
While the overall economic picture remained the same, new data showed that nonresidential fixed investment and private inventory investment were higher than first thought, even as personal consumption and estimates on imports were lower. The Hill's Niv Elis breaks down those numbers here. A win for the printed word: The U.S. International Trade Commission voted on Wednesday to overturn tariffs the Trump administration imposed on Canadian newsprint earlier this year. The five-member body voted unanimously that U.S. newspaper producers are not negatively affected by newsprint imports. The trade commission said in a statement that it had "determined that a U.S. industry is not materially injured or threatened with material injury by reason of imports of uncoated groundwood paper from Canada that the U.S. Department of Commerce (Commerce) has determined are subsidized and sold in the United States at less than fair value." The agency said in an email to The Hill that it would send its formal opinion to the U.S. Commerce Department by Sept. 24. Why it matters: The decision will likely have a positive effect on small- and medium-sized newspapers across the country, which were hit especially hard by the tariffs. The Tampa Bay Times earlier this year blamed dozens of layoffs on the newsprint tariffs, which were originally imposed in January. Other newspapers were forced to reduce the number of days they printed a paper or close their business entirely, according to the Times. THE HILL EVENT Join us Thursday, September 6 for "Partnerships & Progress: Driving Climate Solutions," featuring Rep. Brian Fitzpatrick (R-Pa.) and Sen. Sheldon Whitehouse (D-R.I.). Editor in Chief Bob Cusack will sit down with the headliners to discuss how the public and private sectors can balance environmental progress with healthy economic growth. RSVP Here. GOOD TO KNOW ODDS AND ENDS - The makers of Jack Daniel's are forecasting lower profits and higher prices for the iconic whiskey because of tariffs.
- Sinclair Broadcast Group has filed a counter-lawsuit against Tribune Media, heightening a legal battle between the two companies that erupted following the implosion of their proposed $3.9 billion merger.
- Cleveland Browns linebacker Mychal Kendricks has been charged with insider trading by federal prosecutors over his involvement in a scheme with a Harvard-educated former investment banker.
- Op-Ed: Why the US-Mexico deal means very little without Canada
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