Happy Tuesday and welcome back to On The Money, where we are now completely focusing on being creative. 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 warns of more tariffs if 'great deal' not reached with China: The Trump administration could implement another major round of tariffs against China if trade negotiations with the country aren't successful, the president said Monday night. President Trump told Fox News's Laura Ingraham that another round of trade measures equaling $267 billion in value was "ready to go" if Chinese authorities do not bend to U.S. demands for significant changes to China's trade policies. "I think that we will make a great deal with China, and it has to be great, because they've drained our country," Trump told Ingraham. "[But] I have $267 billion waiting to go if we can't make a deal," he added. In the interview, the president expressed optimism that a deal would be reached with China in the near future, ending months of back-and-forth tariffs from the two nations. Here's more from The Hill's John Bowden. LEADING THE DAY Consumer confidence rises in October: Consumer confidence in the U.S. economy increased in October amid strong GDP growth and low joblessness, according to a key survey released Tuesday by business research group The Conference Board. The Conference Board's Consumer Confidence Index rose to 137.9 in October after a smaller increase to 135.3 in September, the group announced Tuesday. Consumers' forecasts for the current economy improved from 169.4 to 172.8, while expectations for the near future improved from 112.5 to 114.6 this month. "Consumers' assessment of present-day conditions remains quite positive, primarily due to strong employment growth," said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. "Consumers do not foresee the economy losing steam anytime soon. Rather, they expect the strong pace of growth to carry over into early 2019." Why it matters: Consumer spending plays a critical role in U.S. GDP growth and often serves as a bellwether for the broader economy. Statistics released by the government on Friday showed the economy growing at a healthy 3.5 percent rate in the third quarter, down from an exceptional 4.2 percent in the second quarter. Third-quarter GDP growth was powered primarily by consumer spending and retail inventories, which typically reflect short-term confidence in the economy. But business investment and capital expansion fell over the past three months--two warning signs that the Trump boom could be past its prime. Chamber warns against taxes targeting tech companies: The U.S. Chamber of Commerce on Tuesday is raising concerns about digital services taxes, after the United Kingdom on Monday announced plans to move forward with such a tax on large technology companies. "The American business community supports international dialogue on ways to modernize the international taxation system to adapt to changes in the global economy," Chamber President and CEO Tom Donohue wrote in a letter to Treasury Secretary Steven Mnuchin. "However, unilateral European actions will erode trust and lessen the prospects for international agreement; indeed, we now see governments outside of Europe considering similar actions." - The U.K. announced plans on Monday for large internet companies to pay a tax starting in 2020 of 2 percent of revenues from users in the country. A number of other countries have also been looking at imposing a digital services tax, due to frustrations that internet companies are largely untaxed in their jurisdictions.
- But the tech industry and top policymakers in the U.S. have been critical of these efforts, which would largely impact companies based in the United States.
Donohue outlined three main concerns the Chamber has with digital services taxes. The Hill's Naomi Jagoda tells you more about them here. MARKET CHECK: CNBC: Dow rallies more than 400 points in bounce as brutal October nears a close. GOOD TO KNOW - China guided its currency to its weakest official level in a decade on Tuesday--a move that could fuel expectations of a further, self-reinforcing slide, according to the Wall Street Journal.
- Former Fed Chair Janet Yellen and other big names in the financial regulatory space are expressing concern over the systemic risk of leveraged loans.
- Facebook fell short on revenue projections, daily active user and monthly active user estimates in its latest earnings report, despite exceeding analyst expectations on earnings per share.
- Tesla CEO Elon Musk tweeted Tuesday that he had become the "nothing" of Tesla after apparently removing title descriptions from his company website.
ODDS AND ENDS - Nearly 2.5 million people could gain access to Medicaid coverage if Democrats win gubernatorial elections in six states next Tuesday and expand the program to cover more low-income adults, according to a new analysis released Tuesday.
- The Justice Department on Tuesday unsealed charges against a group of Chinese intelligence officers, alleging that they hacked into a series of private companies' computer systems in the U.S. and abroad as part of an effort to steal sensitive commercial aviation data.
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