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

View in your browser     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. 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 '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!" 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: Trump said late Sunday night that China had agreed to reduce and remove tariffs on cars coming into China from the U.S, a pledge made by Beijing before. He did not say when the change would take place, or what the new level would be. China earlier this year cut it tariffs for foreign automobiles to 15 percent, but leveled an additional 25 percent tariff on American cars over the summer in response to duties from the Trump administration, bringing the total to 40 percent. The Chinese government hasn't confirmed the deal, and there have been mixed messages about the agreement from Trump's top aides.   The confusion: Top White House economic adviser Larry Kudlow on Monday said he believes China agreed to lower tariffs on imported autos, but did not provide specifics. Kudlow also said the 90-day reprieve from U.S. tariff increases on China will begin on Jan. 1, when the tariff rate on $250 billion worth of Chinese goods was set to jump from 10 percent to 25 percent, and not immediately. The White House later issued a correction, updating Kudlow's remarks to reflect the Dec. 1 start point.   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. I explain why here.   The background: The agency, established by the 2010 Dodd-Frank Wall Street reform law, has been known as the Consumer Financial Protection Bureau and CFPB since it opened in 2011. Mulvaney, a Republican who's also the White House budget director, replaced Cordray. In April, he began referring to the agency as the Bureau of Consumer Financial Protection, shortened to Bureau or BCFP. The CFPB in March released a new logo that referred to the agency as the Bureau of Consumer Financial Protection, and in June flipped the sign in its front lobby to reflect the name change.   The cost: The agency's analysis found that firms would be forced to spend roughly $300 million total to update internal databases, regulatory filings and disclosure forms with the new name in order to comply with those rules. The analysis estimated that the changes necessary to comply with the Fair Credit Reporting Act, the Electronic Fund Transfer Act and certain mortgage regulations would cost firms $100 million for each rule. The CFPB cited a 2010 cost-benefit analysis of agency name-changes in its internal report. A name change would cost the agency between $9 million and $19 million, by updating internal materials and its website, according to the analysis. The CFPB is funded through the Federal Reserve system, with fees paid by U.S. banks. The rationale: Mulvaney has said the agency should be known as the BCFP, reflecting the name codified in the Dodd-Frank legislation that became law. While Dodd-Frank formally established the agency as the Bureau of Consumer Financial Protection, the law also makes several references to the Consumer Financial Protection Bureau.   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 White House chief economic adviser Larry Kudlow said on Monday the Trump administration will seek to end subsidies for electric cars and renewable energy sources, according to reports. Amazon on Monday briefly topped the list of Wall Street's most valuable companies, over Apple and Microsoft as the three battle for the top market value.   ODDS AND ENDS Qatar announced Monday that it will withdraw from OPEC in January to focus on liquified natural gas (LNG). Rep. Jamie Raskin (D-Md.), whose district is home to Marriott International, says the company is still struggling to understand the massive data breach that may have affected 500 million customers.           Did a friend forward you this email? 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Overnight Energy: Trump adviser Kudlow seeks end to electric car, renewable energy credits | Shell to pay execs based on carbon reduction | Justices reject greens' border wall lawsuit

View in your browser     KUDLOW TARGETS ELECTRIC CAR, RENEWABLE ENERGY CREDITS: White House economic adviser Larry Kudlow said on Monday the Trump administration will seek to end subsidies for electric cars and renewable energy sources, according to reports. Kudlow said he expected subsidies for electric cars would end by 2020 or 2021. "We want to end, we will end those subsidies and others of the Obama administration," he said, according to Bloomberg. It's unclear how the administration plans to cut the tax credits, since Congress enacted them and would have to act to end them. Electric car buyers currently get tax credits of $7,500 per vehicle. But that phases out as each company sells 200,000 cars -- a level that a handful of companies including General Motors Co. are approaching. Utilities also get tax credits for producing wind power and for installing solar power equipment. Those incentives, enacted before former President Obama took office, are on track to phase out in the coming years. Read more.   Happy Monday! Welcome to Overnight Energy, The Hill's roundup of the latest energy and environment news. Please send tips and comments to Timothy Cama, tcama@thehill.com, and Miranda Green, mgreen@thehill.com. Follow us on Twitter: @Timothy_Cama, @mirandacgreen, @thehill. CLICK HERE to subscribe to our newsletter.   SHELL TO LINK EXECUTIVE PAY TO CARBON GOALS: Gas giant Royal Dutch Shell announced dramatic goals Monday to cut carbon emissions starting in 2020, including a pay incentive for top executives to meet them. The company plans to set annual three- to five-year carbon reduction targets beginning in 2020 to reduce its carbon footprint. The program will run until 2050. The decision comes after mounting pressure from Shell's investors to actively decrease carbon emissions. Fossil fuels are a leading contributor to greenhouse gases, which add to the effects of climate change. Shareholders previously criticized Shell's plan last year to set nonbinding goals to halve its emissions by 2050. Major investors include asset management company Robeco and the Church of England. The new plan will link emissions targets to its executive compensation policy. Shell has already linked ten percent of its policy for executives to carbon-cutting goals, but the new policy will go further by looking at ways to cut the emissions coming from customers who burn Shell fuel and millions of drivers who use their gas. No formal benchmarks were put forth by the company on Monday. It said investors will not vote on the proposal until 2020. Read more on the plan here.   JUSTICES WON'T TAKE BORDER WALL CASE: The Supreme Court on Monday refused to hear a case arguing that a key law giving President Trump authority to build a border wall is unconstitutional. Conservation groups, led by the Animal Legal Defense Fund and the Center for Biological Diversity, argued that the Illegal Immigration Reform and Immigrant Responsibility Act of 1996's provision giving the Homeland Security secretary nearly limitless authority to waive laws in the name of building border protection infrastructure like walls is unconstitutional. The groups said the provision violates the Constitution's separation of powers, a principle that reserves legislative power for Congress and prohibits the executive or judicial branches from writing laws. "Section 102's waiver and jurisdiction-stripping provisions unconstitutionally consolidate the power to make, enforce, and review laws in the Executive branch," they said in an August petition to the high court, arguing that only Congress has the power to change laws and it can't delegate that power to the executive branch. The Trump administration argued that the legal provision at issue is sufficiently specific to be allowable under the Constitution. Read more.   EPA WATCHDOG EXPANDS TRUCK POLLUTION PROBE: The Environmental Protection Agency's Office of the Inspector General is expanding its probe into the agency's proposal to roll back regulations for trucks with old engines, known as glider trucks. The OIG said Monday that it will now examine whether the EPA complied with two executive orders that govern how federal officials evaluate potential regulations: Orders 12866 and 13045. It appears to be in response to an October request by Sens. Tom Carper (D-Del.) and Tom Udall (D-N.M.). They said that the EPA, under then-chief Scott Pruitt, changed the proposal on the day it was released in 2017 to say that it is "not" economically significant, thus exempting it from close White House scrutiny and cost-benefit analysis under 12866. That change also exempted the rule from 13045, which requires certain analysis for regulations that impact children's health. The OIG is already examining whether the EPA's research, which found much higher levels of certain pollutants from glider trucks versus new trucks, complied with agency standards for scientific studies.   ON TAP TUESDAY: The Senate has moved its initial procedural vote on confirming Bernard McNamee to the Federal Energy Regulatory Commission to Tuesday. It was scheduled for Monday, but was moved due to former President George H.W. Bush's funeral.   OUTSIDE THE BELTWAY: Environmentalists are suing to stop Minnesota officials' approval of the proposed PolyMet copper and nickel mine in the state, the Associated Press reports. The United Kingdom may require developers to improve wildlife habitat for project approval, the Guardian reports. Incoming Florida Gov. Ron DeSantis (R) named 40 people as environmental policy advisers for his transition team, Sunshine State News reports.   IN CASE YOU MISSED IT: Check out Monday's stories... - Kudlow calls for end to subsidies for electric cars, renewables - Shell to enact first of its kind policy linking executive pay to carbon emissions - Qatar plans to leave OPEC to focus on natural gas - Supreme Court rejects greens' challenge to border wall law - UK man equates veganism to religion in lawsuit - UN secretary general urges world leaders to take climate threat seriously: 'We are still not doing enough'         Did a friend forward you this email? Sign up for Energy Newsletters     Forward Energy Newsletters       Privacy Policy  |  Manage Subscriptions  |  Unsubscribe  |  Email to a friend  |  Sign Up for Other Newsletters   The Hill 1625 K Street, NW 9th Floor, Washington DC 20006 ©2018 Capitol Hill Publishing Corp., a subsidiary of News Communications, Inc.

Hillicon Valley: Nexstar to buy Tribune in $4.1B TV deal | Dozens more join on to Paris cyber pact | Lawsuit claims Israeli spyware used to track Khashoggi | Mattis says Russia tried to interfere in 2018 midterms | Robot janitors coming to Walmart

View in Browser     Welcome to Hillicon Valley, The Hill's newsletter detailing all you need to know about the tech and cyber news from Capitol Hill to Silicon Valley. Welcome! Follow the cyber team, Olivia Beavers (@olivia_beavers) and Jacqueline Thomsen (@jacq_thomsen), and the tech team, Harper Neidig (@hneidig). And CLICK HERE to subscribe to our newsletter.   MAJOR MEDIA MERGER ALERT: Nexstar Media Group has reached a deal to purchase Tribune Media Company in a $6.4 billion merger that would create the largest local television company in the country. The two companies announced Monday that Nexstar would be paying about $4.1 billion for Tribune at a rate of $46.50 per share. The announcement comes months after Sinclair Broadcast Group's bid to acquire Tribune failed after regulators blocked it. Perry Sook, Nexstar's CEO, indicated on Monday that he believed this deal had a better shot of clearing regulatory hurdles. "We have thoughtfully structured the transaction in a manner that positions the combined entity to better compete in today's rapidly transforming industry landscape and better serve the local communities, consumers and businesses where we operate," Sook said in a statement. "As with our past transactions, we have developed a comprehensive regulatory compliance plan and believe we have a clear path to closing." Sook told analysts on a call Monday morning that he had already spoken to Federal Communications Commission Chairman Ajit Pai to assure him that the two companies had a plan to comply with regulatory requirements. Nexstar will obtain Tribune's 42 television stations, which reach around 50 million households, plus the cable network WGN America.   The merger will need to be cleared by both the Federal Communications Commission (FCC) and the Department of Justice. Read more here.   SOME PEOPLE NEVER LEAVE: Defense Secretary James Mattis said Saturday that Russian operatives attempted to interfere in the 2018 midterm elections, apparently confirming for the first time that Moscow attempted to meddle in last month's elections. Mattis spoke of the relationship between the Trump administration and Russian President Vladimir Putin during an interview Saturday at the Ronald Reagan Presidential Library in California. "There is no doubt the relationship has worsened. He tried again to muck around in our elections this last month," Mattis said. "We are seeing a continued effort around those lines." Mattis said the Trump administration and other NATO allies have pressed Russia repeatedly on un-democratic actions, but to no avail. "This is a very complex situation because clearly Mr. Putin is a slow learner," Mattis said. "He is not recognizing that what he is doing is actually creating the animosity against his people." "We're dealing with someone we simply cannot trust," he added. Mattis's comments come after President Trump canceled a meeting with Putin at the Group of 20 (G-20) summit in Argentina this week, citing a naval dispute between Ukrainian and Russian forces on the border of Crimea, which raised fears of new hostilities in the region. Russian officials fired back on Friday, accusing Trump of canceling the meeting due to domestic political troubles for the Trump administration, and not on any actions taken by Russia toward Ukraine. The cancellation of the meeting came the same day that the president's former lawyer, Michael Cohen, pleaded guilty to making misstatements to Congress about Trump's business dealings in Russia, while agreeing to cooperate further with Robert Mueller's special counsel investigation. Trump maintained on Friday that the incident in Ukraine was the sole reason for the cancellation of his planned meeting with Putin. Read more here.   ISRAELI SPYWARE UNDER SCRUTINY: A friend of Jamal Khashoggi has reportedly filed a lawsuit against an Israeli software company alleging that its spyware led to the Saudi journalist's death in October. Omar Abdulaziz, a Saudi dissident, claims that he received a text message in June with a link to track a package. He alleges that the firm, the NSO Group, was actually behind the link and by clicking on it Abdulaziz exposed his phone to the firm's spyware, according to The New York Times. His suit, filed in Israel, is the latest to be filed against the NSO Group, which has been accused of helping governments spy on their citizens. Abdulaziz, who lives in Canada, also claims that he was communicating with Khashoggi about Saudi opposition projects. He alleges that the NSO Group's spyware gave the Saudi royal court access to those communications, something he says was a "crucial factor" in the kingdom murdering Khashoggi, The Associated Press reported. "The spying that was directed against (Abdulaziz) and the disclosure of the content of the conversations and messages between him and Khashoggi through the system contributed significantly to the decision to assassinate Mr. Khashoggi by the assassins at the consulate," the lawsuit reads, according to the AP. Khashoggi, a U.S. resident who was a Washington Post columnist, was killed and dismembered inside the Saudi Consulate in Istanbul in October. The CIA has reportedly determined that Crown Prince Mohammed bin Salman likely ordered the killing. Read more here.   WHO DOESN'T LIKE PARIS?: Nearly 100 nations and groups have added their names to an international agreement on actions in cyberspace in the weeks since the document was unveiled. The "Paris Call for Trust and Security in Cyberspace," unveiled by French President Emmanuel Macron during the Paris Peace Forum on Nov. 13, has now earned more than 450 signatories. Ghana announced Sunday that it would be the latest country to sign onto the agreement. Rwanda and Kenya are also expected to join in the coming days, according to a Microsoft spokeswoman. Microsoft played a leading role in the creation of the cyber agreement, and other prominent tech companies based in the United States like Facebook and Google are among the signatories. The U.S. has declined to add its name to the list, making it one of a handful of Western countries to distance itself from the document.  Read more here.   TUMBLR SAYS BYE-BYE TO ADULT CONTENT: Tumblr on Monday announced it will ban all adult content from its website, a move that comes just two weeks after it acknowledged child pornography had found its way onto the platform. The microblogging and social networking site said in a statement that adult content will be not permitted on the platform starting Dec. 17 and that any adult content discovered on that date will be "flagged" and "reverted to a private setting viewable only by you." Tumblr said the banned content will primarily consist of "photos, videos, or GIFs that show real-life human genitals or female-presenting nipples, and any content--including photos, videos, GIFs and illustrations--that depicts sex acts." The move comes just weeks after Tumblr was kicked out of Apple's App store over issues related to child pornography. Verge reported last month that the Tumblr app hasn't been in the app store since Nov. 16. Tumblr confirmed on Nov. 20 that it was banned from the store after child pornography was discovered on its site. The company said the explicit images had slipped past its content filters. "Every image uploaded to Tumblr is scanned against an industry database of known child sexual abuse material, and images that are detected never reach the platform," the company said in a statement last month. Read more here.   ALL CLEAR: Federal Communications Commission (FCC) Chairman Ajit Pai did not mislead lawmakers about a conversation with the White House counsel over the proposed Sinclair Broadcast Group and Tribune Media merger, the agency's watchdog said Monday. The Office of the Inspector General, which conducted the investigation, said in a statement that its investigation found no evidence that Pai acted improperly by not disclosing the call with former White House Counsel Don McGahn during a July hearing before the House Energy and Commerce Committee. Rep. Frank Pallone Jr. (D-N.J.) previously called on the Inspector General to open the investigation, asking the office to look into whether Pai made "material omissions and failed to disclose" the phone call. Pallone had asked Pai during the July hearing if he would "commit to disclosing" any communications he had with the White House about the proposed merger between Sinclair and Tribune. Pai revealed to the Senate in August that McGahn had asked him about the status of the merger before the July hearing. The watchdog found that Pai had not mislead lawmakers at the House hearing and had promised to disclose discussions per the agency's rules. "We are limited in what information we can receive and what we can put on the record," Pai told Pallone at the hearing. "But consistent with our restricted ex parte rules, we would be happy to accommodate to the extent we can." Pai in July said that he had serious concerns about the proposed Sinclair-Tribune merger, effectively killing the deal. In August, Tribune backed out of the deal and sued Sinclair. President Trump has been a vocal supporter of Sinclair, a conservative broadcasting group that has pushed positive media coverage of his administration.   Read more here.   CHA-CHING: Amazon on Monday briefly topped the list of Wall Street's most valuable companies, over Apple and Microsoft as the three battle for the top market value. The trio of tech giants have been hovering around the same market cap for weeks, with Microsoft topping Apple last week for the first time in eight years, Reuters reported. Amazon rose as much as 5.2 percent at its high on Monday, putting its market capitalization at more than $870 billion. That left the online retailer above Apple's market capitalization of $864.8 billion and Microsoft's $859 billion. Read more here.   HERE COME WALL-E JANITORS: Walmart announced on Monday that it plans to deploy 360 autonomous custodial robots by the end of January that will mop the floors of some of its stores. The retailer said in a joint statement with developer Brain Corp. that the machines will be able to scrub floors even with customers around. The robots will feature multiple sensors that allow them to scan for people and obstacles. "BrainOS technology allows robots to effectively and safely function in complex, crowded environments, ensuring increased productivity and efficiency across applications," Brain Corp. CEO Eugene Izhikevich said in a statement. "We look forward to continuing to work alongside Walmart to help build intelligent, connected stores." Bloomberg first reported on the announcement. The devices resemble a miniature Zamboni, the machine used to resurface ice at ice-skating rinks, and a motorized wheelchair, the news outlet said, and are already in use at airports in Seattle, Boston and Miami. Read more here.   ICYMI OVER THE WEEKEND: YIKES: Brett Favre, other celebrities say they inadvertently recorded video messages for anti-Semitic group. OH LA LA: Richard Branson says Virgin Galactic will send astronauts into space by Christmas. HERE IT COMES: Cohen plea gives Dems new momentum for Russia probes.   AN OP-ED TO CHEW ON: So what's the big deal about Mars InSight?   A LIGHTER CLICK: Inadvertent victims.   NOTABLE LINKS FROM AROUND THE WEB: Corsi files complaint with DOJ alleging misconduct in Mueller probe. (The Hill) Scientist who claims gene-editing success is now missing. (South China Morning Post) Verizon, Samsung to release 5G smartphones in U.S. in 2019 (Reuters) TikTok is gaining a following. (The New York Times)         Did a friend forward you this email? Sign up for Technology Newsletters     Forward Technology Newsletters       Privacy Policy  |  Manage Subscriptions  |  Unsubscribe  |  Email to a friend  |  Sign Up for Other Newsletters   The Hill 1625 K Street, NW 9th Floor, Washington DC 20006 ©2018 Capitol Hill Publishing Corp., a subsidiary of News Communications, Inc.