| President Trump faces a pivotal stretch of delicate negotiations with Congress and global leaders on trade and immigration, the cornerstone issues of his “America first” governing philosophy. Trump and Chinese President Xi Jinping left the Group of 20 (G-20) summit in Argentina this weekend having agreed to a temporary cease-fire in their trade war. The president also signed his new trade pact with Canada and Mexico, which would replace the North American Free Trade Agreement (NAFTA). Still, a lot of uncertainty remains around both deals. And ahead within a matter of days, Congress faces a Dec. 7 funding deadline to keep parts of the government open. At issue is how much money Congress intends to allocate for a wall along the southern border. Here’s where things stand: The spending fight The president is demanding $5 billion in funding for the border wall. That full amount will not be included in any spending package Congress passes before the end of the year. Trump has threatened to shut down the government on Dec. 7 if the money doesn’t come through, but that appears less likely now, at least in the near-term, as the president now says he’s open to a short-term, status quo measure as Washington prepares to honor the life of Bush this week. “If they come — which they have — to talk about an extension because of President Bush’s passing, I would absolutely consider it and probably give it.” — Trump That still leaves open the possibility of another showdown fight around the holidays or kicking the matter to the next Congress, which will feature a Democratic-controlled House. Trump will meet with House Minority Leader Nancy Pelosi (D-Calif.) and Senate Minority Leader Charles Schumer (D-N.Y.) to discuss the matter this week. The Washington Post: Congress, Trump consider postponing shutdown deadline. Stan Collender: The real reason why the shutdown fight will likely be delayed. Trade war with China Trump and Xi opted for a temporary tariffs truce after a face-to-face meeting in Buenos Aires this weekend, but the details of their agreement are sparse and the next 90 days will be crucial. The White House has said that as part of the agreement, China will aggressively prosecute those it finds guilty of selling fentanyl to the U.S. and will purchase some “very substantial” amount of products from the U.S. agricultural, energy and industrial sectors. Late Sunday, Trump claimed over Twitter that China had also agreed to “reduce and remove” tariffs on cars coming into the U.S. from China. In exchange, Trump said he will not raise tariffs on $200 billion in Chinese goods from 10 percent to 25 percent – at least for now. That hike was slated to go into effect on Jan. 1. The two sides are allowing for 90 days to iron out the specifics. In the short-term, this is the best possible outcome for investors and industry leaders who feared a further escalation of a trade war that has roiled global markets and ignited fears of an economic slowdown. “This was an amazing and productive meeting with unlimited possibilities for both the United States and China.” — Trump Reuters: China-U.S. trade sends world stocks, emerging markets soaring. The Associated Press: U.S., China put the brakes on trade dispute with cease-fire. The Wall Street Journal editorial board: The key to a larger deal will be enforcement of Chinese promises. NAFTA The president had a smiling photo op with the leaders of Canada and Mexico over the weekend as they signed a revised North American trade agreement. Still, the agreement has to be ratified by Congress, setting up a high-stakes fight with Democrats on Capitol Hill next year (The Hill). The president said he will submit the new deal to Congress in the coming days, starting a clock that will give lawmakers six months to consider the pact. Trump also said he will unilaterally withdraw from NAFTA in the coming days, meaning that Congress will consider only two options: Affirming the new pact the president negotiated, or going back to the pre-NAFTA trade rules (Reuters). | 
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