It's "Phase One" week in Washington

Your guide to how Washington shapes business and the economy

VIEW IN BROWSER | SUBSCRIBE MON, JAN 13, 2020 CNBC POLITICS EDITOR'S NOTE Hello,    Conflict is still the name of the game in the nation's capital, as tensions over Iran, impeachment and the 2020 presidential campaign remain high. But there's still a little room for handshakes and deals.   President Trump and Chinese Vice Premier Liu He are set to sign a "Phase One" trade deal Wednesday. This comes after months of tension, bickering and tit-for-tat tariffs between the nations. The Trump administration is keen to tout the signing as not just a successful culmination of one of the president's signature initiatives, but as the beginning of something potentially bigger and better.   Ahead of the big show, the U.S. will remove China from its list of nations it considers currency manipulators, CNBC.com's Thomas Franck reports. The Treasury Department made the designation several months ago, while the world's two biggest economies were in a trade-war stalemate.    The developments have eased markets' concerns for the time being, and stocks continue ripping higher. Expect the president to take a victory lap and to tout the deal in historic terms. His campaign will probably make "Phase One" a big part of its pitch to voters.    Still, it's not a good idea to think everything on the Chinese trade front is settled. The initial deal is still relatively light on details, and there are more negotiations on the way. And if Trump begins to feel threatened by his eventual Democratic rival, he could well unleash some harsh tweets and tough policy moves against China to keep his base fired up.   Thanks for reading.     Thoughts? Email me at CNBCPolitics@nbcuni.com.     Have friends or colleagues who might like this newsletter? They can sign up here. For more on the intersection of business and politics, sign up for the weekly Capital Exchange newsletter here. Mike Calia @Michael_Calia KEY STORIES  US will remove China from currency manipulator list ahead of trade deal signing President Trump and China Vice Minister Liu He are scheduled to sign a preliminary trade agreement in Washington on Wednesday. Democrat Cory Booker drops out of 2020 presidential race Booker, a senator from New Jersey, withdrew after failing to gain traction in national polls and failing to qualify for two Democratic debates. Supreme Court tosses ruling against Iran's central bank in case over compensation for 1983 Beirut bombing The Supreme Court sent the case back to a lower court, directing it to consider a defense spending bill Trump signed last year that could make it easier for American courts to collect foreign assets. Prosecutors want ex-Rep. Chris Collins to serve nearly 5 years in prison for insider trading case Collins, who was the first member of Congress to endorse Donald Trump's 2016 presidential campaign, is due to be sentenced this week for tipping off his son to the results of a failed pharmaceutical test before they were made public. Bernie Sanders says he is open to releasing a list of possible Supreme Court picks Presidential contender Sen. Bernie Sanders said he will consider releasing a shortlist of his potential nominees to the Supreme Court prior to the election Defense Secretary Esper 'didn't see' specific evidence of Trump claim that Iran planned embassy attacks Defense Secretary Esper said he did not see evidence of a specific tangible threat from Iran, but said he agreed with the president that Iran "probably" had a plan to strike. Mike Bloomberg spent $826,000 on Facebook ads on Saturday, the biggest single-day total of any 2020 candidate Bloomberg, whose net worth is estimated to be around $55 billion, in the last 30 days has become the top spender on Facebook ads, beating out fellow billionaire and candidate Tom Steyer. Barack and Michelle Obama-produced Netflix documentary 'American Factory' clinches Oscar nod Higher Ground Productions, which aims to create projects that lift up "new and diverse voices," signed a multiyear partnership with the Obamas in 2018 to make content for online streaming giant Netflix.       Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS