China's red meat trade offering to Trump

President Trump's Mar-a-Lago hosting with Chinese President Xi Jinping appears to be bearing some fruit, per the FT, which says China has offered the following concessions on trade:

1. A drop on China's ban on U.S. beef, which has been in place since a Mad Cow Disease scare in 2003.
2. Foreign investors will be allowed to hold majority stakes in Chinese investment and securities companies. This concept was discussed during the Obama administration, and a Chinese official told the FT it would have gone through had Obama had a few more months in office.

Why it matters: Trump needs concrete wins on trade, particularly for his heartland voters, and China wants to lock in a bilateral trade deal with the U.S., which it isn't eager to fight in a Trumpian trade war.

House committees leading the impeachment inquiry against President Trump subpoenaed acting White House chief of staff Mick Mulvaney on Friday.

The big picture: This comes after nearly a month of White House refusals to comply with House investigations into whether Trump jeopardized national security by pressing Ukraine to interfere in the 2020 presidential election, and by withholding security assistance provided by Congress to help Ukraine, per the subpoena. The committees are demanding documents by Oct. 18.

• Stat du jour: 📉 U.S. economy adds 136,000 jobs in September, unemployment rate falls from 3.7% to 3.5%
• S&P 500: 2,952.01 (👆 41.38 — 1.42%)
• 1 2020 thing: 💰Elizabeth Warren's campaign raises $24.6 million in Q3, Steve Bullock raises $2.3 million
• 1 impeachment thing: 🏛️House Democrats subpoena the White House
• 1 tech thing: 🇮🇷 Microsoft says an Iranian group tried to hack a 2020 candidate
• 1 business thing: 🎨 Banksy painting sells for a record $12.2 million

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Sen. Ron Johnson (R.-Wis.) told the Wall Street Journal that he learned of a possible quid pro quo between the Trump administration and Ukraine's government from EU Ambassador Gordon Sondland.

The big picture: Johnson said that he pressed President Trump on the issue, which allegedly linked the distribution of $400 million in U.S. military aid with a Ukrainian investigation of former Vice President Joe Biden, in an Aug. 31 phone call. "He said ... 'No way. I would never do that. Who told you that?'" Johnson told the Journal of his conversation with the president.