AT&T CEO Randall Stephenson earlier this year. Photo: Matt Winkelmeyer / Getty Images

AT&T said on Wednesday that it would give $1,000 bonuses to "more than 200,000 AT&T U.S. employees" when President Trump signs the tax reform bill passed by Congress on Wednesday. It will also, it says, fulfill a $1 billion capital investment pledge when the bill becomes law.

Why it matters: It's a calculated move to get credit from GOP lawmakers and the White House as the Trump Justice Department sues to block AT&T's proposed $85 billion purchase of Time Warner.

Real talk: Both the employee payout and capital investment are both relative drops in the bucket for AT&T. The more than $200 million in bonuses the company will give out is far less than the $500 million breakup fee the telco would owe Time Warner if regulators block the deal.

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Biden's China plan: Bring allies

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Joe Biden is planning to confront China across the globe, embracing some of President Trump's goals but rejecting his means.

The big picture: By starting a trade war with China, Trump has fundamentally altered the U.S.- China relationship — and forced both Republicans and Democrats to accept a more confrontational approach towards Beijing.

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In pictures: Storm Zeta churns inland after lashing Louisiana

Debris on the streets as then-Hurricane Zeta passes over in Arabi, Louisiana, on Oct. 28. It's the third hurricane to hit Louisiana in about two months, after Laura and Delta. Photo: Sandy Huffaker/Getty Images

Tropical Storm Zeta has killed at least two people, triggered flooding, downed powerlines and caused widespread outages since making landfall in Louisiana as a Category 2 hurricane on Wednesday.

The big picture: A record 11 named storms have made landfall in the U.S. this year. Zeta is the fifth named storm to do so in Louisiana in 2020, the most ever recorded. It weakened t0 a tropical storm early Thursday, as it continued to lash parts of Alabama and the Florida Panhandle with heavy rains and strong winds.