On The Money — Sponsored by Prudential — Senators hammers Ross on Trump tariffs | EU levies tariffs on US goods | Senate rejects Trump plan to claw back spending

On The Money — Sponsored by Prudential — Senators hammers Ross on Trump tariffs | EU levies tariffs on US goods | Senate rejects Trump plan to claw back spending
© Greg Nash

Happy Wednesday and welcome back to On The Money, which is still a little too long to fit on a postcard. 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--Ross skewered by Senate on tariffs: Senators hammered Commerce Secretary Wilbur RossWilbur Louis RossOn The Money: Commerce to review uranium imports | Lawmakers urge Trump not to impose auto tariffs | White House wants steeper cuts to EPA funding | Google hit with massive B fine Auto industry groups, lawmakers urge Trump administration to avoid tariffs on auto imports Census Bureau faces hiring woes amid low unemployment MORE Wednesday over the Trump administration's tariffs during a contentious hearing on Capitol Hill.

Ross faced a wall of bipartisan criticism with senators questioning President TrumpDonald John TrumpIran claims it rejected Trump meeting requests 8 times ESPY host jokes Putin was as happy after Trump summit as Ovechkin winning Stanley Cup Russian ambassador: Trump made ‘verbal agreements’ with Putin MORE's trade actions and expressing fears over retaliation from trading partners.

On the hot seat, Ross defended the tariffs as necessary to protect American businesses.

"Actions taken by the president are necessary to revive America's essential steel and aluminum industries," Ross told lawmakers on the Senate Finance Committee. "Allowing imports to continue unchecked threatens to impair our national security."

The heated hearing comes as lawmakers in both parties have raised alarm over Trump's moves in recent weeks to implement a series of tariffs on China as well as U.S. allies, including Canada, Mexico and the European Union.

Those tariffs have rattled markets and sparked anger in the business community, which has warned they could lead to job losses, damage growth and undercut any gains from the GOP tax law.

The Hill's Vicki Needham takes us to the testy showdown here.

 

Reactions:

 

More homework for Ross: Sen. Bob CorkerRobert (Bob) Phillips CorkerTrump’s damage control falters Trump says Russia doesn’t pose threat, contradicting intelligence director Fed Chair Powell's charm offensive touts a booming economy MORE (R-Tenn.) is pressing the Trump administration for details on the implementation of tariffs on steel and aluminum imports.

Corker, the chairman of the Senate Foreign Relations Committee, sent a letter on Wednesday to Ross asking for details on how the Commerce Department is deciding which countries will be exempted from the steep financial penalties, which he said were having "damaging" effects on U.S. businesses.

 

 

ON TAP TOMORROW

  • Brookings Institution hosts an event on infrastructure jobs opportunity, 9 a.m.
  • House Financial Service Committee: Securities and Exchange Commission Chairman Jay Clayton testifies during a hearing on SEC oversight, 10 a.m.
  • House Education and the Workforce Committee: Hearing entitled ""Growth, Opportunity, and Change in the U.S. Labor Market and the American Workforce: A Review of Current Developments, Trends, and Statistics," 10 a.m.
  • House Financial Services Committee: Markup of three investment and capital markets bills, 2 p.m.

 

LEADING THE DAY

EU levies tariffs on $3.2B on US goods over metals duties: The European Union on Friday will slap billions in additional tariffs on U.S. exports in reaction to President Trump's steel and aluminum tariffs.

The EU said on Wednesday that it will impose a 25 percent tariff on $3.2 billion in American goods ranging from Harley-Davidson motorcycles to jeans and bourbon, the European Commission in Brussels announced.

"We did not want to be in this position," EU Commissioner for Trade Cecilia Malmström said in a statement.

"However, the unilateral and unjustified decision of the U.S. to impose steel and aluminum tariffs on the EU means that we are left with no other choice," Malmström said.

Vicki Needham has more about the transatlantic trade tensions here.

 

Senate rejects Trump plan to claw back spending: The Senate on Wednesday narrowly rejected President Trump's plan to claw back roughly $15 billion in spending approved by Congress earlier this year.

In a 48-50 vote, senators failed to discharge the measure from committee. A majority vote was needed.

GOP Sens. Richard BurrRichard Mauze BurrCongress should build upon the ABLE Act, giving more Americans with disabilities access to financial tools Christine Todd Whitman: Trump should step down over Putin press conference GOP lambasts Trump over performance in Helsinki MORE (N.C.) and Susan CollinsSusan Margaret CollinsOvernight Health Care: Novartis pulls back on drug price hikes | House Dems launch Medicare for All caucus | Trump officials pushing ahead on Medicaid work requirements Senate panel to vote next week on banning 'gag clauses' in pharmacy contracts GOP senator: Trump's changing stances on Russian threat are 'dizzying' MORE (Maine) joined 48 members of the Democratic caucus in voting against bringing up the bill.

The Hill's Jordain Carney tells us why here.

 

MARKET CHECK: Reuters: "The Nasdaq closed at a record on Wednesday, lifted by a climb in large-cap tech and consumer discretionary names, while the Dow and S&P 500 were hemmed in as concerns over an escalation in the U.S.-China trade skirmish simmered.

"The Dow Jones Industrial Average fell 42.41 points, or 0.17 percent, to 24,657.8, the S&P 500 gained 4.73 points, or 0.17 percent, to 2,767.32 and the Nasdaq Composite added 55.93 points, or 0.72 percent, to 7,781.52."

 

GOOD TO KNOW

 

 

ODDS AND ENDS

  • Op-Ed: Brian Knight, a senior research fellow and director of the Program on Financial Regulation at the Mercatus Center at George Mason University, writes for The Hill on whether banks that engage in political activism are really 'private'?
  • A number of airlines on Wednesday asked federal officials not to use the carrier to transfer migrant children who have been separated from their families at the southern border.
  • The publisher of National Enquirer has been subpoenaed for records related to its $150,000 payment to a former Playboy model for the right to her story that alleged she had an affair with President Trump. 

 

Join us Tuesday, June 26 for “Mergers and Innovation: Measuring Performance and Patient Care,” featuring HHS Deputy Secretary Eric Hargan, Sen. Bill CassidyWilliam (Bill) Morgan CassidyGOP senators introduce resolution endorsing ICE Lawmakers pitch dueling plans for paid family leave New push to break deadlock on paid family leave MORE (R-La.) and Rep. Gene GreenRaymond (Gene) Eugene GreenLatina Leaders to Watch 2018 Overnight Health Care: Big win at Supreme Court for anti-abortion centers | HHS chief grilled on migrant children | Boom time for ObamaCare insurers? The Hill's Morning Report — Sponsored by Better Medicare Alliance — Washington grapples with civility, protests in charged political times MORE (D-Texas). Topics of discussion include how the landscape of health care delivery in the United States is undergoing a dramatic shift, its implications for health care industry stakeholders and patients and also the role of Congress in ensuring all Americans have access to quality care. RSVP Here.