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.

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THE BIG DEAL--Ross skewered by Senate on tariffs: Senators hammered Commerce Secretary Wilbur RossWilbur Louis RossCan the US slap tariffs on auto imports? Not anymore On The Money: Slowing economy complicates 2020 message for Trump | Tech confronts growing impact of coronavirus | Manufacturing rises after five-month contraction The Memo: Trump threatens to overshadow Democrats in Iowa 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 TrumpTrump administration eyes proposal to block jet engine sales to China: report Trump takes track to open Daytona 500 Brazile 'extremely dismayed' by Bloomberg record 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.

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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 CorkerMcConnell, Romney vie for influence over Trump's trial RNC says ex-Trump ambassador nominee's efforts 'to link future contributions to an official action' were 'inappropriate' Lindsey Graham basks in the impeachment spotlight 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.

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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 BurrUS prosecutors bring new charges against China's Huawei Graham vows to approach Hunter Biden probe with caution: 'I'm not going to be the Republican Christopher Steele' McConnell displays mastery of Senate with impeachment victory MORE (N.C.) and Susan CollinsSusan Margaret CollinsToward 'Super Tuesday' — momentum, money and delegates Trump unleashed: President moves with a free hand post-impeachment Senate Democrats pressure Trump to drop ObamaCare lawsuit 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.

 

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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 CassidyThe Hill's Morning Report — AG Barr, GOP senators try to rein Trump in Overnight Health Care: Nevada union won't endorse before caucuses after 'Medicare for All' scrap | McConnell tees up votes on two abortion bills | CDC confirms 15th US coronavirus case Overnight Defense: Senate votes to rein in Trump war powers on Iran | Pentagon shifting .8B to border wall | US, Taliban negotiate seven-day 'reduction in violence' MORE (R-La.) and Rep. Gene GreenRaymond (Gene) Eugene GreenTexas New Members 2019 Two Democrats become first Texas Latinas to serve in Congress Latina Leaders to Watch 2018 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.