On The Money — Sponsored by Prudential — Trump floats tariffs on European cars | Nikki Haley slams UN report on US poverty | Will tax law help GOP? It's a mystery

On The Money — Sponsored by Prudential — Trump floats tariffs on European cars | Nikki Haley slams UN report on US poverty | Will tax law help GOP? It's a mystery
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Happy Friday and welcome back to On The Money, where we're wondering how far this Tom Arnold-Michael Cohen bromance will go. 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--Trump floats tariffs on European car imports: President TrumpDonald John TrumpHow to stand out in the crowd: Kirsten Gillibrand needs to find her niche Countdown clock is on for Mueller conclusions Omar: White supremacist attacks are rising because Trump publicly says 'Islam hates us' MORE on Friday threatened to place a 20 percent tariff on all European cars entering the United States.

"Based on the Tariffs and Trade Barriers long placed on the U.S. and it great companies and workers by the European Union, if these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the U.S.," Trump tweeted Friday morning. "Build them here!"

The threat, which the president has made before, illustrates the escalating rhetoric in Trump's approach to international trade.

Trump last week made good on a promise to punish China for its trade practices, announcing he would impose tariffs on $50 billion worth of Chinese goods.

This week, Trump further raised concerns of a trade war by asking his trade representative to evaluate another round of tariffs on $200 billion in Chinese products, a move that followed China's retaliatory measure against the United States.

The Hill's Mallory Shelbourne has more for us here on the latest tariff threat.

 

 

 

LEADING THE DAY

Nikki HaleyNimrata (Nikki) HaleyPentagon sends B-52 bombers to Europe for exercises amid tensions with Russia Overnight Health Care: Trump officials sued over Medicaid work requirements in New Hampshire | Analysis contradicts HHS claims on Arkansas Medicaid changes | Azar signals HHS won't back down on e-cigs 40 years of Iranian threats against Israel and few pay any attention MORE: 'Ridiculous' for UN to analyze poverty in America: U.S. Ambassador to the United Nations Nikki Haley on Thursday dismissed a poverty report by the United Nations, saying it's "ridiculous" for the intergovernmental body to analyze American poverty.

"It is patently ridiculous for the United Nations to examine poverty in America," Haley said in a letter to Sen. Bernie SandersBernard (Bernie) SandersHow to stand out in the crowd: Kirsten Gillibrand needs to find her niche Biden, Sanders edge Trump in hypothetical 2020 matchups in Fox News poll O'Rourke tests whether do-it-yourself campaign can work on 2020 stage MORE (I-Vt.).

"The Special Rapporteur wasted the UN's time and resources, deflecting attention from the world's worst human rights abusers and focusing instead on the wealthiest and freest country in the world."

Sanders, along with several Democratic lawmakers in both chambers, earlier this month sent a letter to Haley asking her to show President Trump the conclusions of the report published by the United Nations Special Rapporteur on extreme poverty and human rights. 

The report blamed poverty in the United States on politics.

 

House panel approves belated 2019 budget: A House panel on Thursday approved a budget resolution for the 2019 fiscal year, advancing the measure two months after its legal deadline and well into the appropriations process it is meant to precede.

The resolution passed the House Budget Committee along a strict, party-line vote of 21-13.

"The largest looming shadow of doubt on America's future is, quite simply, the extent of the nation's debt," Committee Chairman Steve WomackStephen (Steve) Allen WomackGOP rep defends Trump's border emergency declaration Top Republican says Trump's budget sets priorities, includes 'tough decisions' Chances of passing Dem budget are '50-50,' says chairman MORE (R-Ark.) said in his opening remarks of the two-day markup. The national deficit, he noted, was projected to reach nearly $1 trillion next year.

The resolution approved Thursday lays out a path to balance the budget over a decade and calls for $8.1 trillion in deficit reduction measures to reach that goal.

The Hill's Niv Elis breaks it down here.

 

FINANCE IN FOCUS: Will tax law help GOP? It's a mystery six months in. Voters feel positive about the economy, and polling on the generic congressional ballot isn't as bad for Republicans as it was several months ago. But the tax law has never become overwhelmingly popular, and aspects of it could be concerning for swing voters.

Both Republicans and Democrats believe that the tax law will be a winning issue for them in the midterms, leading each side to note the six-month mark with a series of events.

"Tax reform, to be blunt, is the game-changer our economy needed," said Speaker Paul RyanPaul Davis RyanFormer Dem candidate says he faced cultural barriers on the campaign trail because he is working-class Former House candidate and ex-ironworker says there is 'buyer's remorse' for Trump in Midwest Head of top hedge fund association to step down MORE (R-Wis.) at a press conference Wednesday.

At a separate press conference held at the same time, House Minority Leader Nancy PelosiNancy Patricia D'Alesandro PelosiHow to stand out in the crowd: Kirsten Gillibrand needs to find her niche Omar controversies shadow Dems at AIPAC Five things to watch as AIPAC conference kicks off MORE (D-Calif.) called the tax law a "shameful, dark cloud of a tax break for corporate America and the richest people."

The Hill's Naomi Jagoda explores why it's still so hard pick a winner six months in.

 

ON TAP NEXT WEEK

 Monday:

  • R Street Institute hosts an event on fixing the federal budget process, 12 p.m.

 

Tuesday:

  • American Enterprise Institute hosts an event on economic success for black men in America
  • House Financial Services Committee: Hearing entitled "Oversight of the Federal Government's Approach to Lead-Based Paint and Mold Remediation in Public and Subsidized Housing," 10 a.m.
  • Senate Banking Committee: Hearing on legislative proposals to increase access to capital, 10 a.m.
  • House Financial Services Committee: Hearing entitled "International and Domestic Implications of De-Risking," 2 p.m.
  • The Heritage Foundation hosts an event on U.S. foreign aid reform, 2 p.m.

Wednesday

Thursday:

  • Senate Banking Committee: Hearing on legislative proposals to examine corporate governance, 10 a.m.
  • Senate Finance Committee: Hearing on the nomination of Charles Rettig to serve as commissioner of the Internal Revenue Service, 10 a.m.

 

 

 

NEXT WEEK'S NEWS, NOW

 

GOOD TO KNOW

 

ODDS AND ENDS

 

The Hill event

Join us Tuesday, June 26 for "Mergers and Innovation: Measuring Performance and Patient Care," featuring HHS Deputy Secretary Eric Hargan, Sen. Bill Cassidy (R-La.) and Rep. Gene Green (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.