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
© Getty Images

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 TrumpLondon terror suspect’s children told authorities he complained about Trump: inquiry The Memo: Tide turns on Kavanaugh Trump to nominate retiring lawmaker as head of trade agency 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) HaleyGraham knocks South Korea over summit with North Publisher says Woodward book sales largest in its history Bianca Jagger visits DC to spotlight 'brutal assault' on 'people of Nicaragua' 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) SandersThe Memo: Tide turns on Kavanaugh Election Countdown: Trump confident about midterms in Hill.TV interview | Kavanaugh controversy tests candidates | Sanders, Warren ponder if both can run | Super PACs spending big | Two states open general election voting Friday | Latest Senate polls READ: President Trump’s exclusive interview with Hill.TV 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 WomackBudget chairs press appropriators on veterans spending Senate chairman urges move to two-year budgetary process On The Money: Senate passes first 2019 spending bill | Trump hits Harley-Davidson in tariffs fight | Mnuchin rips report of investment restrictions | Justices side with American Express in antitrust case 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 RyanElection Countdown: Trump confident about midterms in Hill.TV interview | Kavanaugh controversy tests candidates | Sanders, Warren ponder if both can run | Super PACs spending big | Two states open general election voting Friday | Latest Senate polls On The Money: Midterms to shake up House finance panel | Chamber chief says US not in trade war | Mulvaney moving CFPB unit out of DC | Conservatives frustrated over big spending bills Nancy Pelosi: Will she remain the ‘Face of the Franchise’? 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 PelosiNancy Pelosi: Will she remain the ‘Face of the Franchise’? Pelosi: GOP's 2019 agenda a 'nightmare' for working families, seniors Dem lawmakers slam Trump’s declassification of Russia documents as ‘brazen abuse of power’ 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.