| Happy Monday and welcome back to On The Money, unless this newsletter has melted by the time it got to your inbox. 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: President Trump's threat to try to pull the U.S. out of the World Trade Organization isn't getting much support, even from within his own administration. Commerce Secretary Wilbur Ross said Monday the U.S. is not planning an imminent departure from the WTO despite Trump's frustrations with the global body. Ross said it is "little premature" to talk about withdrawing from the WTO, which has delivered regular trade victories to the United States. "We've made no secret of our view that there are some reforms needed at the WTO," Ross said in a CNBC "Squawk Box" interview. He said that WTO members have acknowledged that reforms are needed. The Hill's Vicki Needham explains here. On Sunday, Axios reported that the White House has drafted a bill that would allow Trump to skirt Congress and WTO rules on trade, giving him the power to raise tariffs and set different rates for member countries with little to no oversight, running afoul of long-established global trade rules. That proposal, dubbed the U.S. Fair and Reciprocal Tariff Act, has been largely dismissed by Republicans for both its purpose and name, which some critics abbreviated to the "FART" Act. What comes next: The legislation stands little chance of passing on Capitol Hill, where support for the WTO has remained strong. Congress gets a chance to vote every five years on whether to stay in the group. No votes were taken in 2010 or 2015 and the next possible vote wouldn't be held until 2020. Trump has railed against the WTO saying the United States hasn't been "treated fairly" and that the trading group is a "catastrophe" and a "disaster for us." He has said that China's 2001 entry into the global body facilitated the greatest "job theft in the history of our country." LEADING THE DAY Ross says stock market drops won't influence Trump on trade: Commerce Secretary Wilbur Ross on Monday said President Trump won't shift his trade policies based on stock market fluctuations. The Trump administration has levied billions in tariffs on close allies and trading partners in the past few months, raising the specter of an all-out trade war. Those economic partners are now punching back with retaliatory tariffs that could cause job losses and damage the nation's vibrant economy. "There's no bright line level of the stock market that's going to change policy," Ross told CNBC. "You have to make policy based on what's fundamentally good for the economy, what's fundamentally good for the long-term," he said. "You can't deal just with day-to-day stock market fluctuation." The Hill's Vicki Needham has more on that here. Global markets have also swooned over the past month as trade tensions between the U.S. and key economic allies increase. The European Union, Canada, and Mexico have all imposed retaliatory tariffs on U.S. exports, and more could come if Trump follows through with threats of further levies. Trump and his top economic aides spent most of 2017 bragging about the torrid stock market. But the recent bout of volatility has stunted the president's mentions of equity values. During his first full year in office, Trump tweeted the phrase "stock market" 46 times, almost once a week. Since Jan. 26, when the market topped out at 2,872 and headed into a correction, Trump has only tweeted about it twice. The switch makes sense, and The Hill's Niv Elis tells us why here.
Trade headlines from the weekend:
- President Trump on Sunday refused to back down on his administration's tariffs against U.S. allies, arguing that the European Union is "as bad as China" in its trade policies.
- Canada announced Sunday that it has moved forward with retaliatory measures against U.S. steel and aluminum tariffs, slapping $13 billion in its own tariffs on American exports.
- President Trump said Sunday that the U.S. will "absolutely" sanction European companies that do business with Iran.
MARKET CHECK: U.S. stocks closed just above the breakeven mark Monday. The Dow Jones Industrial Average closed 0.15 percent higher. The Nasdaq rose 0.76 percent, while the S&P 500 added 0.31 percent.
GOOD TO KNOW - Technology companies are facing a new crisis as their employees press executives to rethink their work with the Trump administration and in many cases drop lucrative federal contracts.
- The Federal Reserve is facing several tough decisions about how to wind down its massive portfolio of bonds.
- Congress' efforts to block Trump for peeling back limits on ZTE is fizzling, according to Bloomberg.
- A lender owned by a private equity firm managed by former Treasury Secretary Tim Geithner is under fire for questionable and potentially predatory marketing practices, according to The Washington Post.
- Op-Ed: Elise Gould, senior economist at the Economic Policy Institute, writes for The Hill on whether the UN report on U.S. poverty is a dystopian future or devastating reality?
- The European Commission issued a stark warning to the U.S. regarding Trump's plan to slap tariffs on European cars, saying the move would harm the U.S. economy, according to Politico.
- A federal investigation into Facebook's sharing of data with political consultancy Cambridge Analytica has broadened to focus on the actions and statements of the tech giant and involves three agencies, including the Securities and Exchange Commission, according to The Washington Post.
ODDS AND ENDS
Join us Wednesday, July 11, for "Latino Entrepreneurship & The American Dream," featuring Reps. Carlos Curbelo (R-Fla.), Jenniffer González-Colón (R-P.R.), and Adriano Espaillat (D-N.Y.). Topics of discussion include what leaders in government and industry are doing to support Latino entrepreneurs and how barriers related to lending, training, and growth can be eliminated We will also explore the role mentoring can play in empowering Hispanic small business owners. RSVP Here.
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