| Happy Wednesday and welcome back to On The Money, where we're reminded of the dangers of tweeting. 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--Turkey slaps more tariffs on US goods: Turkey slapped another round of steep tariffs on U.S. goods as the two countries escalate their trade battle and push the relationship to a breaking point. Ankara's latest move follows President Trump's announcement last week that he will double tariffs on imports of steel and aluminum from Turkey until it releases U.S. pastor Andrew Brunson, who was arrested in 2016. Turkey said it would not be strong-armed into releasing Brunson, whose second appeal for release was rejected on Wednesday. In response to Trump's tariffs, Turkish officials said they will impose a 50 percent tax on U.S. rice, 140 percent on spirits, 60 percent on tobacco and 120 percent on cars while increasing duties on a variety of other goods. The Hill's Vicki Needham has more on the escalating fight here. LEADING THE DAY Businesses fear blowback from Russia sanctions bill: New Russia sanctions proposed in the Senate could pose severe challenges for financial and energy companies in the U.S. and Europe. A bipartisan Senate coalition has sought to boost economic pressure on Russia amid growing concerns about the Kremlin's attempts to influence the midterm elections. The bill, from Sens. Lindsey Graham (R-S.C.) and Bob Menendez (D-N.J.), seeks to put Putin in an economic vise by limiting foreign investment, business and trade with Russian energy companies and banks. But there are growing fears among energy firms and investors about the burdens of complying with the sweeping proposed sanctions and over the potential it could hurt their businesses. The Hill's Timothy Cama and I explain here.
Senate sprints to finish spending bill before midterms: The Senate on Thursday is set to begin debate on a bill combining the two largest appropriations measures, testing a bipartisan agreement by leaders of both parties to keep the process free of controversial policy riders.
The bill will include appropriations for both Defense and for Labor, Health and Human Services, and Education. The combined bills amount to roughly 60 percent of the entire 2019 appropriations, which is expected to total more than $1.3 trillion. It will be the first time the Senate has even taken up the Labor bill on the floor since 2007. But it will be a tough test for Senate leadership to keep the appropriations process on track as senators consider controversial amendments related to abortion, education policy and child detention centers. The Hill's Niv Elis highlights some of the major sticking points here. - There is concern that some senators will try to pass similar policy riders to those that made their way into the House version of the bills, such as limitations on abortion and scrapping funding linked to the Affordable Care Act.
- House Republicans shot down Democratic attempts to include provisions on gun safety research and additional funding for education and worker training.
- Another wild card in the mix is President Trump, who has threatened to shut down the government without adequate funding for his border wall. GOP leaders have begged the president to wait until after November midterm elections.
Trump-Amazon feud shadows critical Postal Service report: The Trump administration is expected to release a report in the coming weeks on reforming the U.S. Postal Service (USPS), an event that could revive President Trump's feud with Amazon. Trump earlier this year assembled a task force to recommend fixes for the Postal Service's fiscal woes soon after he accused the online retail giant of abusing its relationship with the USPS. Business groups worry the task force could recommend an increase in shipping rates, something that could threaten Amazon's lucrative arrangement with the USPS. The Hill's Jordan Fabian tells us why here.
MARKET CHECK: AP: "Deepening worries about global economic growth, particularly in China, set off a rout in riskier assets including technology stocks, copper and crude oil Wednesday. U.S. retailers took a drubbing after Macy's reported weaker sales.
"The S&P 500 slid 21.59 points, or 0.8 percent, to 2,818.37. Earlier it fell as much as 1.3 percent. "The Dow Jones Industrial Average fell 137.51 points, or 0.5 percent, to 25,162.41. The Nasdaq composite dropped 96.78 points, or 1.2 percent, to 7,774.12. The Russell 2000 index of smaller-company stocks sank 21.91 points, or 1.3 percent, to 1,670.67." GOOD TO KNOW - Sen. Elizabeth Warren (D-Mass.) introduced the Accountable Capitalism Act on Wednesday, saying that it will ease income inequality and help hold large companies accountable to their employees.
- The credit scores of millions of U.S. consumers have risen following a broad overhaul of how credit-reporting firms handle negative credit information, according to The Wall Street Journal.
- The GOP tax bill enacted last year was touted as a way to simplify the tax code but has ended up making it more complex with an increased number of overall tax breaks, according to a new report.
- The Treasury Department on Wednesday targeted three Chinese, Russian and Singaporean shipping firms for violating financial sanctions meant to cut off foreign aid to North Korea's economy.
- Qatar has pledged to send $15 billion in fiscal aid to Turkey, according to Bloomberg.
- A storage safe manufacturer is reportedly planning to shut down two Illinois factories and move to Mexico in response to President Trump's tariffs on Chinese metal imports.
- Tesla has been subpoenaed by the Securities and Exchange Commission regarding CEO Elon Musk's announcement of his intent to take the company private.
ODDS AND ENDS - Cryptocurrency investor Michael Terpin on Wednesday filed a $224 million lawsuit against AT&T, accusing the telecommunications company of gross negligence, fraud and other violations after millions in online currency were allegedly stolen from his account.
- The Treasury Department on Wednesday retweeted a post from President Trump celebrating Republican wins in congressional elections this year, potentially violating federal campaign law.
- Op-Ed: Former United States Trade Representative Donald Johnson argues why in the U.S. has an economic edge in trade battles, but China has the political advantage.
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