Here is what you need to know.

The Trump administration reportedly drafted a bill to abandon key WTO rules. The Trump administration has drafted a bill, known as the United States Fair and Reciprocal Tariff Act, that would allow President Donald Trump to raise tariffs without congressional approval, Axios says.

The EU hits back at Trump’s claim it is ‘as bad as China.’ The European Commission has threatened tariffs on $300 billion worth of US goods if Trump follows through on his threat to place big tariffs on European vehicles imported into the US.

Canadian tariffs begin on $12.6 billion of US goods. Steel, iron, and Kraft Heinz ketchup are among the goods to be hit with Canada’s retaliatory tariffs against the US, the Associated Press says.

Chinese stocks got crushed. China’s Shanghai Composite shed 2.52% on Monday, sending it to its lowest level since March 2016. Elsewhere, Britain’s FTSE (-0.91%) leads the losses in Europe while the S&P 500 (-0.58%) is set to open lower.

Mexico's leftist outsider Andrés Manuel López Obrador wins the presidency in a landslide. López Obrador, who vowed to oust the "Mafia of power," won more than 53% of the vote, the Associated Press reports. The Mexican peso is weaker by 0.46% at 19.9998 per dollar.

A $2.8 trillion investor unravels why a corner of the market that has been beaten down since the financial crisis is attractive again. "Cash is cool again," according to the $2.78 trillion asset manager State Street Global Advisors.

Warren Buffett is in line for a multibillion-dollar windfall after stress tests on US banks. Buffett is set to collect an extra $1.7 billion of dividends after America's biggest banks raised payouts following their passing the Federal Reserve's stress test.

Tesla reportedly hit its Model 3 manufacturing milestone hours after the deadline. The 5,000th Model 3 sedan rolled off the assembly line at about 5 a.m. PT on Sunday, hours after the deadline set by CEO Elon Musk, two workers at Tesla's Fremont, California factory told Reuters.

LeBron is headed to the Lakers. LeBron James has signed a four-year, $154 million deal with the Los Angeles Lakers.

US economic data keeps coming. Markit US Manufacturing PMI and ISM Manufacturing will cross the wires at 9:45 a.m. ET and 10 a.m. ET. The US 10-year yield is down 3 basis points at 2.83%.