Politicians, the media, and the markets have all responded negatively to President Trump’s proposed tariffs on steel and aluminium.
But Congresswoman Marcy Kaptur (D-OH) has a different perspective. The trade war concerns won’t materialize “if you have a good agreement,” she told Cheddar. “We need trade parity, we need reciprocity in trade.”
She pointed out that China churns out 2.3 billion metric tonnes of steel every year when the world only uses 1.5 billion.
“You’ve got this enormous overhang on the global market...so America ends up being the dump market and our workers get put out of work.”
However, China’s steel manufacturing muscle doesn’t necessarily impact the U.S. market. In 2017, the U.S. got most of its steel from Canada and Mexico, according to the [Commerce Department](https://www.trade.gov/steel/countries/pdfs/imports-us.pdf).
On Wednesday, the White House announced certain markets, such as Canada and Mexico, may be exempt from the proposed 25 percent tax on steel imports and 10 percent tariffs on aluminium. The administration is expected to make the official announcement on them later this week.
Oil companies offered a combined $264 million for drilling rights in federal waters in the Gulf of Mexico on Wednesday in a sale mandated by last year’s climate bill compromise.
Adidas is withdrawing its challenge to a Black Lives Matter trademark application featuring three parallel stripes, two days after it contested the image with the U.S. Trademark Office.
The state of Arkansas sued TikTok and Facebook parent Meta on Tuesday, claiming the social media companies were misleading consumers about the safety of children on their platforms and protections of users' private data.
Russia’s top security agency arrested an American reporter for the Wall Street Journal on espionage charges, the first time a U.S. correspondent was put behind bars on spying accusations since the Cold War. The newspaper denied the allegations against Evan Gershkovich.
North Carolina residents can now buy a handgun without getting a permit from a local sheriff. The Republican-controlled state House on Wednesday overrode the Democratic governor’s veto.
Longtime Starbucks CEO Howard Schultz is facing sharp questioning before the Senate Health, Education, Labor and Pensions Committee where he is defending the company’s actions during an ongoing unionizing campaign.
Credit Suisse violated a plea agreement with U.S. authorities by failing to report secret offshore accounts that wealthy Americans used to avoid paying taxes, U.S. lawmakers said Wednesday.
According to a Reuters report, JPMorgan CEO Jamie Dimon is being deposed over the bank's relationship with sex offender Jeffrey Epstein.
Capitol hill is trying to get to the bottom of the bank collapses that shocked the financial system last month, and today lawmakers grilled banking regulators about why they weren't able to stop the crisis. Cheddar News correspondent Lisa Bennatan broke down the proceedings.
Juul will finally have its day in court for its role in the teen vaping epidemic. The Minnesota attorney general is preparing for opening arguments in the state's lawsuit against the vape maker. Here to break down the complicated backstory for this legal case is Senior Reporter Chloe Aiello.
