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.
The U.S. military said a Russian warplane struck the propeller of a U.S. drone over the Black Sea, causing America forces to bring the unmanned aircraft down in international waters.
The Environmental Protection Agency (EPA) is proposing the nation's first-ever drinking water standard around polyfluoroalkyl substances (PFAS) or "forever chemicals."
President Joe Biden signed an executive order on Tuesday that will ramp up the number of background checks conducted before gun sales.
A pioneer for women’s and family rights in Congress, former Colorado Rep. Pat Schroeder, has died at the age of 82.
Illinois will become one of three states to require employers to offer paid time off for any reason.
Roku was among those businesses impacted by the fall of Silicon Valley Bank, having around 26 percent of its cash and cash equivalents deposited at the bank.
Depositors withdrew savings, and investors broadly sold off bank shares as the federal government raced to reassure Americans that the banking system is secure following two bank failures.
The Biden administration is approving the major Willow oil project on Alaska’s petroleum-rich North Slope.
Donald Trump’s former lawyer and fixer Michael Cohen is expected to testify Monday before a Manhattan grand jury investigating hush money payments he arranged and made on the former president’s behalf.
Chinese leader Xi Jinping was awarded a third five-year term as the nation's president Friday, putting him on track to stay in power for life.
