Rep. Kaptur (D-OH): Tailored, Targeted Tariffs Could Be Good For U.S.
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 Build Back Better Act has been at the center of endless negotiations and debate, ultimately landing as a nearly $1.8 trillion plan. One of the highlights is $170 billion dollars for affordable housing, making history as the largest investment in the sector to date. Eliza Collins, politics reporter for The Wall Street Journal, joins Cheddar News to break down the bill.
The Biden Administration is releasing 50 million barrels of oil from the U.S. oil reserves in hopes of easing soaring gas prices. Vijay Vaitheeswaran, Global Energy and Climate Innovation Editor at the Economist, joined Cheddar to discuss.
John Petrides, Portfolio Manager at Tocqueville Asset Management, joins Cheddar News' Closing Bell, where he breaks down Monday's market activity amid the emergence of the omicron variant, and what it could mean for the Fed's timeline when it comes to raising rates and tapering pandemic aid.
Earlier in the week, we saw President Biden nominate Jerome Powell to serve as Fed chair for another four-year term in the midst of the country’s struggles with covid, inflation, and supply unrest. Claudia Sahm, senior fellow at the Jain Family Institute and former Federal Reserve and White House economist explains why the markets saw a boost following the nomination.
House Democrats saw a big win on Friday when President Biden's trillion dollar Build Back Better social spending bill was passed but now the question is - can the bill hold up in the senate as it faces possible ongoing scrutiny from not only Republicans, but also some Democrats. Julia Manchester, reporter at The Hill, explains whether or not the bill will make it to President Biden's desk by Christmas.
Jamil Jaffer, Founder and Executive Director of the National Security Institute, joined Cheddar to discuss the concern surrounding Chinese tennis star Peng Shuai's disappearance following a social media post accusing a former high-ranking Chinese official of sexual assault.
Just hours before the scheduled execution of inmate Julius Jones, the Governor of Oklahoma Kevin Stit has now granted commuted his sentence to life in prison without the possibility of parole. Several advocates along with a number of celebrities have been fighting to stop the execution. Defense Attorney and Police Director Erin Haney, joined Cheddar to discuss more.
The book 'The Brainwashing of My Dad' examines how the rise of right-wing media changed a father and impacted the nation. Author of the book, Jen Senko, joins Cheddar News to discuss the history and future of conservative media.
Natalie Fertig, Federal Cannabis Policy Reporter for Politico Pro, joined Cheddar to discuss the shift among republicans to support federally legalizing marijuana.
