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 Biden administration on Friday escalated its dire warnings about a possible Russian invasion of Ukraine, saying it could take place within days, even as diplomatic efforts to resolve the crisis continued.
Two Democrats on the Senate Intelligence Committee say the CIA has a secret, undisclosed data repository that includes information collected about Americans.
As we celebrate Black History Month, Cheddar is highlighting prominent Black Americans who are carving their own historic paths and trailblazing in their fields. Today we feature New York Attorney General Letitia James.
The truck blockade at the U.S. border by Canadians protesting the country’s COVID-19 restrictions is tightening the screws on the auto industry, forcing Ford, Toyota and General Motors to shut down plants or otherwise curtail production.
Inflation was hotter than expected in January, but the debate over what this means for the economy is getting even hotter as markets brace for a flurry of Fed rate hikes in 2022.
Inflation soared over the past year at its highest rate in four decades, hammering America’s consumers, wiping out pay raises and reinforcing the Federal Reserve’s decision to begin raising borrowing rates.
A rapidly growing list of Canadian provinces moved to lift their COVID-19 restrictions as protesters decrying vaccine mandates and other precautions kept up the pressure with truck blockades.
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The IRS said Monday it will suspend the use of facial recognition technology to authenticate people who create online accounts after the practice was criticized by privacy advocates and lawmakers.
