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.
Despite the hype and headlines earlier this year around meme stocks and Robinhood, the SEC and FINRA have made few concrete changes around retail investing.
The Senate Committee on Banking, Housing and Urban Affairs held a hotly debated hearing regarding fiat-backed stablecoins on Tuesday that still led to a conclusion the space needed some form of regulation.
Under Chair Jerome Powell, the Federal Reserve is poised this week to execute a sharp turn toward tighter interest-rate policies with inflation accelerating and unemployment falling faster than expected.
Cheddar has been covering the biggest news of the week with some of the biggest names in the biz. In case you missed it, we've pulled together some of the highlights that will keep you informed as we get ready for the week ahead.
Prices were up 6.8 percent year-over-year In November, according to the latest consumer price index from the U.S. Bureau of Labor Statistics.
A British appellate court opened the door Friday for Julian Assange to be extradited to the United States by overturning a lower court's decision that the WikiLeaks founder's mental health was too fragile to withstand the American criminal justice system.
New Zealand’s government believes it has come up with a unique plan to end tobacco smoking — a lifetime ban for those aged 14 or younger.
The number of Americans applying for unemployment benefits plunged last week to the lowest level in 52 years, more evidence that the U.S. job market is recovering from last year’s coronavirus recession.
Congress got a crash course in crypto on Wednesday, as six executives from companies representing a cross-section of the digital economy answered questions from the House Financial Services Committee.
In the spirit of the holidays, Cheddar presents the 12 days of the top terms of 2021.
