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.
Lines of cars formed at British gas stations for a fourth day on Monday, as the government mulled bringing in the army to help ease supply disruption triggered by a shortage of truck drivers.
Powell on Wednesday shed new light on the possibility of launching a central bank digital currency (CBDC) in the U.S., and stakeholders in the worlds of both monetary policy and cryptocurrency took notice.
President Joe Biden is urging those now eligible for COVID-19 booster shots to get the added protection.
China’s central bank has declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money.
Senate Majority Leader Chuck Schumer and House Speaker Nancy Pelosi revealed the development to reporters on Thursday. But
The European Union is unveiling plans that would require smartphone makers to adopt a single charging method for mobile devices.
The number of Americans applying for unemployment aid rose last week for a second straight week to 351,000, a sign that the delta variant of the coronavirus may be disrupting the job market’s recovery, at least temporarily.
Many had expected Fed Chair Jerome Powell to clarify the timing of the long-anticipated taper following Wednesday's meeting of the Federal Open Market Committee (FOMC), and he didn't disappoint.
President Biden used his first address before the U.N. General Assembly to declare that the world stands and at an “inflection point in history” and that the world must act with haste to move quickly and cooperatively to address the festering issues.
The White House says President Joe Biden will ease foreign travel restrictions into the U.S. beginning in November.
