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.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
Four former presidents are urging Americans to get vaccinated as soon as COVID-19 doses are available to them, as part of a campaign to overcome hesitancy for the shots.
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Arkansas Gov. Asa Hutchinson defended his decision to keep much of the economy, including schools, open during the pandemic., as well as signing a near-total abortion ban bill.
When the World Health Organization declared a pandemic one year ago on Thursday, it did so only after weeks of resisting the term and maintaining the coronavirus could still be stopped.
Prince William says that his family is not racist, becoming the first British royal to speak out about accusations of bigotry made by Prince Harry and Meghan, his brother and sister-in-law.
Congress has sent President Joe Biden the landmark $1.9 trillion COVID-19 relief bill.
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Dr. Anne Zink, chief medical officer for the state of Alaska, spoke to Cheddar about Alaska's remarkable task of getting COVID vaccines to a widespread populace even as the state opens up eligibility to nearly everyone.
