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.
With millions of Americans waiting for their chance to get the coronavirus vaccine, a fortunate few are getting bumped to the front of the line as clinics scramble to get rid of extra, perishable doses at the end of the day.
An improved economy overall would mean an uptick in mortgage rates, and with Biden committed to a $1.9 trillion stimulus package and a more robust coronavirus response, that's exactly what mortgage experts are anticipating.
The Supreme Court has brought an end to lawsuits over whether Donald Trump illegally profited off of his presidency.
President Joe Biden has directed his intelligence community to study the threat of domestic extremism in the United States.
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.
Rep. John Garamendi, a Democrat from California, praised President Biden's pic for heading the Department of Defense, Lloyd Austin.
Tom Price, former secretary of Health and Human Services under President Trump, talked to Cheddar about the new administration's plans for taking on COVID-19.
Lloyd J. Austin, the West Point graduate who rose to the Army’s elite ranks and marched through racial barriers in a 41-year career, has won Senate confirmation to become the nation’s first Black secretary of defense.
House Speaker Nancy Pelosi will send the article of impeachment against Donald Trump to the Senate on Monday.
Cheddar takes a look at newly installed President Joe Biden's personal stamp on the Oval Office.
