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 CEOs of Twitter, Facebook and Google have received a hectoring from Republicans at a Senate hearing for alleged anti-conservative bias in the companies’ social media platforms. And
Cheddar's Megan Pratz was serving as Vice President Mike Pence's pool reporter as news broke that members of his team tested positive for the coronavirus.
Big tech CEOs are gearing up to testify in Washington as lawmakers prepare to take action on tech liability. Sen. Marsha Blackburn (R-Tenn.) joined Cheddar to discuss.
Rhode Island Sen. Sheldon Whitehouse, a Democrat, joined Cheddar to discuss what he feels is the need for Joe Biden to win the November election as the country faces the climate crisis.
Japanese Prime Minister Yoshihide Suga has declared Japan will achieve zero carbon emissions by 2050 in his first policy speech since taking over from Shinzo Abe.
Amy Coney Barrett is headed to to the Supreme Court. The Senate has confirmed President Donald Trump’s nominee, with Republicans overpowering Democratic opposition a week before Election Day.
Deaths per day from the coronavirus in the U.S. are on the rise again, just as health experts had feared, and cases are climbing in nearly every state, despite assurances from President Donald Trump over the weekend.
Rep. John Garamendi (D-Calif. 3rd District) joined Cheddar to discuss a new bill he is lobbying for that would bring more shipbuilding to the U.S.
The United States is approaching a record for the number of new daily coronavirus cases in the latest ominous sign of the disease’s grip on the nation.
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.
