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.
This year, due to the coronavirus pandemic, Governor Phil Murphy's mandates have kept amusement parks, aquariums, and many local businesses on the beach closed to protect the public health.
Steve Boland, board member at Minnesota Freedom Fund, talks overwhelming support, cash bail reform, and staying active as an activist.
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.
Stocks closed out the week with a bang after a closely watched report on the job market surpised investors by showing that employers added to their payrolls last month, defying predictions they would slash more jobs.
Negotiators for the city of Minneapolis have agreed with the state to ban the use of chokeholds by police and to require police to report and intervene anytime they see an unauthorized use of force by another officer.
On Wednesday morning, a crane lifted Philadelphia's most controversial public statue from the steps of the Municipal Services Building near City Hall.
Eugene Scalia breaks down the May jobs report. Secretary of Labor expects uptick of jobs added to continue as states reopen.
Super Bowl MVP Patrick Mahomes is among more than a dozen NFL stars who united to send a passionate video message to the league about racial inequality.
Wall Street paused on Thursday, and the S&P 500 fell 0.3% for its first loss in five days.
The mural of George Floyd projected above his golden coffin, where mourners knelt and cried, paused and prayed at his memorial service had a simple message: “I can breathe now.”
