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.
As President Trump prepared to meet on Friday with seven U.S. oil and gas executives at the White House, he announced today that Saudi Arabia and Russia had agreed to enormous cutbacks in their countries' crude production.
New York Gov. Andrew Cuomo made a plea to manufacturers in the state to step up and produce supplies desperately needed to combat the coronavirus outbreak.
The Payroll Protection Program, the centerpiece of the three small business lending programs outlined in the CARES Act, is designed to help businesses keep their employees at a time when income is mostly on pause but expenses are not.
The Democratic National Committee is delaying its convention until the week of Aug. 17. The move comes after prospective nominee Joe Biden said he didn't think it was possible to hold a normal convention in July because of the coronavirus.
The automaker revealed that it will be able to produce 50,000 ventilators in the next 100 days. The ventilators' design has been simplified by the private medical company Airon for easy set-up and quick usage in emergency settings.
It’s April 1, and if you rent your home, chances are good that your rent is due today. But with millions of Americans out of work due to coronavirus, those regular bills are even harder to manage.
President Donald Trump is resisting calls to issue a national stay-at-home order to stem the spread of the new coronavirus. This is despite his administration's projections that tens of thousands of Americans are likely to be killed by the disease.
In a letter to CEOs of DoorDash, Grubhub, Instacart, and Uber, Senator Elizabeth Warren (D-Mass.) called on the employers to provide gig workers with "basic rights and protections" as they perform "essential delivery work."
Stocks are sinking again on Wall Street as more signs piled up of the economic and physical pain being caused by the coronavirus outbreak.
Former White House communications director Anthony Scaramucci says he's bullish about financial markets, but he's less keen on the way his old boss is handling the coronavirus pandemic.
Load More