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.
Stocks are falling in early trading on Wall Street Thursday, but the losses are more subdued than the wild swings that have dominated recent weeks. At least for now.
President Trump outlined a plan to alleviate interest on student loans held by federal agencies, but the details on how people can access the economic relief during the COVID-19 outbreak remains elusive.
The Dow Jones lingered below the 20,000 marks, a third of what it was a month ago, when it closed at a record high of 29,551.42 on Feb. 12
The 2020 count was just getting started when COVID-19 hit America's shores. Now the federal agency plans to continue while preparing a contingency plan if the situation changes.
As the U.S. struggles to ramp up testing and respond to the spread of novel coronavirus within the nation’s borders, the president announced a series of stepped-up efforts to help the country and individuals.
The world's top oil-producing countries — and some GOP lawmakers — are effectively pleading with Saudi Arabia to end its price war with Russia, which has sent prices plummeting to four-year lows.
Stock trading has been halted for the fourth time this month Wednesday as S&P 500 drops 7%.
These are the headlines you Need 2 Know for Wednesday, March 18, 2020.
In a memorandum issued Wednesday, Treasury is calling for two $250 billion cash infusions to individuals: A first set of checks issued starting April 6, with a second wave in mid-May.
Stocks are falling sharply on Wall Street in early trading as fears spread that the coronavirus is causing a global recession.
