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.
Investors are dumping stocks again as fears spread that the growing coronavirus outbreak will weigh down the global economy.
These are the headlines you Need 2 Know for Thursday, February 27, 2020.
President Donald Trump declared Wednesday that the U.S. is “very, very ready” for whatever the coronavirus threat brings, and he put his vice president in charge of overseeing the nation's response.
U.S. Rep. Jim Clyburn, the highest-ranking black member of Congress and the kingmaker of South Carolina's Democratic political orbit, on Wednesday endorsed Joe Biden's presidential campaign.
These are the headlines you Need 2 Know for Wednesday, February 26, 2020.
Bernie Sanders is facing a torrent of attacks from his Democratic rivals in a high-stakes debate that could be their final prime-time opportunity to change the direction of the 2020 nomination fight.
Self-described "far-left," 26-year-old truck driver Joshua Collins is hoping to utilize the user base to support his run for Congress.
Investors plowed money into bonds, sending the yield on the 10-year Treasury to a record low. Mastercard joined a growing list of companies warning that the outbreak would hurt its finances.
Binance, a global cryptocurrency exchange and cloud services provider, is optimistic the shift toward digital currency in China will only bolster the adoption and acceptance of encrypted currencies.
U.S. stocks fell in midday trading Tuesday, a day after the market's biggest drop in two years, as traders worry that the spreading coronavirus will threaten global economic growth.
