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.
State Senator Tom Umberg introduced legislation to regulate DNA data collected by popular testing services like 23andMe and Ancestry.com.
The Office of the United States Trade Representative announced last month that tariffs as high as 100 percent could be added to products such as Irish and Scotch whiskeys, Cognac, and Parmesan cheese as soon as mid-February.
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.
For the first time, China disclosed information about the effect of the virus on medical workers — 1,716 medical workers have contracted the novel coronavirus and six have died.
These are the headlines you Need 2 Know for Friday, February 14, 2020.
The former NYC mayor tried something different in the Democratic primary race so far, pushing memes on Instagram that left some potential voters and experts scratching their heads.
Activist and Marjory Stoneman Douglas High School shooting survivor Brendan Duff joined hip-hop star will.i.am to promote a new documentary about the tragic day and to stand up for young voters.
A Republican-led coalition of fossil fuel giants, environmental advocates, and former federal policymakers on Thursday issued a "Roadmap" to addressing climate change that, while labeled as "Bipartisan," is particularly aimed at garnering GOP support.
The World Health Organization Thursday pointed to a change in reporting, rather than a sudden acceleration of infections. But for many, it strengthened the concern that nobody really knows how widespread the illness is, and there appears to be no good way to figure it out.
The Senate has approved a bipartisan measure limiting President Donald Trump's authority to launch military operations against Iran. The resolution says Trump must seek approval from Congress before engaging in further military action.
