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.
Former Housing Secretary Julián Castro announced he is dropping out of the race, and Pete Buttigieg, who declined to run for a third term as mayor of South Bend, Indiana, is back to being a private citizen.
Former Obama housing secretary Julián Castro on Thursday ended his run for president that pushed the 2020 field on immigration and swung hard at rivals on the debate stage but never found a foothold to climb from the back of the pack.
Lebanon's justice minister said Thursday that Lebanon has received an international wanted notice from Interpol for Nissan’s ex-chair Carlos Ghosn, four days after he fled Japan to Lebanon before a trial on financial misconduct charges.
From Sydney to New York City, concerns have crossed over into 2020 along with the celebrations.
The U.S. and China reached the deal after almost two years of an escalating trade war between the world’s largest economies.
This year was no slouch in providing plenty of material to blow up our feeds. Here’s a look at some of the most memorable political moments of 2019.
These are the headlines you Need 2 Know for Tuesday, December 31, 2019.
As a candidate for the White House, Donald Trump repeatedly promised that he would “immediately” replace President Barack Obama’s health care law with a plan of his own that would provide “insurance for everybody.” Nearly three years after taking office, Americans still are waiting for Trump’s big health insurance reveal.
A look at the events that are sure to make the market move next week — the final week of 2019!
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.
