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.
The settlement forces the Sackler family to give up control of the Stamford, Connecticut-based business, according to the Associated Press, while the company will pay up to $12 billion over time.
Assembly Bill 5, which the state Senate approved on Tuesday, would require employers to treat independent contractors — like Lyft and Uber drivers — as regular employees.
JPMorgan has developed a new index to track the impact that President Trump's tweets have on the market. The so-called Volfefe Index will specifically examine how the president's tweets affect U.S. Treasury yields.
These are the headlines you Need 2 Know for Monday, September 9, 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.
Powell's optimistic remarks come amid a growing concern by economists, investors, and business leaders that a slowing of the U.S. economy is imminent.
Despite the economy's sustained growth, the jobs added in August were less than the nearly 160,000 expected by analysts. Monthly employment growth so far this year now averages 158,000, which remains well below 223,000 average monthly gains in 2018.
British lawmakers are set to vote again Monday on whether or not to hold a general election next month as the UK continues to wrestle with the looming Brexit deadline.
Ten of the top Democratic candidates for president presented their plans to tackle climate change during a marathon, seven-hour town hall broadcast live on CNN Wednesday.
These are the headlines you Need 2 Know for Thursday, September 5, 2019.
