Russia Challenges Trump Tariffs, But Will the White House Budge?
*By Christian Smith*
Pressure continues to mount on President Donald Trump to walk back his tariff policy, with Russia becoming the seventh World Trade Organization member to officially challenge the White House's duties on steel and aluminum.
And while the organization will take up these cases, Politico trade reporter Megan Cassella said the process will likely take a long time to play out.
"The WTO doesn't tend to do anything quickly," Cassella said in an interview on Cheddar Tuesday.
Even if the WTO, an intergovernmental agency that overseas international trade, does eventually come to a conclusion, the U.S. could still avoid any repercussions.
"Given the Trump administration's sort of disdain for the WTO and its legal rulings, it's also possible that, even if they do eventually come to a conclusion, Trump might just say, 'Well you know, that's it then, that's the end of the U.S. membership in the WTO'," Cassella noted.
Russia's appeal filed last week cites "numerous violations of WTO rules by the United States in introducing this measure," said Russian Economic Development Minister Maksim Oreshkin in a [statement](https://www.rt.com/business/431256-russia-tariffs-us-good/).
The 25 percent tax on foreign steel and 10 percent tax on foreign aluminum took effect June 1. The Trump administration justified the tariffs using the 1962 Trade Expansion Act, which grants the president the power to restrict imports to protect national security.
But not everyone is buying into the White House's rationale. China, India, the European Union, Canada, Mexico, Norway, and now Russia have all filed complaints with the WTO.
For the full segment, [click here.](https://cheddar.com/videos/russia-challenges-trumps-tariffs-in-wto)
Amazon founder Jeffrey Bezos took to the stage at the U.N.'s COP26 Climate Summit to unveil a new plan to combat climate change, but some say it might do more harm than good. Justine Calma, Science Reporter at The Verge, joined Cheddar to discuss.
Rep. Ritchie Torres of New York talks about the importance of the historical Build Back Better Act and how these bills could help millions of Americans across the country.
Pfizer has asked the FDA to expand authorization of COVID booster shots for all adults. The agency is expected to grant the request in the coming weeks, allowing vaccinated Americans as young as 18 to get boosted before the holidays. Dr. Bayo Curry-Winchell, Regional Clinical Director at Carbon Health, joined Cheddar to discuss.
The Justice Department has filed a lawsuit to block Penguin Random House from acquiring its rival Simon & Schuster. The DOJ hopes this will block the merger, which it says would ultimately hurt authors and consumers nationwide. Barry C. Lynn, executive director of the Open Markets Institute, joined Cheddar to explain what the lawsuit signals about the Biden administration's approach to cracking down on antitrust, and why Amazon might be next.
The major markets took a breather Tuesday, with the Dow, S&P, Nasdaq, and Russell 2000 all finishing lower after notching record closes on Monday. Rhys Williams, Chief Strategist at Spouting Rock Asset Management, joins Cheddar News' Closing Bell, where he provides his biggest takeaways from the day's activity.
The U.S. economy added 531,000 jobs in the month of October, painting a better picture of the economy that analysts had expected. Jared Bernstein, Council of Economic Advisers Member for President Biden joined Cheddar's Opening Bell to discuss.
Election Day 2021 is in the books, and it wasn't a pretty picture for Democrats. Governor Phil Murphy narrowly won re-election in New Jersey and Republican Glenn Youngkin upset Democrat Terry McAuliffe in Virginia, with many other disappointing losses for the left. Meridith McGraw, national correspondent for Politico, breaks down the key takeaways from this year as the nation looks ahead to the 2022 midterms.
Markets opened higher to kick off the week as investors continue to digest the better-than-expected jobs report, which showed 531,000 new jobs created in October. Ken Johnson, CFA, Investment Strategy Analyst joined Cheddar's Opening Bell to break down his early market insights.