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)
Thousands of cryptocurrency enthusiasts are gathering in Miami as the city builds its reputation as one of the key locations to develop the blockchain technology despite its underdog status.
Catching you up on what you need to know on April 7, 2022, with updates on Ukraine urging NATO for military aid for their war with Russia, the SEC investigating Amazon, microplastics being found deep inside human lungs for the first time, and more.
President Biden is trying to help Americans at the pump by tapping into U.S. oil reserves in an unprecedented way. He also announced several steps to punish oil companies. Lisa Whalen, automotive and mobility analyst at Morning Consult, joins Cheddar News to discuss.
U.S. markets closed higher to end Monday's session, with tech stocks leading the advance. Gene Goldman, Chief Investment Officer at Cetera Financial Group, joins Cheddar News' Closing Bell to discuss the potential future of the major U.S. indexes, and how factors like policy moves from the federal reserve and the ongoing Ukraine-Russia war could impact volatility.
Prices at the pump have soared in recent months, and House Democrats pointed the finger at Big Oil on Wednesday during an adversarial congressional hearing.
Catching you up on what you need to know on April 6, 2022, with updates on the FDA’s meeting to discuss a second COVID booster shot, more on the war in Ukraine, tornadoes on the Gulf coast, a third suspect arrested in connection to the mass shooting in California, Darwin’s lost notebooks mysteriously returned, and more.
Capitol Hill has a fox problem. And that’s not the lead-in to a joke. Rep. Ami Bera, D-Calif., learned firsthand Monday evening while walking to the Capitol for votes.
Ukrainian President Volodymyr Zelenskyy has told the U.N. Security Council that the Russian military must be brought to justice immediately for war crimes.
