The U.S. trade war with China just got kicked up another notch.
The White House on Wednesday proposed a 25 percent tariff on $200 billion worth of Chinese goods, more than double the 10 percent tax rate originally planned.
U.S. trade representatives are trying to re-engage China in trade talks to de-escalate tensions between the two countries. Advisers reportedly told President Trump that China's authorities would be more likely to yield if higher tax rates were imposed.
Last month, the administration imposed a 25 percent tariff on $34 billion worth of Chinese goods, mostly machines and components. When Beijing immediately retaliated, Trump proposed additional taxes on $200 billion in importsーthis time affecting more consumer goods like furniture and computers.
Raising the proposed tax rate on those goods means extending the deadline for public comment on the plan from August 30 to September 5.
If some members of Congress have their way, there might finally be a 'TLDR' on sites' terms of service, introduced by the terms-of-service labeling, design, and readability act – or TLDR for short. With this act, users will actually understand what they're agreeing to or the many ways in which their data is being used before pressing 'accept.' J.D. sat down with co-sponsor of the bill and Senator Bill Cassidy, to discuss.
President Joe Biden's first year in office is wrapping up. What has he achieved, and what else remains on the table while the Democrats have control of Washington? Amid an ongoing pandemic and rising inflation, Biden's approval rating is at an all-time low and his party is plagued by infighting. Will he be able to continue pushing key parts of his agenda? Paul Glastris, former Bill Clinton speechwriter & Editor-in-chief of 'Washington Monthly,' joins Cheddar News' Closing Bell to discuss the president's achievements in his first year, where he's fallen short, and what he must do in order to get more of his agenda signed into law.
Tech giants Meta, Amazon, Alphabet, and Apple are faced with a bipartisan antitrust legislation effort underway in the Senate Judiciary Committee. The companies stand accused of promoting their own goods and services over smaller competitors on their platforms, holding too much monopolistic power via their app stores and services. Adam Kovacevich, founder and CEO of Chamber of Progress, a technology industry trade group, joined Cheddar to argue that the bills that are being debated currently could end up hurting consumers, rather than helping.
Concerns over inflation have become one of the biggest worries for executives. A survey from The Conference Board shows that more than 900 CEOs consider inflation a top tier concern, a major shift from last year's survey that had it as a low-level concern. Rebecca Ray, Executive Vice President, Human Capital, The Conference Board joined Cheddar's Opening Bell for more.
Jordan Zakarin, Media Producer at A More Perfect Union, joined Cheddar News to break down the latest from Colorado, where at least 8,700 Kroger employees walked off the job in demand of increased benefits and wages.
With the 2022 Winter Olympics in Beijing rapidly approaching, clouds of controversy continue to swirl around China's treatment of the Uyghur Muslim minority population, its surveillance state, and security for visiting athletes. Phelim Kine, China correspondent for Politico, joined Cheddar to break down the big storylines surrounding the Beijing Games and highlight what he saw as the complete disregard by top corporate sponsors like P&G, Airbnb, Intel, Visa, and Coca-Cola, for the controversies. "They spend $100 million for every Olympics that they sponsor, and they have frankly shown absolute willful indifference to any type of entreaty to essentially be more vocal about their concerns about human rights in China," he said. Kine also touched on the data privacy fears for athletes as visiting contingents are being told to carry burner phones to avoid security risks.
Texas's six-week abortion ban remains in effect after a federal appeals court ruling on Monday. The U.S. court of appeals for the fifth circuit temporarily transferred the case to the Texas Supreme Court, which is expected to leave the dispute in limbo for months to come. Katie Barlow, attorney and media editor of SCOTUSblog, joins Cheddar News to discuss.
Hugh Odom, founder and president of Vertical Consultants, shared his expertise on telecommunications with Cheddar on the safety issue raised about 5G deployment by airlines. The installation was partially delayed again on Tuesday as the airlines warned of potentially catastrophic delays in a letter to the Biden administration. Later, both Verizon and AT&T relented and put a pause on some of the implementations. "The first thing the Biden administration needs to do is get everybody in the room and say, look, aviation industry, identify the problem — wireless industry, come up with a solution," said Odom.
Dave Levinthal, deputy Washington Bureau chief at Insider, joins Cheddar News to discuss Gallup's new survey that reveals more Americans leaned Republican by the end of 2021.
