U.S. companies seeking to be exempted from President Donald Trump's tariff on imported steel are accusing American steel manufacturers of spreading inaccurate and misleading information, and they fear it may torpedo their requests. Robert Miller, president and CEO of NLMK USA, said objections raised by U.S. Steel and Nucor to his bid for a waiver are "literal untruths." He said his company, which imports huge slabs of steel from Russia, has already paid $80 million in duties and will be forced out of business if it isn't excused from the 25 percent tariff. U.S. Steel and Nucor are two of the country's largest steel producers. "They ought to be ashamed of themselves," said Miller, who employs more than 1,100 people at mills in Pennsylvania and Indiana. Miller's resentment, echoed by several other executives, is evidence of the backlash over how the Commerce Department is evaluating their requests to avoid the duty on steel imports. They fear the agency will be swayed by opposition from … [Read more...] about U.S. firms seeking Trump’s steel tariff waiver face backlash
U s trading partners
The U.S. economy sped up in the second quarter, expanding 4.1 percent, the Commerce Department said Friday. It's the first time in four years economic growth broke the 4 percent mark. Strong consumer and government spending fueled the increase, as did a short-term jump in trade ahead of tariffs announced by the White House and U.S. trading partners. First-quarter growth was also revised to 2.2 percent, a slight increase from the previous estimate. Economists had expected the nation's gross domestic product -- the broadest measure of goods and services produced in the U.S. -- to reach 4.4 percent. On Thursday, President Donald Trump suggested GDP could top 5 percent in trumpeting the economy's performance before steel workers in Granite City, Illinois. On Friday, he tweeted about the "GREAT GDP numbers." The tax cut the president pushed last year is a major reason behind the jump in growth, economists said. "Overall, helped by the massive fiscal … [Read more...] about U.S. GDP growth hit 4.1 percent in the second quarter
Manufacturers around the U.S. are expressing concern about the impact of tariffs on their businesses, a new Federal Reserve report shows. According to the central bank's latest "Beige Book" report, manufacturers in some parts of the country are reporting higher prices and supply disruptions, which they attribute to the Trump administration's move to impose or threaten tariffs on hundreds of billions of dollars in imports from China, the European Union and other major U.S. trading partners. "The U.S. economy was in good shape in the middle of the year, according to the latest Beige Book, but concerns are growing," said Gus Faucher, chief economist with PNC Financial Services Group, in a research note. "Business contacts were concerned about trade as the United States and its trading partners began to implement tariffs, with talk of escalation." The Beige Book, published eight times a year and based on information the Fed gathers from businesses, details economic conditions … [Read more...] about Manufacturers starting to take a hit from U.S. tariffs
U.K. politicians under pressure to clinch a new trade agreement with the U.S. could compromise on the way their country regulates medicines, making prescription drugs more expensive after Brexit, three researchers wrote.Under President Donald Trump, “American drug pricing policy now has the explicit and unusual goal of making drugs more expensive in other countries,” Holly Jarman, an assistant professor at the University of Michigan’s School of Public Health, and two England-based colleagues said in an article published in the Lancet medical journal on Thursday.The U.K. must negotiate new trade deals with old partners to keep buying and selling goods abroad after it leaves the European Union. But it will have less bargaining power as a single country and will face a U.S. administration intent on having other nations pay more for drugs, Jarman wrote with Martin McKee of the London School of Hygiene and Tropical Medicine and Tamara Hervey of the University of … [Read more...] about New U.S. Trade Deal May Bring Higher Drug Prices to U.K.
PLYMOUTH, Wisc. -- At the Sartori Cheese plant, turning humble curds into Parmesan, cheddar and other table favorites is a thing to behold. But these days, in addition to dipping their 20-pound wheels into wine or hand-rubbing them with pepper, an unwanted ingredient is being added to their business: tariffs. After midnight Eastern Time on Friday, the U.S. imposed tariffs on $34 billion worth of Chinese goods, and now the cheese industry is caught in the crossfire of U.S. trade disputes with other countries. China is expected to implement new retaliatory tariffs on the U.S. cheese industry and other sectors. The U.S. Chamber of Commerce says retaliatory tariffs against the U.S. threaten about a billion dollars of Wisconsin's exports, which include cheese. "The president is focused on helping protect American workers and American industries and create a fair playing field," White House Press Secretary Sarah Huckabee Sanders said Monday. The president's protectionist moves have … [Read more...] about China-U.S. tariffs: Wisconsin cheese industry hopes Trump has strategy in trade disputes