logo
Trump says he will double steel tariffs to 50 percent

Trump says he will double steel tariffs to 50 percent

Washington Post5 days ago

President Donald Trump said Friday that he planned to double tariffs on steel imports into the U.S. from 25 percent to 50 percent.
Speaking at a rally at U.S. Steel in Pennsylvania, Trump said the raised tariff rate would 'even further secure the steel industry in the United States.' Trump traveled to speak to steelworkers after announcing a 'partnership' last week between the storied U.S. company and Japanese rival Nippon Steel.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Treasuries Rally on Fed Cut Hopes, Stocks Hit Peak: Markets Wrap
Treasuries Rally on Fed Cut Hopes, Stocks Hit Peak: Markets Wrap

Bloomberg

time14 minutes ago

  • Bloomberg

Treasuries Rally on Fed Cut Hopes, Stocks Hit Peak: Markets Wrap

A gauge of global equities touched a record high after small gains on Wall Street while Treasuries rallied as tepid US economic data reinforced expectations for Federal Reserve interest rate cuts this year. Muted advances for the S&P 500 and the Nasdaq 100 on Wednesday lifted both benchmarks to within 3% of their record closing highs achieved in February. The moves were a sign the market has inched higher after the initial tumult caused by President Donald Trump's reciprocal tariff announcement two months ago.

Senate weighs Trump's 'big, beautiful bill' as policy group backs CBO, projects $3 trillion debt increase
Senate weighs Trump's 'big, beautiful bill' as policy group backs CBO, projects $3 trillion debt increase

Fox News

time14 minutes ago

  • Fox News

Senate weighs Trump's 'big, beautiful bill' as policy group backs CBO, projects $3 trillion debt increase

President Donald Trump's "big, beautiful bill" is projected to increase the debt by $3 trillion, with interest, or $5 trillion if made permanent, according to estimates. An estimate of the House-passed bill by the nonpartisan Congressional Budget Office (CBO) projects it would add more than $2.4 trillion to primary deficits before interest over 10 years, according to the Committee for a Responsible Federal Budget (CRFB), a nonprofit public policy organization. As of Wednesday, the national debt, which measures what the U.S. owes its creditors, was $36.2 trillion, and the national deficit, which occurs when the federal government's spending exceeds its revenues, was $1 trillion, according to the Treasury Department. The massive spending package being considered by a Republican-controlled Congress aims to address a number of issues, including tax policy, border security and immigration, defense, energy production, the debt limit, and adjustments to SNAP and Medicaid. "Based on CBO's estimate, the House-passed bill includes roughly $5.3 trillion of tax cuts and spending partially offset by $2.9 trillion of revenue increases and spending cuts," a CRFB statement said. "Most significantly, the policies put forward by the Ways & Means Committee would increase deficits by $3.8 trillion, on net, while the policies in the Energy & Commerce title would reduce deficits by $1.1 trillion. With interest, the bill would add nearly $3.0 trillion to the debt through 2034 – or $5.0 trillion if various temporary provisions are made permanent." "OBBBA (One Big Beautiful Bill Act) would add far too much to the debt as written and could lead to far more fiscal damage than reported if temporary provisions are extended as intended," the group said. It noted that the bill would boost near-term inflation, increase interest rates, add unnecessary complexity to the tax code as well as weaken market confidence and slow long-term economic growth. It urged the Senate to make the bill "more responsible." Despite the bill passing in the House, some lawmakers have voiced opposition to the legislation, most notably Sen. Rand Paul, R-Ky. "We have never raised the debt ceiling without actually meeting that target," Paul told reporters this week. "So you can say it doesn't directly add to the debt, but if you increase the ceiling $5 trillion, you'll meet that. And what it does is it puts it off the back burner. And then we won't discuss it for a year or two." Top Democrats recently said the bill would cause the deaths of an estimated 51,000 Americans due to changes to the federal healthcare system and the broader reconciliation legislation. Also against the bill is Elon Musk, Trump's former head of the Department of Government Efficiency. Fox News Digital has reached out to the White House.

San Francisco leaders blast Trump for trying to erase gay rights icon Harvey Milk's name from ship
San Francisco leaders blast Trump for trying to erase gay rights icon Harvey Milk's name from ship

Washington Post

time16 minutes ago

  • Washington Post

San Francisco leaders blast Trump for trying to erase gay rights icon Harvey Milk's name from ship

SAN FRANCISCO — Leaders in San Francisco are blasting the Trump administration for stripping the name of gay rights activist Harvey Milk from a U.S. naval ship, and especially during Pride Month , when people gather to celebrate the LGBTQ+ community. Milk is a revered figure in San Francisco history, a former city supervisor and gay rights advocate who was fatally shot along with Mayor George Moscone in 1978 by disgruntled former supervisor Dan White. Just last month, California marked what would have been Milk's 95th birthday with proclamations heralding his authenticity, kindness and calls for unity.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store