U.S. Steel makes statement on President Trump
United States Steel Corporation issued the following statement: 'President Trump is a bold leader and businessman who knows how to get the best deal for America, American workers and American manufacturing. U. S. Steel will remain American, and we will grow bigger and stronger through a partnership with Nippon Steel that brings massive investment, new technologies and thousands of jobs over the next four years. U. S. Steel greatly appreciates President Trump's leadership and personal attention to the futures of thousands of steelworkers and our iconic company.'
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Nippon approved to buy U.S. Steel for $55 per share, CNBC's Faber says
Trump approves Nippon Steel acquisition of U.S. Steel, Nikkei reports
U.S. Steel up another 3% to $53.70 after Nikkei says Trump approved buyout
Trump approves Nippon purchase of U.S. Steel, Nikkei reports
U.S. Steel extends rise to 22% after Trump post about Nippon Steel 'partnership'
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Hamilton Spectator
44 minutes ago
- Hamilton Spectator
As his trade war faces legal pushback, Trump has other tariff tools he could deploy
WASHINGTON - U.S. President Donald Trump's tariffs are facing legal headwinds for the first time — but he has other tools he could deploy in his quest to realign global trade. A federal appeals court is still deciding whether there will be a stay on Trump's universal tariffs enacted through the International Emergency Economic Powers Act of 1977, usually referred to by the acronym IEEPA. The U.S. Court of International Trade ruled the duties were unlawful last month. IEEPA is a national security statute that gives the U.S. president authority to control economic transactions after declaring an emergency. It had never previously been used for tariffs. Trump declared emergencies at the United States' northern and southern borders linked to the flow of fentanyl and migrants in order to hit Canada and Mexico with economywide tariffs. He later declared an emergency over trade deficits to impose his retaliatory 'Liberation Day' duties on most nations. The trade court found Trump exceeded presidential powers by using IEEPA to broadly implement the duties. The Trump administration quickly appealed the decision and the White House said it would take the case to the Supreme Court. Following the ruling, White House Economic Council Director Kevin Hassett said he was confident the court ultimately would decide in Trump's favour. Hassett said that if it doesn't, 'we'll have other alternatives that we can pursue as well to make sure that we make American trade fair again.' While the U.S. Constitution gives power over taxes and tariffs to Congress, Greta Peisch, the former general counsel for the Office of the U.S. Trade Representative, said it passed laws over the last century that allow the president some control in certain situations. Trump is now looking to use those laws — some of them for the first time. The president may be considering Section 338 of the Tariff Act of 1930. It allows a president to hit countries with tariffs of up to 50 per cent if the country 'is treating products of the United States disfavourably, compared to products of another foreign country,' said Peisch, a partner at Wiley Rein in Washington, D.C. Section 338 has never been used by a president before and Peisch said it might be difficult for the administration to make a case for it. Trump also might look to Section 301 of the Trade Act of 1974, which allows a president to take trade actions if an investigation finds a trading partner's policies are unreasonable and discriminatory. Trump used this law during his first administration to impose tariffs on some Chinese imports and European Union goods. But Section 301 requires country-by-country investigations of trade policy before a tariff can be imposed — investigations that could take weeks or months and would include a period for public comment. That certainly would slow down Trump's efforts to target the world with tariffs. If the president is looking for speed, Peisch said, he might try to use Section 122 of the Trade Act of 1974 — another law that has never before been used. Section 122 allows a president to implement tariffs of up to 15 per cent to address large and serious United States balance-of-payments deficits. But those duties can only stay in place for a maximum of 150 days before they need Congressional approval to continue. That reduces Trump's leverage if his goal is to pressure countries to sign trade deals — those countries could simply decide to wait the president out. Trump also has said tariffs will help pay down the deficit; the short-term Section 122 power is unlikely to work as a long-term revenue strategy. Ultimately, Peisch said, none of the replacement statutes could easily build Trump's universal tariff wall around the United States. 'Nothing is a great fit without a lot of work,' she said. 'So I think it's potentially going to be a challenge.' This report by The Canadian Press was first published June 7, 2025.

Miami Herald
an hour ago
- Miami Herald
Trump's China gambit belies rocky road ahead on tariff deals
President Donald Trump has come up short on striking trade deals with most nations with just one month left before his self-imposed tariff deadline, even as he took his first steps in weeks toward engaging with China. Trump secured a much-desired call with Chinese President Xi Jinping, paving the way for a new round of talks on Monday in London - yet the diplomacy was overshadowed by a blowout public fight between Trump and his billionaire onetime ally, Elon Musk. Trump's aides insisted Friday that the president was moving on and focused on his economic agenda. Still, question marks remain over the U.S.'s most consequential trade relationships, with few tangible signs of progress toward interim agreements. India, which the Trump administration has cited as an early deal target, has taken a tougher line in negotiations and challenged Trump's auto tariffs at the World Trade Organization. Japan held another round of talks with the U.S., while also signaling it wants a reprieve from duties on cars and light trucks. The legal fight over Trump's tariffs hangs over everything. A court ruling striking down the country-by-country duties imposed using emergency authorities left partners with no certainty over what Trump's powers are. The next test could come as soon as next week, when a court could rule on the administration's appeal. Trump and his team were eager to draw attention to inroads with China as proof his ways are working. Trump on Friday described talks with Beijing as 'very far advanced' and said Xi had agreed to speed shipments of critical rare-earth minerals that were at the center of recent tension. Unlocking those supplies would spell relief for major American automakers. Chinese Vice Premier He Lifeng will visit the U.K. next week, during which he will conduct trade negotiations with the U.S., the Chinese foreign ministry said in a statement late Saturday. The mixed results in the talks so far demonstrate the highs and lows of Trump's mercurial approach to trade, in which he and aides have cast him as the ultimate decision-maker on any deals. Rather than provide a clear-cut victory, Trump's dealings with Xi also show the difficult road ahead with China. The rare-earths dispute revealed how important those supplies, which Beijing dominates, are for the U.S. economy. 'Xi is not letting go of the rare earths. He's got leverage, he's using it,' said Douglas Holtz-Eakin, president of the American Action Forum, a conservative think tank. 'They talked, that's the most important thing. I think they're really far apart.' The clock is ticking for Trump. His 90-day pause on higher tariffs for the European Union and nearly five dozen countries expires July 9 — barring an extension he could do with the flick of a pen — while China's reprieve extends until August. If deals aren't reached, Trump plans to restore tariff rates to the levels he first announced in April, or lower numbers that exceed the current 10% baseline, a White House official said, speaking on condition of anonymity. 'We will have deals. It takes time. Usually it takes months and years; in this administration, it's going to take more like days,' White House trade counselor Peter Navarro said Friday on Fox Business. 'We're on task and on target.' The Office of the U.S. Trade Representative 'looks more like a deli now,' Navarro said, with countries lining up for talks. USTR sent letters this week to trading partners reminding them of the deadline. It's unclear what all the frantic activity has yielded. Xi for months was reluctant to get on the phone with Trump and analysts speculated about what concessions the U.S. president offered to his counterpart in exchange for the call. Trump at least appeared to give some ground on foreign students, saying it would be his 'honor' to welcome Chinese scholars even as his administration cracks down on student visas. German Chancellor Friedrich Merz visited Washington facing demands from his nation's automakers for tariff credits for vehicles they produce in the U.S. But the subject barely came up during the public portion of his meeting with Trump, who spent a large chunk of time unloading on Musk. 'We'll end up hopefully with a trade deal or we'll do something - you know, we'll do the tariffs,' Trump said Thursday alongside Merz. Merz, in his U.S. visit, emphasized the integrated trade ties between countries that are at risk — including by personally driving a BMW built in South Carolina. The German leader said Friday at an industry event the nations should agree on an 'offset rule' that would provide tariff relief for existing U.S. production. Trump's U.K. deal - the lone pact so far — was undercut this week when he plowed ahead with levies on steel and aluminum. The U.K. said the pact included an agreement for zero tariffs on British metals, but Trump's latest order kept a 25% charge on them while negotiations continue and doubled the rate for others. Still, the upcoming Group of Seven summit of leaders from major economies could provide an opportunity for the type of in-person dealmaking Trump craves. Canadian Prime Minister Mark Carney has been discussing terms of a potential interim deal with Trump ahead of the gathering this month near Calgary. One theme is clear: Negotiations over his so-called reciprocal tariffs have grown intertwined with his separate duties on autos and metals, despite previous U.S. signals that the administration considered them separate. 'He's entirely transactional,' Holtz-Eakin said of Trump. 'He will always deal.' Talks are ongoing with the EU, which has previously proposed an agreement with the U.S. to mutually drop auto tariffs to zero as part of a broader trade framework, which the Trump administration rejected. The bloc subsequently suggested working toward zero-for-zero tariffs on cars, other industrial goods and some agricultural imports with tariff-rate quotas as a possible interim measure. Commerce Secretary Howard Lutnick said this week he'd consider some type of 'export credit' on autos, the kind of carve-out sought by Germany on vehicle tariffs. And he predicted there would be a U.S.-India deal in the 'not too distant future.' Lutnick signaled, though, Trump's push for so-called reciprocity comes with caveats. The U.S. wouldn't agree with Vietnam to drop all tariffs, because it believes the Southeast Asian nation is a hub for so-called transshipment of Chinese goods. Talks with South Korea, where Trump spoke with newly elected president Lee Jae-myung, and Japan, which had top trade negotiator Ryosei Akazawa meet with Lutnick, continued this week. In yet another sign of the Trump team's frenetic approach, Nikkei reported that different — and even competing — positions among Treasury Secretary Scott Bessent, Trade Representative Jamieson Greer and Lutnick had confounded Japanese counterparts. --- (Akayla Gardner, Jennifer A. Dlouhy, Alberto Nardelli, Hadriana Lowenkron, Arne Delfs and Shiyin Chen contributed to this report.) Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.

Miami Herald
an hour ago
- Miami Herald
Jobs at the Port of Los Angeles are down by half, executive director says
LOS ANGELES — Job opportunities at the Port of Los Angeles are dwindling as President Donald Trump's steep tariffs take a hit on global trade and a major economic engine for the regional economy. Nearly half of the longshoremen who support operations at the port went without work over the last two weeks, Gene Seroka, executive director of the Port of Los Angeles, said in an interview. The port processed 25% less cargo than forecast for the month of May, he said. Trump's tariffs have drastically stemmed the flow of goods into the U.S., driving down activity at the neighboring ports of L.A. and Long Beach, which collectively processed more than 20 million 20-foot-long cargo units last year. The two ports are the largest in the country and provide jobs for thousands of dockworkers, heavy equipment operators and truck drivers. But work has fallen off sharply in recent weeks. Over the last 25 work shifts, only 733 jobs were available for 1,575 longshoremen looking for work. 'They haven't been laid off, but they're not working nearly as much as they did previously,' Seroka told the Los Angeles Times. 'Since the tariffs went into place, and in May specifically, we've really seen the work go off on the downside.' Marine terminal operators post available work opportunities, known as job orders, on a digital board at the port three times a day. Longshoremen can review the job orders at each shift and bid on the jobs they want to take. If there are more longshoremen than job orders, a portion of workers will go without pay. The average of 733 job orders posted over the past 25 shifts, which is equal to roughly two weeks, is unusually low. Ordinarily, between 1,700 and 2,000 job orders are posted during a typical day shift, and between 1,100 and 1,400 are posted during a standard night shift. Seroka attributed the decrease in job opportunities to lower cargo volume moving through the port. In May, 17 cargo ships canceled their planned trips to Los Angeles amid uncertainty over duties the Trump administration imposed worldwide. Although May is typically a busier month than April, this past May saw 18% less cargo processed than the month before, according to port data. The falloff comes during a critical time in advance of the Christmas shopping season, orders for which are usually placed before July 1. Conditions are not expected to significantly improve anytime soon. 'The June numbers that we're projecting right now are nowhere near where they traditionally should be,' Seroka said. An average of five ships have entered the port each day over the last week. This time of year, there would typically be between 10 and 12 ships in the port each day. 'The drop in cargo volume caused by Trump's tariffs will mean empty shelves when products don't reach our stores, rising prices on everything from groceries to clothes to cars, and undoubtedly, more Americans out of work,' U.S. Sen. Alex Padilla of California said in a news conference last month. The decline in shipping has broader ripple effects on L.A.'s logistics economy. A 2023 report found that the ports of Los Angeles and Long Beach contributed $21.8 billion in direct revenue to local service providers, generating $2.7 billion in state and local taxes and creating 165,462 jobs, directly and indirectly. A decline of just 1% in cargo to the ports would wipe away 2,769 jobs and endanger as many as 4,000 others, the study found. Union officials could not be reached for comment on Friday but had previously predicted job losses for their members. 'Some of the workforce will not be getting their full 40 hours a week based on the loss of cargo,' Gary Herrera, president of the longshoremen union ILWU Local 13, warned last month. 'That is going to have an effect on the work opportunities for not just us, but for truck drivers, warehouse workers and logistics teams,' he said. The slowdown in activity at the ports of L.A. and Long Beach has also spread into surrounding communities. Businesses in the area rely on a robust community of port workers to frequent their establishments. 'We're starting to hear from small businesses and restaurants in the harbor area that their customer patronage is trending downward,' Seroka said. 'Outside of COVID, this is the biggest drop I've seen in my career.' Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.