Caroline Woods brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Wednesday, April 17.
Full Video Transcript Below:
CAROLINE WOODS: I’m Caroline Woods reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off a mixed session Tuesday, marking the third straight day of declines for both the S&P 500 and the NASDAQ. This comes after Fed Chair Jerome Powell said that persistent inflation has called into question whether the central bank will cut interest rates this year.
In other news - President Joe Biden wants to triple the tariff China currently pays on steel and aluminum imports. The current rate stands at 7.5 percent, but the president wants it increased to send a message to China over its trade practices.
National Economic Council Director Lael Brainard said, “China’s policy-driven overcapacity poses a serious risk to the future of the American steel and aluminum industry. China cannot export its way to recovery. China is simply too big to play by its own rules.”
According to Chinese customs data, China exported 25.8 million tons of steel products in the first quarter of 2024, a 30.7% increase over the same time in 2023.
In early April, Treasury Secretary Janet Yellen said China was producing an oversupply of clean energy products, like solar panels and electric vehicles - and raised her concern over the possibility of the country artificially lowering prices, which could stifle competition.
The U.S. and China have had a rollercoaster relationship over tariffs since 2017, when then President Donald Trump called for tighter enforcement and a review of U.S. trade deficits.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
