Some highlights so far

Wilbur Ross - US Commerce Secretary - is testifying on Capitol Hill today on trade tariffs.

To watch live, you can go to the CSPAN website (can't find an embed code). CLICK HERE.

Some headlines from his testimony:

  • US granted 42 product exclusion requests on steel tariff
  • US denying 56 exclusion requests on steel tariffs
  • Has received more than 20,000 exclusion requests
  • US to hold hearings on auto tariffs probe on July 19-20
  • We can't grant product exclusions from quotas
  • We are investigating potential profiteering from tariffs
  • New US steel production should help with higher prices
  • US to decide shortly whether to start 232 probe
  • Trump concluded we need more than just talk with China
  • There has been years of talk on IP.
  • Unless we put more painful pressure on China, it is unlikely we succeed.
  • If we don't fix the trade problems now, when will we do it?
  • I don't think China wants a trade war
  • Expect NAFTA to be renegotiated after Mexico election and the tariffs to lifted to Canada and Mexico