Trump exempts some from tariffs on metals
The European Union, Australia, Argentina, Brazil and South Korea are among the nations that will get an initial exemption from looming steel and aluminum tariffs from the Trump administration, U.S. Trade Representative Robert Lighthizer said Thursday.
President Donald Trump is planning to impose tariffs of 25 percent on imported steel and 10 percent on aluminum – trade penalties aimed at China for flooding the world with cheap steel and aluminum.
Lighthizer told the Senate Finance Committee that there are countries involved in various stages of trade talks with the U.S., and that Trump decided “to pause” the tariffs for those countries.
The trade official also cited Canada and Mexico in his list. The U.S. is in consultations with the two countries in an effort to renegotiate the North American Free Trade Agreement.
Mortgage costs rise as Fed boosts rates
Long-term U.S. mortgage rates are ticking up slightly this week, the 10th increase in the past 11 weeks.
Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year fixed-rate mortgages rose to 4.45 percent from 4.44 percent last week. Rates are relatively low by historical standards, but they’ve shot up from an average that remained below 4 percent last year. The benchmark rate averaged 4.23 percent a year ago.
The average rate on 15-year, fixed-rate loans rose to 3.91 percent from 3.90 percent last week.
The Federal Reserve on Wednesday raised a short-term rate that banks charge each other, and rates could continue to climb. That Fed action caused yields to rise for the 1-year U.S. Treasury note, which could push the cost of home loans higher.
YouTube will ban some gun videos
YouTube said this week that it would tighten restrictions on some firearm videos, its latest policy announcement since coming under scrutiny following last month’s mass shooting at a high school in Parkland, Fla.
The video-streaming service, which is owned by Google, said it would ban videos that promote either the construction or sale of firearms and their accessories. The new policy, developed with expert advice over the past four months, will go into effect next month, it said.
“While we’ve long prohibited the sale of firearms, we recently notified creators of updates we will be making around content promoting the sale or manufacture of firearms and their accessories, specifically items like ammunition, Gatling triggers, and drop-in auto sears,” YouTube said in a statement.
YouTube, which described the move as part of “regular changes” to policy, notified users in a Monday forum post. The company had previously banned videos showing how to make firearms discharge faster, a technique used by the gunman who killed 58 people in Las Vegas last fall.