“He that can have patience can have what he will.” –Benjamin Franklin

1. Biden Calls for Steep Hike to Tariff on Chinese Steel — Biden, is asking his trade officials to more than triple a key tariff rate on Chinese steel and aluminum products to 25% from 7.5%. That higher levy would be in addition to a separate 25% tariff on steel and a 10% duty on aluminum imposed under the Trump administration. A senior administration official said the higher tariffs would only affect 0.6% of U.S. demand for steel. Biden’s move comes as the administration is studying raising tariffs on a range of Chinese exports to the U.S., including electric vehicles, batteries and solar products. The higher metal levies would go into effect as part of the Biden administration’s decision on how to adjust tariffs that date from former President Donald Trump’s time in the White House, senior Biden administration officials said.
2. Housing Market Slumps as Mortgage Rates Top 7% — the average rate on the standard 30-year fixed mortgage jumped by nearly a quarter percentage point to 7.1%, according to a survey of lenders released Thursday by mortgage-finance giant Freddie Mac. That is the highest level since late 2023 and the largest weekly increase in nearly a year. Existing home sales in March, meanwhile, fell 4.3% from February in what was the largest percentage decline on a monthly basis since November 2022, the National Association of Realtors said Thursday. The housing market’s recent turbulence is cutting short a positive start to the year. Sales tumbled to their lowest level in nearly 30 years in 2023. But they rose during the first two months of this year as a number of buyers took advantage of a decline in mortgage rates to resume their home search. Active listings ticked higher and real-estate showings picked up in January.
3. Israel Strikes Iran in Narrow Attack Amid Escalation Fears — the attack was a targeted strike in the area around Isfahan in central Iran, one of the people said. Iranian media and social media reported explosions near the city, where Iran has nuclear facilities and an air base, and the activation of air-defense systems in provinces across the country after suspicious flying objects were detected. The narrow Israeli attack and Iran’s soft rhetoric in response appeared to be an attempt by both sides to calm tensions after more than a week of concerns that Israel’s war with Hamas in Gaza would metastasize into a bigger regional conflict, though fears remain of a miscalculation. Israel has been under pressure from the U.S. and Europe to moderate its response and faced the challenge of delivering a blow that would punish Iran for the attack without provoking a response.
4. China Hits U.S. With Levy on Chemical as Trade Tensions Rise — China’s commerce ministry said imports of U.S.-made propionic acid would be subject to a levy of 43.5% after an investigation that began in July concluded the chemical was being dumped in China at rock-bottom prices and hurting Chinese producers as a result. The two U.S. companies accused of dumping in the investigation—Dow and Eastman Chemical—didn’t immediately respond to requests for comment. The move came just days after President Biden called for higher tariffs on Chinese steel and the U.S. began antidumping probes centered on China’s shipbuilding, maritime and logistics industries.

The week ahead — Economic data from Econoday.com:

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