NATIONWIDE – At least one import from Canada could be hit with a new tariff.
The Trump Administration is planning a 20 percent tariff on imports of Canadian softwood lumber. The U.S. currently imports more than $5 billion worth of lumber from Canada every year. The new tariff is in response to a petition from American lumber producers who have complained that Canada’s system of charges for logging on Canada’s government-owned lands amounts to an unfair subsidy. The decision is preliminary and the commerce department will need to make a final determination.
Sears has announced more steps to get its financial house in order, among them naming a new chief financial officer. The retailer has been closing stores to boost its bottom-line. Sears is hoping to save $1.25 billion this year by cutting some senior management positions and closing 92 pharmacies in KMart stores, along with 50 Sears Auto Centers. That’s in addition to the planned closing of 150 under-performing stores that were announced in January.
The Supreme Court has denied an appeal from General Motors seeking to block dozens of lawsuits over faulty ignition switches. Last year a federal appeals court ruled that GM remains responsible for ignition switch injuries and deaths that occurred before GM’s 2009 bankruptcy because the automaker knew about the problem for more than a decade.
And Spirit has become the latest airline to eliminate passenger service to Cuba. This marks the third U.S. carrier to exit the Cuban market this year after similar plans were announced by Frontier and Silver Airways. American and Jetblue have reduced capacity to Cuba, but have done so by changing frequency of flights and switching to smaller aircraft.