Economy

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State officials say Ohio's seasonally adjusted unemployment rate increased slightly from June to July, while another survey shows the state added jobs during that period.

President Trump boasts that his trade policies are bringing back the steel industry, but recent corporate earnings reports make clear that they're also hurting the bottom line at many manufacturing companies.

"We're putting our steel workers back to work at clips that nobody would believe, right?" Trump asked the crowd at an Aug. 1 rally in Pennsylvania.

Major American steelmakers have reported higher-than-expected revenue in the second-quarter, thanks in part to Trump's 25 percent tariffs on imported steel.

President Trump ordered a doubling of U.S. tariffs on steel and aluminum imports from Turkey Friday, escalating a diplomatic spat with a key NATO ally.

In a tweet, Trump cited the decline in Turkish currency as justification for increasing tariffs to 50 percent on Turkish steel and 20 percent on Turkish aluminum.

"Our relations with Turkey are not good at this time!" Trump tweeted.

Updated at 1:45 p.m. ET

China has announced a plan to impose new tariffs on $60 billion of American goods, in retaliation for the latest tariff threats from the Trump administration.

Earlier this week, the White House said it was considering boosting tariffs on $200 billion worth of Chinese goods, raising those tariffs to 25 percent from 10 percent. That particular set of tariffs has not yet taken effect.

On a muggy morning this week, a group of bankers and investment managers met at The Hay-Adams Hotel in Washington, D.C. They got an update from the Treasury Department about government cash flows and, according to minutes of the meeting, the picture wasn't pretty.

Corporate tax receipts are down for the year, while government spending is up. Even with a fast-growing economy, the Treasury Department expects to borrow more than $750 billion to pay its bills during the last six months of this year.

Updated at 9:08 a.m. ET

The economy continued to add jobs at a steady pace last month, and the unemployment rate remained low. Analysts have been looking for signs that wage growth might pick up, but it held steady, too.

Payrolls grew by a lower-than-expected 157,000 in July, and the unemployment rate edged down to 3.9 percent, as projected, the Labor Department said Friday.

Updated at 10:07 a.m. ET

The U.S. economy had a blockbuster second quarter, with growth surging to a 4.1 percent pace, the Commerce Department said Friday. That was nearly double the first quarter rate of 2.2 percent and the strongest pace in nearly four years.

President Trump has been steadfastly claiming that his policies will catapult the U.S. economy into a much higher rate of growth — 4 percent over the next few years.

House Republicans confronted two of President Trump's top economic advisers on trade on Thursday, while also breathing a sigh of relief after the administration's decision to begin easing tensions with Europe a day earlier.

Pablo Martinez Monsivais / Associated Press

Despite his backing of tariffs against China, Sen. Sherrod Brown (D-Ohio) is holding off his support of President Donald Trump’s plan to give struggling farmers $12 billion in aid.

Updated at 6:54 p.m. ET

President Trump and European Commission President Jean-Claude Juncker said Wednesday that they have agreed to work toward removing all trade barriers between the two sides.

In a Rose Garden announcement, Trump said the EU had also agreed to buy U.S. soybeans, a day after he announced a $12 billion bailout package for farmers hit by retaliatory tariffs. Trump said the EU will also become a "massive buyer" of U.S. liquefied natural gas.

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