EU-US Reach Agreement To Continue Suspension Of Section 232 Tariffs

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FEATURED INDUSTRY NEWS EU-US Reach Agreement To Continue Suspension Of Section 232 Tariffs The United States and European Union (EU) have reached an agreement to not reimpose Section 232 tariffs on steel and aluminum imports from the EU and Europe’s retaliatory tariffs on American exports into the EU, including American-made boats. This has remained a top priority for the NMMA, as the Section 232 tariffs caused several key international markets, including the EU, to impose retaliatory tariffs on uniquely American products. Read More LEADING ECONOMIC AND POLICY NEWS Leading Economic Index Signals U.S. Economy May Still See Recession MarketWatch reports the leading economic index “declined 0.5% in November, falling for the 20th month in a row, and continued to signal a recession ahead.” Economists “polled by the Wall Street Journal had forecast a 0.5% drop in the leading index, a gauge of 10 indicators designed to show whether the economy is getting better or worse.” Nine of the survey’s 10 indicators “were flat or negative in November. The only one that was positive was stocks in light of a recent rally.” While some economists “think a mild recession is likely, others believe the U.S. could escape a downturn, especially if the Federal Reserve is done raising interest rates.” BEA Expected To Confirm Inflation Has Returned To Fed’s 2% Target Bloomberg reports that monthly reports on consumer and producer prices published on Dec. 12 and Dec. 13 “indicated inflation over the last six months...likely returned to the central bank’s 2% target on an annualized basis.” Meanwhile, the “monthly report from the Bureau of Economic Analysis due Friday morning is poised to make the achievement official, helping cement the case for lower interest rates in the coming quarters.” IRS Will Accept 80% Repayment Of Employee Repayment Tax Credit From Some Employers The Wall Street Journal reports the IRS said Thursday that many employers who received the pandemic-era employee retention tax credit, or ERC, can return 80% of the money and avoid additional scrutiny. The offer is an effort by the government to combat fraudulent and ineligible claims for credit. Employers who received the credit but no longer believe they were eligible can repay 80% of the money they received. The government is allowing partial repayment because firms that offered help with the credit charged fees around 20%. Employers can pay back the net amount that they received and must provide the IRS with information about the firm they used. Major Stock Indices Recoup Some Of Wednesday’s Losses CNBC reports, “Stocks rose on Thursday, with the S&P 500 recovering from its worst day since September as the year-end rally resumed.” The Dow Jones Industrial Average “gained 322.35 points, or 0.87%, to 37,404.35. Meanwhile, the Nasdaq Composite advanced 1.26% to 14,963.87.” The S&P 500 “added 1.03% to 4,746.75. That places the broad market index about 1% from its closing high and 1.5% from its intraday record.” Previous Top Stories  • ICYMI: 2022 U.S. Recreational Boating Statistical Abstract Full Report Now Available  • Consumer Confidence Climbed To Five-Month High In December

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