Steel coils produced at the NLMK Indiana steel mill are prepared for shipping. Photo: Scott Olson/Getty Images

About 21,000 companies in the United States have filed for tariff exclusions claiming Trump’s trade war has caused layoffs and makes them at risk of folding completely, per CNN Money.

Why it matters: The initial purpose for Trump’s tariffs was to level the trade playing field with other countries, but American companies are also sharing the brunt of the measures and several are worried they won't be able to survive them.

Be smart: 21,000 petitions have flooded the U.S. Commerce Department asking to continue importing metals on a duty-free basis. However, only metal products that are unavailable from U.S. producers are eligible for the waivers, reports the Washington Post.

The impact
  • The largest nail manufacturer in the U.S., Mid-Continent Nail in Poplar Bluff, Missouri, laid off 60 of its 500 employees in June, per CNN Money. The company blamed the 25% tariff on imported steel.
  • Whisky distillers are seeing canceled orders, lower profits, and more layoffs, reports CBS News.
  • Pork producers in the U.S. count on China and Mexico for its largest exports. "We're in a very uncertain period, and uncertainty is not good for investment," Jim Monroe, of the National Pork Producers Council told local CBS station KCCI.
  • Wholesale cheese and butter prices dipped in the last few weeks with tariffs as the main concern. In 2017, Wisconsin lost 500 dairy farms, and about 150 farms have stopped milk production so far this year. The number of milk-cow herds is down 20% from five years ago, per local NBC station WGRZ.
  • Harley Davidson also announced this week its moving some of its production out of the U.S. to soften the blow on EU tariffs.

Go deeper:

Go deeper

Quibi says it's shutting down

Photo: Igor Golovniov/SOPA Images/LightRocket via Getty Images

Quibi, the mobile-only video subscription streaming service, is shutting down, the company announced Wednesday. The company said the decision was made to preserve shareholder equity.

Why it matters: Quibi had struggled to hit its subscriber growth targets amid the global pandemic. The app launched six months ago.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Senate Democrats block vote on McConnell's targeted COVID relief bill McConnell urges White House not to strike stimulus deal before election.
  2. Economy: Why the stimulus delay isn't a crisis (yet).
  3. Health: New York reports most COVID cases since MayStudies show drop in coronavirus death rate — The next wave is gaining steam.
  4. Education: Schools haven't become hotspots — San Francisco public schools likely won't reopen before the end of the year.
  5. World: Spain becomes first nation in Western Europe to exceed 1 million cases.
3 hours ago - Podcasts

House antitrust chair talks USA vs. Google

The Justice Department filed a 63-page antitrust lawsuit against Google related to the tech giant's search and advertising business. This comes just weeks after the House subcommittee on antitrust issued its own scathing report on Google and other Big Tech companies, arguing they've become digital monopolies.

Axios Re:Cap talks with Rep. David Cicilline (D-R.I.), chair of the subcommittee on antitrust, about Google, the DOJ's lawsuit and Congress' next move.

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