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Cumulus Media files for bankruptcy

Logos of Cumulus Radio stations. Photo: Screen shot of Cumulus website

Cumulus Media, one of the largest U.S. radio broadcasters, filed for bankruptcy protection, according to Reuters. The company says it has entered an agreement with lenders to restructure its business to reduce more than $1 million in debt.

Why it matters: The announcement comes amid a wave of media consolidation in all sectors, driven mostly by tech companies that have been able to drive users and revenue with their ability to move at the speed of 21st century consumer demands. In April, Cumulus rival, iHeartMedia — the holding company of IHeartRadio, which is the biggest operator of radio stations in U.S. — said it expected bankruptcy within a year.

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Where Trump's steel and aluminum trade war will hit first

Note: Includes only products under the "Iron & Steel & Ferroalloy" and "Alumina & Aluminum & Processing" NAICS commodity classifications. Data: Census Bureau; Chart: Chris Canipe and Lazaro Gamio / Axios

The Trump administration has begun imposing tariffs on imports of steel and aluminum, but several countries are exempted temporarily until May 1, as shown in the chart above. The administration may still apply quotas on exempted countries to prevent a flood of foreign steel and aluminum in the U.S. market, per the White House.

Why it matters: After railroading past a number of his advisors, Trump announced the tariffs on imports of steel (at 25%) and aluminum (at 10%) earlier this month, citing national security concerns. But with the exemption noted above, the tariffs won't carry major bite, at least to start.

Haley Britzky 59 mins ago
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Both Bush and Obama also requested line item veto power

Donald Trump.
Photo: Mark Wilson / Getty Images

President Trump tweeted on Friday evening that to avoid having "this omnibus situation from ever happening again," he wants Congress to re-instate "a line-item veto."

Why it matters: This would allow him to veto specific parts of a bill without getting rid of the entire thing. Trump was deeply unhappy with the $1.3 trillion spending bill approved by Congress early Friday morning, but signed it anyway on Friday afternoon.