Mar 9, 2018

Steel tariffs could add a half billion dollars to Trump-touted project

Sen. Lisa Murkowski, Republican from Alaska, at an energy conference in Houston Amy Harder / Axios

HOUSTON — President Trump’s steel tariffs could add a half billion dollars to a proposed natural-gas export terminal project in Alaska, GOP Sen. Lisa Murkowski of Alaska said at an energy conference Friday.

Why it matters: Trump touted the proposal during a trip last year to China, which would receive the fuel and has expressed intention in investing in the project. This project offers a clear picture of Trump’s conflicting agendas: America’s energy dominance around the world on one hand and protectionist trade measures on the other.

This has real impact and at a time when we’re trying to build out on that energy promise that we have, whether it’s up north or elsewhere around the country, this is not coming at a good time for us.”
— Sen. Lisa Murkowski, Republican from Alaska

Flasback: The state of Alaska, alongside Trump, a proposed $43 billion deal in Noveber where China’s biggest state-owned oil company, Sinopec, one of its top banks, and a sovereign wealth fund would invest billions of dollars to develop a pipeline and export terminal to export U.S. liquified natural gas (LNG) to Asia. Many analysts doubt the proposal will actually come through, though, given a lack of details and firm commitments at the time of the announcement. The tariffs add yet another hurdle to the idea.

“When you think of an extraordinarily costly project in the first place, the impact of these tariffs to the overall cost is a concern and is considerable,” Murkowski told reporters Friday after speaking at the CERAWeek conference hosted by IHS Markit.

Go deeper: Reuters has more on Murkowski’s broader comments on trade and those by Sen. John Cornyn, a Republican from Texas.

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Wisconsin Supreme Court blocks governor from delaying state's primary

Tony Evers. Photo: Nuccio DiNuzzo/Getty Images

Wisconsin's Supreme Court on Monday blocked an executive order by Gov. Tony Evers (D) that attempted to delay in-person voting for the state's primary election — currently scheduled for Tuesday — until June 9.

Driving the news: Judges ruled 4-2 along ideological lines that Evers does not have the power as governor to unilaterally postpone the election, despite the fact that the state has a stay-at-home order in place due to the coronavirus pandemic.

Go deeperArrowUpdated 50 mins ago - Health

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5 p.m. ET: 1,331,032 — Total deaths: 73,917 — Total recoveries: 275,851Map.
  2. U.S.: Total confirmed cases as of 5 p.m. ET: 356,942 — Total deaths: 10,524 — Total recoveries: 18,999Map.
  3. 2020 update: Wisconsin governor orders in-person primary voting delayed until June.
  4. States latest: West Coast states send ventilators to New York and other states with more immediate need — Data suggest coronavirus curve may be flattening in New York, Gov. Andrew Cuomo said.
  5. World update: U.K. Prime Minister Boris Johnson moved to intensive care as coronavirus symptoms worsen.
  6. Stocks latest: The S&P 500 closed up 7% on Monday, while the Dow rose more than 1,500 points.
  7. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Stocks jump 7% despite bleak coronavirus projections

People passing by the New York Stock Exchange amid the coronavirus pandemic. Photo: John Nacion/NurPhoto via Getty Images

The S&P 500 closed up 7% on Monday, while the Dow rose more than 1,500 points.

Why it matters: The huge market surge comes amid rare optimistic signs that the spread of the coronavirus may be slowing in parts of the country, including New York. But government officials say this will be a difficult week, while economists — including former Fed chair Janet Yellen today — warn that the pandemic could have a catastrophic impact on the global economy.