Bulletin Business briefing (e-edition asset)

Published 5:42 pm Wednesday, April 17, 2024

President Joe Biden has told an audience of cheering unionized steelworkers that his administration will block the acquisition of U.S. Steel by a Japanese company. And he’s calling for a tripling of tariffs on Chinese steel.

The Democratic president is seeking to use trade policy to win over working-class votes in Pennsylvania, an election-year battleground.

He said Wednesday that U.S. Steel “has been an iconic American company for more than a century and it should remain totally American.”

His administration is reviewing the proposed acquisition by Japan’s Nippon Steel.

On the tariff front, Chinese imports account for only a small percentage of the steel products coming into the United States so the higher fees are largely symbolic.

An engineer at Boeing alleges the aircraft company is taking manufacturing shortcuts that could lead to jetliners breaking apart.

The engineer, Sam Salehpour, testified before a Senate subcommittee on Wednesday about Boeing’s 787 Dreamliner.

“They are putting out defective airplanes,” he said.

Hundreds of Dreamliners are in use by airlines, mostly on international routes.

Salehpour spoke while another Senate committee held a separate hearing on the safety culture at Boeing.

The company has been under multiple investigations and in crisis mode since a door-plug panel blew off a 737 Max jetliner during an Alaska Airlines flight in January.

Tesla is asking shareholders to restore a $56 billion pay package for CEO Elon Musk that was rejected by a Delaware judge this year, and to shift the company’s corporate home to Texas.

Stockholders will vote on the changes at a June 13 annual meeting.

The proposals come as the electric vehicle maker struggles with falling global sales, slowing electric vehicle demand, an aging model lineup and a stock price that has tumbled 37% so far this year.

In January, the Delaware court ruled that Musk is not entitled to the huge compensation plan that was to be granted over 10 years starting in 2018.

But in a regulatory filing, Chairperson Robyn Denholm said Musk met all the stock value and operational targets in the package that was approved by shareholders.

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