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President Trump's steel tariff could cost Ford and General Motors billion a year.That's the hit each company could take if the tariff translates into a similar increase in steel prices, according to a Goldman Sachs analysis. Trump has proposed a 25% tariff on imported steel, along with a 10% tariff on aluminum. billion represents 12% of Ford's profit last year and 7% of GM's, the analysis said.The report looked at Ford and GM's 2017 production mix to make its calculation.Ford said in a statement that the tariffs "could result in an increase in domestic commodity prices — harming the competitiveness of American manufacturers." GM said it supports trade policies "that enable U.S. manufacturers to win and grow jobs in the U.S."Both automakers say they use mostly American-made steel for vehicles they make in the United States.Trump argues that the tariffs will bolster US production of steel and aluminum and combat unfair trade practices. But businesses outside the steel and aluminum industries have warned that the tariffs will lead to higher prices and hurt the economy.The American International Automobile Dealers Association, which was formed to advocate free trade, said car prices could go up "substantially." The group also warned that retaliatory tariffs from other countries could drive up the price of US goods in general. 1366

President Donald Trump will designate Wednesday, December 5 a national day of mourning after the passing of former President George H.W. Bush, according to a statement from the White House. The president and first lady Melania Trump will be attending the funeral at the National Cathedral, the statement also said.The statement from White House press secretary Sarah Sanders reads: 399

President Donald Trump's former campaign chairman Paul Manafort has been found guilty on eight counts of financial crimes, a major victory for special counsel Robert Mueller.But jurors were unable to reach a verdict on 10 charges, and Judge T.S. Ellis declared a mistrial on those counts.Manafort was found guilty of five tax fraud charges, one charge of hiding foreign bank accounts and two counts of bank fraud.He was charged with 18 counts of tax evasion, bank fraud and hiding foreign bank accounts in the first case Mueller brought to trial as part of the investigation into Russian interference in the 2016 US election.The trial carries major implications for the future of Mueller's investigation. Trump has repeatedly called the probe a "witch hunt" that hasn't found evidence of Russian collusion with his campaign, and his allies in and out of the White House say the special counsel should wrap things up.Prosecutors say Manafort collected million in foreign bank accounts from 2010 to 2014 and spent more than million on luxury purchases in the same period, including high-end clothing, real estate, landscaping and other big-ticket items.They also allege that Manafort lied to banks in order to take out more than million in loans after his Ukrainian political work dried up in 2015, and they accused him of hiding the foreign bank accounts from federal authorities. Manafort received loans from the Federal Savings Bank after one of its executives sought a position in the Trump campaign and administration, according to prosecutors."Mr. Manafort lied to keep more money when he had it, and he lied to get more money when he didn't," prosecutor Greg Andres told jurors during closing arguments. "This is a case about lies."Manafort, 69, has been in jail since June after his bail was revoked following new charges of witness tampering against him.He still faces a second set of criminal charges in a Washington, DC, federal court, of failure to register his foreign lobbying and of money laundering conspiracy related to the same Ukrainian political work that was central to the Virginia case. 2127

President Donald Trump, during a White House Cabinet meeting Wednesday, said he wants to terminate the Diversity Visa Lottery, a program that distributes around 50,000 visas to countries where there is a low rate of immigration to the US."I am, today, starting the process of terminating the diversity lottery program," Trump said, seated next to Secretary of State Rex Tillerson and Defense Secretary Jim Mattis. "I am going to ask Congress to immediately initiate work to get rid of this program, diversity lottery, diversity lottery. Sounds nice, it is not nice, it is not good. It hasn't been good and we have been against it."He added: "We're going to quickly as possible get rid of chain migration and move to a merit-based system." 746

Retail store J. Crew announced that it has emerged out of bankruptcy.In May, the apparel and accessories retailer company filed for bankruptcy amid the coronavirus pandemic.On Thursday, the company said it equitized more than .6 billion of debt with Anchorage Capital Group, L.L.C., which is not its majority owner, and it's now well-positioned for long-term growth.Jan Singer, Chief Executive Officer of J. Crew Group, said in the press release that its strategy focuses on three core pillars: delivering a focused selection of products, brand experience, and what it calls frictionless shopping."As a reinvigorated company, we are committed to serving the changing life and style of today's multifaceted consumer and to delivering long term, sustainable results," Singer said in the release.J.Crew Group operates 170 J.Crew retail stores, 142 Madewell stores, and 170 J.Crew Factory stores throughout the nation. 924

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