Mexico files a formal WTO complaint against America

Policy Watch

• Mexico files a formal WTO complaint against America. On Thursday, The World Trade Organization said Mexico has filed a formal complaint against the United States over steel and aluminum tariffs, following similar steps taken by Canada and the European Union. In its claim, Mexico accused the U.S. of using national security as an excuse to impose 25 percent tariffs on steel and 10 percent tariffs on aluminum, saying the true motivation is economic. In the claim, Mexico states, “Clearly, the establishment of an additional import tax is intended to protect the United States industry from the economic effects of import.” [The Hill]

• Senate Dems press Ryan to hold net neutrality vote. On Thursday, Senate Democrats signed a letter urging Speaker Paul Ryan (R-Wis.) to hold a vote on a bill that would restore the Federal Communications Commission’s (FCC) net neutrality rules. The legislation would reverse the FCC’s December vote to repeal the regulations, which require internet service providers to treat all web traffic equally. In the letter senate members claim “now that the Senate has taken this critical step, it is incumbent on the House of Representatives to listen to the voices of consumers, including the millions of Americans who supported the FCC’s 2015 net neutrality order, and keep the internet free and open for all.” [The Hill]

Economic News

• Initial jobless claims totaled below previous projections. The number of Americans filing for unemployment benefits fell by 1 thousand to 222 thousand in the week ending June 2 from the previous week’s revised level of 223 thousand and below market expectations of 225 thousand. According to unadjusted data, the biggest declines in claims were recorded in Michigan (-3,774); New Jersey (-1,747), California (-1,448) and New York (-1,332). Initial Jobless Claims in the United States averaged 354.96 Thousand from 1967 until 2018, reaching an all-time high of 695 Thousand in October of 1982 and a record low of 162 Thousand in November of 1968. [DOL]

• EIA Natural Gas Report demonstrates a new increase in working gas. Working gas in storage was 1,817 Bcf as of Friday, June 1, 2018, according to EIA estimates. This represents a net increase of 92 Bcf from the previous week. Stocks were 799 Bcf less than last year at this time and 512 Bcf below the five-year average of 2,329 Bcf. At 1,817 Bcf, total working gas is within the five-year historical range. [EIA]