Happy Wednesday and welcome back to Overnight Finance, where we're preparing for a much chiller April. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line. See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N. THE BIG DEAL: Republican lawmakers are fighting tooth and nail to save the North American Free Trade Agreement (NAFTA) as the White House talks over major changes with Mexico and Canada. Nearly 30 GOP members, including the House Ways and Means Committee, met with Trump at the White House to discuss a wide range of pressing trade issues as negotiations continue this week on NAFTA. Lawmakers have expressed concern over Trump's repeated threats to withdraw the United States from the 24-year-old trade deal. Republicans insist that withdrawing from NAFTA would cost the U.S. thousands of jobs with severe consequences for agriculture. The seventh round of NAFTA talks began in Mexico City on Sunday, and the deal's defenders are looking to cement support for the pact. Key congressional Republicans are threatening action to protect NAFTA if the White House pulls out. Senate Finance Committee Chairman Orrin Hatch (R-Utah), a staunch Trump ally, promised "veto-proof' action from Congress if Trump pulls out of NAFTA. Republicans are also speaking out about Trump potentially slapping tariffs on foreign steel and aluminum. Senate and House GOP lawmakers have asked the White House to tread carefully when determining whether to impose steel and aluminum tariffs for national security reasons. "I'm also committed to working with the president on narrow and targeted remedies that address China's distortions without hurting other U.S. industries and workers," House Ways and Means Committee Chairman Kevin Brady (R-Texas) said. Trump has until April to decide whether to apply tariffs or quotas on the two metals. Vicki Needham has all the details here. Trouble for solar? Meanwhile, U.S. companies are already facing the brunt of Trump's previously announced tariff on imported solar panels. American solar energy provider SunPower has already started the process of laying off between 150 and 250 workers, largely from its research and development and marketing positions, CEO Tom Werner told The Hill's Miranda Green. The cuts will amount to about a 10 decrease in operational expenses. SunPower estimates that with the new tariffs it will lose $50 million this year, about one-sixth of the company's overall operating costs. According to Werner, the company fears that next year's losses will be even more staggering, predicting the firm could lose closer to $100 million. |
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