Business Briefs – July 10, 2017

Survey: U.S. Uninsured Up by 2M This Year as Gains Erode

WASHINGTON (AP) – A new survey finds the number of U.S. adults without health insurance has grown by some 2 million this year. The new numbers highlight what’s at stake as Congress returns to an unresolved debate over Republican proposals to roll back much of former President Barack Obama’s health care law. The Gallup-Sharecare survey found declines in coverage among young adults and people buying their own policies.

Trump Misses Deadline Without Steel Tariffs Decision

WASHINGTON (AP) – President Donald Trump pledged during the campaign to help U.S. factory workers by slapping tariffs on foreign steel. But his long-awaited decision on the issue is running behind schedule. Promises aside, there are trade-offs from taxing foreign steel. They include higher prices for consumers and manufacturers that rely on steel, as well as the possibility of strained relationships with trade partners.

U.S. Consumer Credit Up $18.4 Billion in May, Most in 6 Months

WASHINGTON (AP) – American consumers increased their borrowing in May at the fastest pace in six months, reflecting a sharp rebound in the category that includes credit cards. The Federal Reserve reports that total consumer borrowing rose by $18.4 billion in May, the strongest gain since a $25.1 billion increase in November.

China’s Ambition, U.S. Retreat on Show in Serbian Factory Town

SMEDEREVO, Serbia (AP) – When U.S. Steel sold its loss-making smelter in Serbia to the government for $1 in 2012, few thought the communist-era factory would ever be revived. Then came along a state-owned Chinese company. Hebei Iron & Steel’s 46 million-euro ($52 million) purchase of the steelworks last year is part of China’s broader effort to project influence and gain access to the European market as other traditional powers, particularly the U.S. under President Donald Trump, retreat from the world stage.

Abercrombie Takes Itself Off The Block and Shares Plunge

NEW YORK (AP) – Abercrombie & Fitch is no longer up for sale, and that isn’t sitting well with investors who were looking for a white knight to rescue the struggling teen retailer. More people are shopping at lower-cost, fast-fashion stores like H&M and Forever 21, and that has wreaked havoc on one-time mall mainstays like Abercrombie.