US proposes regulations on Chinese aluminum foil

WASHINGTON — The U.S. Commerce Department on Tuesday recommended raising import duties on Chinese-made aluminum foil it said is being sold at unfairly low prices due to improper subsidies to producers.

The ruling was praised by the Aluminum Association, a trade group that pressed the case and said cheap imports were threatening thousands of jobs.

Beijing faces complaints from the United States, European Union and other trading partners that a flood of Chinese aluminum, steel and other exports are being sold at unfairly low prices, threatening jobs abroad. contracts to buy homes fell 4.7 percent in January to its lowest level in more than three years, due to a lack of homes for sale, higher prices and rising mortgage rates.

The National Association of Realtors said Wednesday that its index of pending sales sank to 104.6 from 109.8 in December. That marks the index’s lowest reading since October of 2014. Pending sales are a barometer of future purchases. Final sales typically follow a month or two after a signed contract.

The index’s sharp decline comes as home affordability has become increasingly problematic for a growing number of would-be buyers. The recent jump in mortgage rates has increased their monthly costs, limiting how much they can pay for a house. Average home price increases are eclipsing wage growth. And the shrinking number of homes for sale is leaving more of these potential buyers dismayed at not being able to find a property that works for them.