President Trump is now using tariffs as a negotiation tactic. Trump tweeted Monday morning saying "tariffs on steel and aluminum will only come off if new and fair NAFTA agreement is signed." Later on Monday Trump told reporters the White House is not backing down. CFRA Equity Research Analyst Matthew Miller explains why his outlook remains positive on the steel sub industry.
"Ultimately Canada and Mexico--the US is an extremely important trading partner for all three groups. We think that in order for steel tariffs to be effective either steel tariffs need to be applied all throughout the NAFTA region to prevent circumvention or it has to be applied across the board," said Miller.
Miller says he is not surprised Trump is leaning towards stiff tariffs, given his promise to protect the steel industry.
Democratic Kentucky Gov. Andy Beshear and Republican Mississippi Gov. Tate Reeves won reelection on Tuesday, while Ohio voters approved a constitutional amendment guaranteeing the right to an abortion and other forms of reproductive health care. In Virginia, Democrats swept legislative elections in a blow to GOP Gov. Glenn Youngkin.
A Jewish man in California has died after a confrontation during dueling protests over the Israel-Hamas war, and police said Tuesday they had identified a suspect who called 911 after the altercation.
The Supreme Court is hearing arguments in a case revolving around Second Amendment rights. The Biden administration is appealing a ruling that struck down a federal law that bans a person subject to a domestic violence protective order from possessing a firearm.
The Air Force is asking Congress to restrict further construction of the towering wind turbines that have edged closer to its nuclear missile sites in Montana, Wyoming, North Dakota, Nebraska and Colorado.
Voters around the U.S. are heading to the polls Tuesday and some races could have major implications for how things turn out in the presidential election next year.
