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.
Stocks are opening lower on Wall Street as the market gives back some of the gains it piled up over the past three days. Major indexes are down more than 3% in early trading Friday.
British Prime Minister Boris Johnson has tested positive for the new coronavirus, but remains in charge of the U.K.’s response to the outbreak.
Stocks are surging again on Wall Street as a massive coronavirus relief bill gets closer to passing Congress. Major indexes jumped more than 6%, bringing the S&P 500 up 17% since Monday.
Stocks are rising more than 3% early Thursday, putting the market on track for its first three-day rally in six weeks, even as the astonishing scale of the downturn slamming the economy because of the coronavirus becomes more apparent.
House Speaker Nancy Pelosi said she is 'very proud' of the $2.2 trillion coronavirus aid package and confirmed the House will take up the package Friday.
On Tuesday the chairman of the FDIC put out a public service announcement urging people to keep their cash in the bank, as customers of U.S. banks and credit unions have been making big withdrawals in the midst of the coronavirus pandemic and recession.
After a day of uncertainty, the Senate unanimously passed a $2.2 trillion coronavirus relief bill late Wednesday. 4
The Senate passed an unparalleled $2.2 trillion economic rescue package steering aid to businesses, workers and health care systems engulfed by the coronavirus pandemic.
resident Donald Trump is imploring Congress to move on critical coronavirus aid without further delay. Senate leaders are trying to overcome late objections to a $2 trillion economic rescue package to ease the financial pain of the pandemic.
Stocks scored their first back-to-back gains since a brutal sell-off began five weeks ago, but much of an early rally faded late in the day as a last-minute dispute threatened to hold up a $2 trillion economic rescue package in Congress.
