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.
Speaker Kevin McCarthy plans to force a vote Tuesday on the far-right effort to oust him from his leadership position and insists he will not cut a deal with Democrats to remain in power, setting the stage for an extraordinary and unpredictable showdown on the House floor.
Hunter Biden pleaded not guilty on Tuesday to three federal firearms charges filed after a plea deal imploded, putting the case on track toward a possible trial as the 2024 election looms.
Speaker Kevin McCarthy is facing an extraordinary referendum on his leadership of the House after Rep. Matt Gaetz, a longtime critic, moved to launch a vote to oust him from the helm.
