Why U.S. Steelmakers Won't Win From Trump's Tariffs
President Trump’s steel and aluminum tariffs may not result in the intended boom for the U.S. steel industry.
“If the automakers are using less metal, they’re selling less product because of these tariffs, eventually I think it’s going to hurt steel stocks,” said Patrick Sanders, Assistant Managing Editor at U.S. News & World Report.
He pointed out that Bank of America has already downgraded U.S. Steel in light of Trump’s announcement.
The tariffs could also hit employment numbers, said Sanders.
“The last time that we had steel tariffs was in 2003. About 200,000 people lost their jobs. A lot of those were in the auto industry.”
On Thursday, Trump stated he’d slap a 25 percent tax on steel imports and a 10 percent tarriff on aluminum imported into the U.S.
Trump claimed the policy would benefit American industrials, tweeting, “We must protect our country and our workers. Our steel industry is in bad shape.”
According to an EU tax watchdog, a 2021 agreement aimed at weakening tax havens and getting multinational corporations to pay minimum tax has been weakened by loopholes.
JetBlue officials say a plane rocked back with its nose pointed skyward after landing at New York's John F. Kennedy International Airport because of a shift in weight on the aircraft.
Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street. This week we highlight Rivian, Costco, Nokia, Wyndham Hotels & Resorts, Choice Hotels and Rite Aid
Spirit Airlines canceled about 100 flights on Friday after pulling some planes out of service for inspections, and the airline expects the disruptions to last several days.
