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.”
Employees at Ben & Jerry's flagship store in Burlington, VT have filed for a union election.
Education technology company Chegg is releasing a learning tool that will be powered by the controversial OpenAI technology.
Homebuilder sentiment rose in April to its highest level since September, signaling optimism in the market for new homes.
Shares of Roblox tumbled after it provided a disappointing update for March metrics.
Apple officially launched its savings account through Goldman Sachs and users can set it up through their Wallet app.
Samsung is considering using Bing as the default search engine on its mobile devices, replacing Google, according to The New York Times.
Gov. Ron DeSantis and Florida lawmakers are ratcheting up pressure on Walt Disney World.
Jay Hatfield, chief investment officer for ICAP, joined Cheddar News to discuss how markets are reacting to labor market news and what the Federal Reserve will do next in terms of interest rates.
Ross Mayfield, the investment strategy analyst at Baird Ross, joined Cheddar News to discuss the choppy markets.
Kristin Cavallari, who first gained fame as a cast member of the MTV reality show Laguna Beach, is now the founder of a beauty company called Uncommon James. Cheddar News anchor Hena Doba took a walk with Cavallari to discuss her many business ventures.
