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.”
Jeep unveiled a limited edition Wrangler, its most expensive version yet at $115,000.
The impact of inflation continues to burden families on a wide range of issues, such as childcare.
U.S. markets ended the week in the red as investors are figuring out how the Federal Reserve will act on interest rates moving forward. Cheddar News speaks with Steve Sosnick, chief strategist at Interactive Brokers, who breaks down the markets' action.
Jeanine Poggi, editor at Ad Age, joined Cheddar News to discuss the commercials slated to make their marks during the Super Bowl.
Cheddar News dived into its Stock of the Week, which is Uber, which topped estimates for its latest earnings report.
Average babysitting rates are skyrocketing, according to a survey.
Bill Gates called ChatGPT as significant as the internet.
Julia Pollak, chief economist with ZipRecruiter, joined Cheddar News to offer tips on what recruiters are looking for in a job candidate.
Christie Lagally, founder & CEO of Rebellyous Foods, joined Cheddar News to discuss its latest financing round and its products.
The Week's Top Stories 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.
