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.”
New claims for state unemployment benefits fell more than expected last week and they come as a surprise for those witnessing yet another round of layoffs from the tech sector.
Paul Knopp, the U.S. chair and CEO of accounting giant KPMG, joined Cheddar News to discuss key issues such as global cooperation on technology and ESG investing from the World Economic Forum in Davos.
Amazon is discontinuing its decade-old philanthropic program, AmazonSmile, which allowed customers to donate 0.5 percent of the cost of their purchase to select charities.
