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.”
Curaleaf CEO Joe Bayern joined Cheddar's "Closing Bell" to discuss the cannabis company's Q3 earnings report, which came in under expectations and included widening losses. Bayern discussed taking a hit on profitability based on the slower-than-expected expansion in some Northeast markets. While the company reduced its fiscal guidance for 2021 due to a general slowing of the cannabis market, he did note that he still sees much room for growth in 2022 and beyond.
Online consignment and thrift shop thredUP reported a Q3 earnings beat on Monday, and CEO James Reinhart joined Cheddar to discuss exceeding expectations and the state of the business overall. Reinhart said the company is thriving while other businesses may face supply chain issues due to the convenience of its system of acquiring secondhand clothing. "In a world where most consumers are feeling squeezed by prices and seeing apparel shortages, everything we have on thredUP is 100 percent in stock and ready to ship," he said. "And so I think it speaks to real opportunity for resale and a company like thredUP during the holiday season and into 2022."
Former NBA star, commentator, and entrepreneur Baron Davis and Deluxe Corporation Chief Brand Officer Amanda Brinkman, joined Cheddar to discuss Season 6 of the reality show "Small Business Revolution," premiering Tuesday. The season will focus on helping six Black-owned businesses in the Twin Cities, Minneapolis and St. Paul. Davis noted learning about the lack of resources, connections, and opportunities for Black business owners during the show. "There are so many things we need to do as a society to address racial injustice and inequity, however, one of the ways for it is economic empowerment," Brinkman added.
Katia Beauchamp, strategic advisor for FemTec Health and former Birchbox CEO, joined Cheddar to discuss the health and beauty sciences company's recent acquisition of subscription beauty supply provider Birchbox. She noted that FemTec wants to change the perception of the brand to include health as well as beauty. "This is something where we are reimagining how can we help consumers discover beauty products that really help them take great care of themselves, have beautiful underlying health that is shown on the exterior too," she added.
Cryptocurrencies are getting off to a good week. Ethereum surged more than 4% in 24 hours on Monday, hitting a new all-time high above $4,700. Meanwhile, Bitcoin surged 7% to a price of $66,250. Haohan Xu, founder and CEO of Apifiny, joins Cheddar News with thoughts on the growing sector.
The latest Marvel movie hit theaters with one of the biggest opening weekends of the year. 'Eternals' opened over the weekend with an estimated $71 million, the fourth-best domestic debut this year. Erik Davis, managing editor at Fandango, joins Cheddar News to talk about the state of box office sales.
Ryan Lupberger, Sustainability Pioneer and CEO of Cleancult, joins 'Cheddar Reveals' to break down how Cleancult is redefining cleaning products and solutions to reduce their impact on the planet.
On this episode of 'Cheddar Reveals', Lydia McMullen-Laird and Samuel McMullen, co-founders of Live Zero Waste, discuss the sum of humanity's 'trash addiction' and lifestyle changes people can make to help reduce their individual trash output; Ryan Lupberger, Sustainability Pioneer and CEO of Cleancult, breaks down how Cleancult is redefining cleaning products and solutions to reduce their impact on the planet; Cheddar gets a look at Curiosity Stream's 'Going Circular.'
Payment processor Paypal will roll out a Venmo option for Amazon customers beginning in 2022 as the payment app continues to grow the number of merchants it works with.
Rental car company Hertz is jumping up from OTC trading to the Nasdaq after being delisted from the NYSE and undergoing bankruptcy in 2020. Interim CEO Mark Fields and Tom Wagner, co-founder and managing member at Knighthead Capital Management, joined Cheddar's "Opening Bell" to talk about reviving the business and how it plans to navigate issues like the ongoing car shortages. Regarding the electrification of the rental fleet, Fields noted that the company is looking to partner across the EV industry outside of the announced relationship with Tesla. The company is now trading under the ticker symbol HTZ.
