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.”
The UK has launched the largest pilot program of a four-day workweek to research measures of productivity. The trial includes more than 3,000 workers and spans more than 70 companies. The entire project runs for six months. Odessa Jenkins, the president of the e-learning and analytics company Emtrain, joined Cheddar News to break down the logistics of the test. “We are in a time of a wellness revolution, and I think we're all looking for how to make our employees more well and more balanced," she said. "And that's really, I think, the point of this study."
The SEC is taking aim at retail investors. The financial watchdog has released a new game show-themed public service campaign to help investors make informed decisions and do their due diligence before investing, but retail traders say they feel attacked. Tyrone Ross, Founder of 401, breaks down the battle between the two groups, and what can be done to mend their relationship.
New York State passes the country's first 'right to repair' bill covering electronics. The Fair Repair Act would require all manufacturers who sell digital electronic products within state borders to make tools, parts, and instructions for repair available to both consumers and independent shops. Experts believe the new measure could have a drastic impact on the overall cost of repairing devices and products. Gay Gordon-Byrne, Executive Director of The Repair Association joins Cheddar to discuss.
Here are your Need2Know stories for Tuesday June 7, 2022:
Today, voters head to the polls for primary elections in California, Iowa, Mississippi, Montana, New Jersey, New Mexico, and South Dakota.
Senator Joe Manchin said he would support raising age requirements for gun purchases to 21. Manchin told CNN he also "wouldn't have a problem looking at" a ban on AR-15 assault rifles.
Meanwhile, five players on the Tampa Bay Rays roster opted not to wear a patch added to its uniforms intended to celebrate pride month.
