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.”
Stocks tumbled on Wall Street Friday, leaving the S&P 500 with its biggest one-day loss in almost seven weeks, as worries deepen about a surge in interest rates and the U.S. central bank’s efforts to fight inflation.
Cheddar's Lawrence Banton speaks with entrepreneurs leading the way on textile and clothing recycling in an effort to help stem waste in fashion amid the climate crisis.
Enterprise blockchain provider, BlockApps, recently raised $41 million in a new funding round led by Liberty City Ventures. BlockApps builds products and applications for other companies on its own blockchain platform called STRATO. The company says its blockchain technology can help businesses increase the value of their assets, streamline their supply chains, and help them meet their sustainability goals. Kieren James-Lubin, President & CEO of BlockApps, joins Cheddar News' Closing Bell to discuss.
Dan Lewis, CEO of Convoy, says business luminaries like Bill Gates and Jeff Bezos are investing in his company because they're betting on Convoy and its business model to emerge as a winner in a crowded marketplace.
Anthony Bartolacci, VP of Financial Institutions at Sensor Tower, breaks down the reasons investors remain concerned about Netflix after the streaming giant said it lost subscribers last quarter.
Stocks closed near session lows Thursday as investors digested Federal Reserve Chair Jerome Powell's comment about a potential 50 basis point rate hike at the central bank's May meeting. Powell's announcement also sent the 10-year and other yields higher, with the benchmark 10-year rate hitting its highest level since late 2018. Victor Zhang, CIO at American Century Investments, joins Closing Bell to discuss today's close, Powell's comments, the Fed's moves on inflation, and more.
Tesla has continued to beat expectations as illustrated by its last quarter earnings despite issues in Shanghai, China. Dan Ives, the managing director of equity research at Wedbush Securities, joined Cheddar News to talk about the resilience of Tesla. "I thought they were almost Cinderella-like numbers," he said about the delivery numbers. "They are performing just miles ahead of any auto player, and that's why the stock is doing what it's doing. In my opinion, they're expanding their lead in EVs, even in this Category 5 hurricane that we're seeing in China." Ives noted that issues in China could pose ongoing challenges going forward even with the largely positive outlook.
