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.”
Ron Carson, CEO and Founder of Carson Wealth, sits down with Cheddar's Hena Doba to share how he uses physical fitness as one of the pillars of his formula for success.
Julie Simon, the founder of Julie Simon Cakes, joined Cheddar News to discuss her transformation from media executive to confectionary artist, building her company, the inspiration behind her designs, and why so many celebrities love buying her cakes. “I'm looking to create a sense of wonder, that feeling you had when you were a child and you're watching fireworks and you just thought, 'is this the grand finale?'” she said.
Ride-hailing service Uber has unveiled its plans to become a travel super app, which will include options for users to make plane and train arrangements directly.
If you've sold or exchanged any crypto in 2021, the IRS wants to know. Henry Yoshida, Co-founder & CEO, OF Rocket Dollar joined Cheddar's Opening Bell to discuss which crypto activities are taxable and how to best spend your tax refund.
Andy Challenger, Senior Vice President of Outplacement and Executive Coaching at Challenger, Gray & Christmas, talks about the challenges employers face in hiring skilled workers and how easing requirements could impact the labor market.
Rishabh Bhandari, Managing Director, and Senior Portfolio Manager at Capstone Investment Advisors, discusses the Feds approach of aggressively tapering the balance sheet and how the energy market could fair amid top oil executives' testimony before Congress.
In a historic win for the organized labor movement, employees at Amazon's massive warehouse on Staten Island voted by a wide margin to form a union. Activists are now hoping the hard-won victory will offer a playbook for other workers trying to unionize, not just at Amazon, but for other major corporations and smaller organizations across the country. Mike Oles, National Field Director for Our Revolution, joined Cheddar's Opening Bell to discuss the impact of this victory on the growing organized labor movement.
