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.”
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Rhea Thomas, Senior Economist at Wilmington Trust, breaks down the highlights from the latest jobs report and discusses how inflation could impact economic growth.
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Greg Hoffman, the former Nike Chief Marketing Officer and the founder of the brand advisory group Modern Arena, joined Cheddar News to talk about his new book "Emotion By Design: Creative Leadership Lessons From a Life at Nike." The book talks about his high-profile career at the sportswear giant and lessons in branding that came from his time there. "A brand's personality is like a mosaic," he said. "There are so many unique characteristics and traits that you need to express to the world, and to come across as a human brand today, you need to make sure that you're relatable."
