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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European antitrust regulators gave Amazon approval for its MGM acquisition deal. Amazon expects MGM's collection of content will help it compete in the increasingly crowded world of streaming services.
Online retailer Boxed reported a significant growth in its latest earnings, and CEO Chieh Huang joined Cheddar News to talk about its Q4 report, what's upcoming for the company, and how the business avoided the mass labor shortages dubbed the great resignation. "We've been really lucky when it comes to what we're known about as a company. Half of what comes up if you search us on the internet is how we treat our frontline team even before, I guess, it was the kind of soup du jour to do so," he said. "We treat them extraordinarily well."
The Federal Reserve launched a high-risk effort to tame the worst inflation since the 1970s, raising its benchmark short-term interest rate and signaling potentially up to seven rate hikes this year.
