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.”
Video conferencing service Zoom rolled out a flurry of announcements that included a new Zoom Phone, Zoom Events, and Zoom Contact Center in an effort to transition the company from a pandemic darling to a post-pandemic business — while keeping the product accessible. Kelly Steckelberg, CFO of Zoom, joined Cheddar News to talk about the transition while still remaining affordable. "We currently have no plans to raise our prices," she said. "We focus on bringing as much value as possible to our customers. We often add new features and functionality without any incremental prices across the board."
Even as pandemic restrictions slowly began winding down through 2021, cable and internet provider Comcast's 2021 Network Report showed that average internet consumption increased. Activities like content streaming and online gaming grew between 10 and 20 percent, according to the study. Elad Nafshi, chief network officer for Comcast, joined Cheddar News to share what he thinks will happen with our new online habits in a post-pandemic world. "Beyond, the traditional game downloads, streaming gaming, which falling into the purposes is just like streaming 4K video for us, is starting to pick up and, and certainly we'll watch that consumer behavior continue," he said. Nafshi also discussed the company's investments in 10G technology, its future generation of network speed.
AMC has announced that it will be accepting Dogecoin and Shiba Inu, two meme cryptocurrencies, as online payment options, The theater chain will begin taking the memecoins in "a couple of weeks."
Stocks ended another bumpy day lower on Wall Street and crude oil prices eased back as markets remain concerned about the broader impact of Russia’s invasion of Ukraine.
