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.”
In 2021, Americans reported losses from so-called romance scams hit an all-time high of $547 million, or six times the total losses in 2017, according to the FTC.
A gemstone, billed as one of the largest gem-quality opals in existence, has been sold for nearly $144,000 at auction in Alaska on Sunday.
A fire aboard a huge car transport ship adrift in the mid-Atlantic is dying out. A Portuguese navy officer said Tuesday that the massive vessel is expected to be towed to the Bahamas.
Stocks closed broadly lower Tuesday after Russia sent forces into Ukraine’s eastern region and the U.S., European Union and U.K. responded with economic sanctions.
These are the headlines you Need2Know for Tuesday, February 22, 2022.
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A burning car transport ship is drifting near the mid-Atlantic Azores Islands after the huge vessel’s 22 crew members were evacuated due to the blaze.
Stocks are closing lower on Wall Street Friday, leaving indexes with a second weekly loss in a row after another bout of turbulence shook markets.
These are the headlines you Need2Know for Friday, February 18, 2022.
