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.”
Fed officials offered few hints about their plans beyond an openness to speed up the pace of rate hikes.
German vaccine maker BioNTech unveiled plans Wednesday to establish manufacturing facilities in Africa that would boost the availability of much-needed medicines on the continent.
Americans are opening their wallets to celebrate romance - and a lot of them are looking for experiences. Junior's Restaurant famous for its cheesecake, is celebrating the holiday by offering vow renewals and weddings at its flagship location in Brooklyn, NY. Cheddar News spoke to owner and "minister" Alan Rosen to find out more.
Stocks shook off an early slump and ended mixed on Wall Street Wednesday after minutes from the Federal Reserve’s latest meeting showed policymakers still leaning toward moving decisively to fight inflation.
Wholesale inflation in the United States surged again last month, rising 9.7 percent from a year earlier in a sign that price pressures remain high at all levels of the economy.
Stocks ended broadly higher on Wall Street Tuesday as investors welcomed signs that tensions might ease in Ukraine.
Mexico’s president said Monday the U.S. suspension on avocado imports and recent environmental complaints are part of a conspiracy against his country by political or economic interests.
While candy, greeting cards, and flowers make the top three most popular gifts, experiences are growing in popularity.
As we celebrate Black History Month, Cheddar is highlighting prominent Black Americans who are carving their own historic paths and trailblazing in their fields. Today we feature media mogul Byron Allen.
Tesla is recalling nearly 579,000 vehicles in the U.S. because a “Boombox” function can play sounds over an external speaker and obscure audible warnings for pedestrians.
