Skip to main content

Stocks of big manufacturers that use metals plunge on Trump's tariff plan

By
 President Trump says he is a champion of manufacturing, but his steel and aluminum tariff plan is driving a big sell-off in the industry's shares.

Multiple Wall Street banks cautioned clients against investing in the American manufacturing industry Friday as some of the nation's largest machinery companies are dropping.

Crane machinery and equipment manufacturer Manitowoc's shares declined by nearly 10 percent since Wednesday's close, while rival Terex fell by more than 7 percent in the same time period.

"Tariffs may limit President Trump's quest to be 'the greatest jobs president that God ever created,' at least within the U.S. counties that rely on machinery," Barclays analyst Adam Seiden quipped. "The Peterson Institute projects job losses in many key areas of Trump's political base that happens to align with areas of outsized machinery manufacturing assets."

Trump announced his plans to impose a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum Thursday, sending the Dow Jones industrial average tumbling more than 500 points since Wednesday.



Source :- cnbc
Labels:

Comments

Post a Comment

Popular posts from this blog

Only international body can rule if chemical weapons used in Syria: Kremlin

By
Only an impartial investigation in Syria by an international commission can determine if allegations about the use of chemical weapons are true, Kremlin spokesman Dmitry Peskov said on Tuesday. Asked about the possibility that the United States could launch strikes on Syria over allegations that forces loyal to President Bashar al-Assad had used chemicals weapons, Peskov said the Kremlin hoped that nothing would be done that breaches international law. Source :- yahoonews
Post a Comment
Read more

After Park, former South Korean President Lee summoned over bribery allegations

By
South Korean prosecutors have called former President Lee Myung-bak to appear for questioning over allegations he took bribes when in office, a prosecutor said on Tuesday in the latest top-level political corruption scandal to rock the country. Prosecutors last month sought a 30-year jail term for former President Park Geun-hye, Lee's successor, who was ousted last year amid an influence-peddling scandal and is standing trial on charges of bribery, abuse of power and coercion. Lee was asked to present himself for questioning on March 14, the senior prosecutor said. "We must question (Lee) to reveal the truth", the prosecutor told reporters. "We expect him to show up since we gave sufficient time for him to prepare for the questioning". Lee has denied any wrongdoing, calling the investigation into the bribery allegations, summoning his family and confidants and raiding their homes and offices, politically motivated. Source :- yahoonews
Post a Comment
Read more

We're open to work with Britain over incident involving ex-agent

By
The Kremlin said on Tuesday it was ready to cooperate if Britain asks it for help investigating an incident involving a former Russian double agent who fell ill after exposure to an unknown substance. Sergei Skripal, once a colonel in Russia's GRU military intelligence service, was critically ill in hospital on Tuesday after he was exposed to an unidentified substance in southern England. "Nobody has approached us with such a request," Kremlin spokesman Dmitry Peskov told a conference call with reporters, when asked if the British authorities had been in touch seeking help. "Moscow is always open for cooperation." When asked to respond to British media speculation that Russia had poisoned Skripal, Peskov said: "It didn't take them long." Calling the incident "a tragic situation," he said the Kremlin did not have information about what had happened. Source :- yahoonews
Post a Comment
Read more