Sector: Basic Materials
Trump imposed a 25% tariff on US steel imports in 2018, and he recently doubled Turkey's Section 232 tariffs to 50%. Will this really help?
Boeing (BA) stock slid 6.8% on Friday. Also impacted by the MAX crisis are part suppliers Spirit AeroSystems, Triumph Group, and Allegheny Technologies.
Freeport-McMoRan (FCX) stock is up more than 2.5% today. Other copper miners are also in the green, although the Dow Jones is trading sideways.
The GM strike hurt US manufacturing for September while earlier this month, Boeing’s orders fell. Now Trump's 2020 campaign could take a hit.
US steel tariffs have been a pawn in the broader game. In order to get a bigger trade deal, the US looked amenable to relaxing the tariffs.
US steel stocks spiked on Friday as trade deal optimism lifted equity markets. Metals and mining stocks were the biggest gainers in Friday’s trade.