Week in review: How Trump's policies moved stocks
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Trump and his administration with this weekly recap compiled by The Fly: 1. NORTH KOREA MEETING: On Thursday, President Donald Trump released a letter sent to North Korea's Kim Jong Un where he called off the two leaders' scheduled meeting in June. Trump cited North Korea's "tremendous anger and open hostility" in recent statements as part of his decision to call off the summit. Subsequently, North Korea offered a conciliatory statement, saying it remained open to resolving issues with Washington, after which Trump tweeted that "only time (and talent) will tell" what will happen after the "warm and productive statement from North Korea." Trump added in comments to reporters that it was possible a planned summit with North Korea's leader Kim Jong Un could still take place on June 12. 2. TRADE TALKS WITH CHINA: President Trump stated in two tweets on Monday that, "China has agreed to buy massive amounts of ADDITIONAL Farm/Agricultural Products - would be one of the best things to happen to our farmers in many years! [...] On China, Barriers and Tariffs to come down for first time." Two days later, the President tweeted again about the matter, adding that "Our Trade Deal with China is moving along nicely, but in the end we will probably have to use a different structure in that this will be too hard to get done and to verify results after completion." According to a report by CNBC, the two countries have yet to reach an agreement on ZTE Corp. (ZTCOY), contradicting an article published by The Wall Street Journal suggesting that the White House came to a deal with Beijing to revive the telecom company currently suffering due to sanctions imposed by the U.S. government. 3. NAFTA TALKS: On Thursday, United Auto Workers union president Dennis Williams said that auto workers are in support of an investigation into the impact that car imports are having on the U.S., Bloomberg reported. The comments came after the president asked the U.S. Commerce Department to conduct an investigation into whether auto imports pose a national security threat, the report noted. Then, later Thursday night, Reuters reported, citing a source, that Mexico made a new offer to conclude the long-stalled renegotiation of NAFTA after news of the U.S. probe exploring auto tariffs. Publicly traded automakers include Ford (F), General Motors (GM), Daimler AG (DDAIF), Fiat Chrysler (FCAU), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). 4. DODD-FRANK LAW ROLL BACK: President Donald Trump has signed a major rollback of bank regulations, the largest since the 2008 financial crisis. The measure, which passed both chambers of Congress with bipartisan support, is meant to ease regulations on all but the biggest banks. Supporters of the law say that the new law will lift burdens unnecessarily put on small and medium-sized banks by the Dodd-Frank act and boost economic growth, the report added. Publicly traded money center banks include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). 5. TWITTER: Earlier this week, New York federal judge Naomi Reice Buchwald ruled that President Donald Trump cannot block users on his Twitter (TWTR) feed based on political views, as that would be in violation of the First Amendment of the Constitution. 6. STEEL, ALUMINUM EXPORT: President Donald Trump is considering trade measures to reduce EU steel and aluminum exports to the U.S. by roughly 10%, in a sign that the bloc's concessions to secure tariff exemptions are not meeting the administration's demands, according to The Wall Street Journal, citing EU officials familiar with the matter. The White House proposed two options for Brussels, namely a quota fixed at 90% of U.S. imports from the EU in 2017 and a tariff-rate quota that would target the same 10% cut through levies, the report said. Public companies in the aluminum space include Alcoa (AA) and Century Aluminum (CENX). 7. GUN EXPORTS: The Trump administration is preparing to publish long-delayed proposed rule changes for the export of U.S. firearms that would shift oversight of the exports from the U.S. Department of State to the Department of Commerce, Reuters reported, citing a State Department official. The move would make it easier for American gun makers like American Outdoor Brands (AOBC) and Sturm Ruger & Company (RGR) to sell small arms including assault rifles and ammunition to foreign customers, potentially generating business amid a deep sales slump in the industry since Trump's election. "Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.
