Trump accuses social media of anti-conservative bias, President feuds with GM
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 Donald Trump and his administration with this weekly recap compiled by The Fly:
1. SOCIAL MEDIA ACCUSED OF BIAS: President Trump called vaguely for action to be taken against social media companies on Wednesday, saying "we have to do something," Business Insider's Rob Price reported. His comments at a press conference followed a tweet by the President saying that "Facebook [FB], Google [GOOG; GOOGL] and Twitter [TWTR], not to mention the Corrupt Media, are sooo on the side of the Radical Left Democrats. But fear not, we will win anyway, just like we did before! #MAGA".
2. TRUMP SAYS GOOGLE HELPING CHINA: Google has denied "working with the Chinese military" after President Donald Trump criticized the company in a message posted on Twitter for "helping China and their military, but not the U.S.," NBCNews' Max Burman reported earlier this week. A spokesperson for the tech giant said that, "We are not working with the Chinese military. We are working with the U.S. government, including the Department of Defense, in many areas including cybersecurity, recruiting and healthcare."
3. GENERAL MOTORS: General Motors (GM), which has recently be a target for negative tweets from President Trump, confirmed that it is investing $300M in its Orion Township, Michigan, assembly plant to produce a new Chevrolet electric vehicle to be designed and engineered off an advanced version of the current Bolt EV architecture. Additional product information and timing for the new Chevrolet EV will be released closer to production, GM said. Over last weekend, President Trump tweeted: "G.M. let our Country down, but other much better car companies are coming into the U.S. in droves. I want action on Lordstown fast. Stop complaining and get the job done! 3.8% Unemployment!...Just spoke to Mary Barra, CEO of General Motors about the Lordstown Ohio plant. I am not happy that it is closed when everything else in our Country is BOOMING. I asked her to sell it or do something quickly. She blamed the UAW Union - I don't care, I just want it open!"
4. U.S.-CHINA TRADE TALKS: Trade talks between the U.S. and China are said to be in the final stages with a target date for a deal by the end of April, about a month later than initially panned, Bob Davis of Wall Street Journal reported, citing individuals tracking the negotiations. The Journal's report followed one by Bloomberg that said some U.S. officials are concerned that China is pushing back against American demands in the trade talks as progress slows toward a deal. On Wednesday, President Trump said that his administration was examining the prospect of leaving tariffs in place on Chinese goods for a "substantial period of time," according to The Wall Street Journal's Rebecca Ballhaus. Speaking to reporters as he left Washington for Ohio, the president said he was not weighing removing tariffs on China, Ballhaus said. "We have to make sure that if we do the deal with China, that China lives by the deal," he said.
5. U.S. GOODS: President Trump is set on reducing the trade deficit with China and is pushing his negotiators to get China to agree to purchase more U.S. goods, CNBC's Kayla Tausche reported earlier this week, citing two people briefed on the discussions. China has offered to purchase up to $1.2T in U.S. energy, agriculture and aircraft products over a period of six years. But Trump has long wanted a number "double or triple" China's proposal, sources told Tausche. On Monday, U.S. semiconductor companies said, however, that they have told the White House not to include them in any deal that calls for China to step up purchases of American goods and services, as they believe mandatory-purchase quotas would force U.S. chipmakers to open new factories in China, according to The Wall Street Journal's Bob Davis. The report quoted John Neuffer, president of the Semiconductor Industry Association, as having said: "Whatever the number, the Chinese chip purchase offer is a distraction that risks deepening Chinese state influence in an environment that is otherwise market-based." Publicly traded semiconductor companies include AMD (AMD), Intel (INTC), Marvell (MRVL), Microchip (MCHP), Micron (MU), Nvidia (NVDA), Qualcomm (QCOM) and Texas Instruments (TXN).
"Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.