Trump urges Boeing to fix and rebrand 737 Max, China likely to lift ban on U.S. poultry
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. BOEING: President Trump has urged Boeing (BA) to fix and "rebrand" its 737 MAX jetliner following two fatal crashes, saying via Twitter on Monday that, "What do I know about branding, maybe nothing (but I did become President!), but if I were Boeing, I would FIX the Boeing 737 MAX, add some additional great features, & REBRAND the plane with a new name. No product has suffered like this one. But again, what the hell do I know?"
2. U.S.-CHINA TRADE TALKS: China would likely lift a ban on U.S. poultry as part of a trade deal and may buy more pork amid its supply deficit, but it is not willing to allow prohibited growth drug ractopamine to be used in roughly half the U.S. hog herd, Chris Prentice and Tom Polansek of Reuters reported, citing two sources with knowledge of the negotiations. China's negotiators have resisted lifting the ractopamine restriction even though Beijing may boost imports of U.S. pork as its own hog herd has seen big losses from the African swine fever, sources told Reuters. Publicly traded companies in the poultry space include Hormel Foods (HRL), Pilgrim's Pride (PPC), Sanderson Farms (SAFM) and Tyson Foods (TSN).
3. LUMBER TARIFFS: Canada's foreign minister Chrystia Freeland said that the country intends to appeal last week's decision by a WTO panel to let the U.S. use "zeroing" to calculate lumber anti-dumping tariffs, Reuters' Steve Scherer reported. "We firmly believe that the U.S. duties on Canadian softwood lumber are unfair and unwarranted," Freeland said. "That is why we are challenging these duties at the WTO and under NAFTA." Publicly traded companies in the space include West Fraser Timber (WFTBF), Interfor (IFSPF) and Canfor (CFPZF).
4. U.S.-EU TRADE: Transatlantic coordinator Peter Beyer, a senior German official, said that the EU had no choice but to threaten tariffs on U.S. imports on a fight over aircraft subsidies, though he hoped trade tensions would not have an impact on negotiations with Washington over a broader trade pact, Reuters reported earlier this week. Beyer said the EU's list of possible tariffs sent the right message given the U.S. failure to eliminated subsidies to Boeing, the publication added. "At the same time, I really hope that these renewed strains of trade relations do not affect the pending discussions about a trade agreement with the United States," he said.
5. CUBA ENGAGEMENT POLICIES: The Trump administration is tightening restrictions on travel and remittances to Cuba, reversing the engagement policies of President Obama, Nora Gamez Torres of Miami Herald reported on Wednesday. The moves are intended to increase pressure on the island's government in response to its support of the Nicolas Maduro regime in Venezuela, according to Gamez Torres. Travel to Cuba will now be limited to family visits, she addED, citing a high-ranking official who spoke on condition of anonymity. Names in the cruise line space include Carnival (CCL), Royal Caribbean (RCL) and Norwegian Cruise Line (NCLH).
"Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.