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. AUTO TARIFFS: On Monday, President Donald Trump said that he is not seeking to impose auto tariffs on Japan "at this moment" after agreeing to a trade pact in principle over the weekend with Japan's Prime MInister Shinzo Abe, CNBC reported.
Meanwhile, Reuters reported that the President believes Washington will be able to reach a fair-trade deal with the EU without levying tariffs on car imports. Trump said it had been difficult negotiating with the EU on such trade matters, but presented an upbeat tone on the prospects for a broad agreement with Brussels, the publication added. Publicly traded companies in the space include Daimler AG (DDAIF), Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Tesla (TSLA), Toyota (TM) and Volkswagen (VWAGY).
2. U.S.-CHINA TRADE TALKS: According to CNBC, Gao Feng, spokesman for China's Ministry of Commerce, said Thursday that, "We firmly reject an escalation of the trade war, and are willing to negotiate and collaborate in order to solve this problem with calm attitude." Gao noted that the Chinese and U.S. trade delegations have maintained "effective" communication. However, he did not confirm President Donald Trump's claim on Monday that the Chinese team called the U.S. over the weekend with the desire of reaching a deal soon, CNBC pointed out.
According to a news report on Friday, President Trump said that a September meeting scheduled between U.S. and Chinese officials remains on schedule. Speaking to reporters, the President added that U.S. officials are currently having discussions with their Chinese counterparts on trade.
3. BIOFUEL DEMAND: President Trump is expected to announce a pact to boost demand for biofuels which have been hurt "from waivers the administration has issued exempting oil refiners from requirements to blend ethanol into the U.S. fuel supply," Reuter’s Humeyra Pamuk reported, citing comments from Secretary of Agriculture Sonny Perdue earlier on Wednesday. Companies that may be impacted include Archer Daniels (ADM), Aemetis (AMTX), Gevo (GEVO), Green Plains (GPRE) Green Plains Partners (GPP) and Pacific Ethanol (PEIX).
4. FRENCH DIGITAL TAX: President Donald Trump said earlier this week that the U.S. is nearing a compromise over France's 3% digital tax, which was passed in July and targets 30 big tech firms including Facebook (FB), Amazon (AMZN) and Google (GOOG, GOOGL), CNBC's Elizabeth Schulze reported. The tax applies to companies with annual revenues of over $830M from "digital activities," including $27M made in France.
5. GENERAL MOTORS: President Trump tweeted on Friday, "General Motors, which was once the Giant of Detroit, is now one of the smallest auto manufacturers there. They moved major plants to China, BEFORE I CAME INTO OFFICE. This was done despite the saving help given them by the USA. Now they should start moving back to America again?"
"Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.