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. CALIFORNIA EMISSIONS WAIVER: President Trump said on Wednesday via Twitter that his administration is revoking California's Federal Waiver on emissions "in order to produce far less expensive cars for the consumer, while at the same time making the cars substantially SAFER." The president claimed that the move would lead to more production because of a pricing and safety advantage as well as "the fact that older, highly polluting cars, will be replaced by new, extremely environmentally friendly cars. "There will be very little difference in emissions between the California Standard and the new U.S. Standard, but the cars will be far safer and much less expensive," Trump tweeted. "Many more cars will be produced under the new and uniform standard, meaning significantly more JOBS, JOBS, JOBS! Automakers should seize this opportunity because without this alternative to California, you will be out of business."
After the President's announcement, California Air Resources Board chairman Mary Nichols said that the board is prepared for a fight, Bloomberg's Ryan Beene, Ari Natter, and Jennifer Dlouhy reported. "This is the fight of a lifetime for us. We have to win this and I believe we will," Nichols said during a press conference. The state of California has filed more than 50 lawsuits and other protests over the president's moves, the authors note. Publicly traded automakers include Daimler AG (DDAIF), Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Tesla (TSLA), Toyota (TM) and Volkswagen (VWAGY).
2. FACEBOOK CEO MEETING: Facebook (FB) CEO Mark Zuckerberg spoke with lawmakers on Thursday, marking his first time in Washington since he testified before Congress last year. President Trump said on Thursday night via Twitter he had a "nice meeting with Mark Zuckerberg of @facebook in the Oval Office today," while a Facebook spokesperson said that their meeting was "constructive."
3. U.S.-JAPAN TRADE DEAL: President Trump said that his administration has reached an initial trade agreement with Japan and will announce a deal in the coming weeks, The New York Times' Ana Swanson and Ben Dooley reported on Tuesday. The pact is expected to be limited in scope, but would give American farmers greater access to the Japanese market, the authors note. People briefed on the negotiations added that the pact will lower Japanese tariffs on beef and other American farm products in return for cutting American tariffs on industrial goods like machinery.
4. U.S.-CHINA TRADE DISPUTE: Hu Xijin, editor-in-chief of the Chinese and English editions of the Global Times, tweeted earlier this week that, "Both China and the US should cherish the current talks. Many US officials easily misread China's goodwill, think it shows Beijing's weakness. China doesn't like talking tough before the negotiations, but I know China is not as anxious to reach a deal as the US side thought."
On Friday, President Trump said in response to a question during a White House press conference that China buying agriculture products will not be enough to get a trade deal done. Trump said he's not looking for a partial deal, he's looking for a "complete deal". Publicly traded companies in ag space include Agrium (AGU), Andersons (ANDE), Archer Daniels (ADM), Bunge (BG), CF Industries (CF), Compass Minerals (CMP), Intrepid Potash (IPI), Potash (POT) and Syngenta (SYT).
"Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.