U.S. to impose tariffs on EU, White House denies China stock delisting rumors
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. CHINA STOCK DELISTING: The Trump administration has denied speculation that the National Economic Council is considering limits on U.S. investments in Chinese companies with a potential delisting of mainland stocks on U.S. stock exchanges, Bloomberg's Shawn Donnan, Jenny Leonard, and Saleha Mohsin reported earlier this week. The authors cite the statement by the spokeswoman for U.S. Treasury Secretary Steven Mnuchin emailed to Bloomberg, indicating there were no current plans blocking the listing by Chinese companies after previous media reports said such plans were being considered.
2. EU TARIFFS: The U.S. will impose tariffs on European Union products, Jacob Pramuk of CNBC reported, citing senior United States Trade Representative officials. The U.S. is planning to add a 10% tariff on aircraft from the European Union and a 25% duty on agricultural and other products, with the duties taking effect October 18, officials told Pramuk. The tariff decision came after a WTO arbitrator determined the level of countermeasures the United States may request with respect to the European Union and certain EU member states due to undue large aircraft subsidies amounts to roughly $7.5B per year.
3. BIOFUEL PACT: On Friday, Environmental Protection Agency Administrator Andrew Wheeler and U.S. Department of Agriculture Secretary Sonny Perdue stated: "President Trump's leadership has led to an agreement that continues to promote domestic ethanol and biodiesel production, supporting our Nation's farmers and providing greater energy security." Under a new agreement, the EPA will propose and request public comment on expanding biofuel requirements beginning in 2020. The EPA will seek comment on actions to ensure that more than 15 billion gallons of conventional ethanol be blended into the nation's fuel supply beginning in 2020, and that the volume obligation for biomass-based diesel is met. EPA will also initiate a rulemaking process to streamline labeling and remove other barriers to the sale of E15. The USDA will seek opportunities through the budget process to consider infrastructure projects to facilitate higher biofuel blends, while the Administration will continue to work to address ethanol and biodiesel trade issues. 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. APPLE CEO OPPOSES END OF DACA: Apple (AAPL) CEO Tim Cook filed a brief at the U.S. Supreme Court stating his opposition to U.S. President Trump's attempt to terminate a program that protects from deportation hundreds of thousands of migrants who were brought into the country illegally as children, Reuters' Lawrence Hurley reported. The brief was filed on behalf of the U.S. tech giant and Cook as an individual as well as Deirdre O'Brien, the company's senior VP of retail and people, Hurley noted. Apple said it has 443 workers who have benefited from the program, which was implemented in 2012 by former President Barack Obama, the author added.
5. APTIV, APPLE, NAVISTAR MENTIONED BY TRUMP: In a series of tweets on Monday, President Trump highlighted news recently announced by Aptiv (APTV), Apple and Navistar (NAV) regarding plans for U.S. factories and manufacturing. On September 23, Apple confirmed that its newly redesigned Mac Pro will be manufactured in Austin, Texas. Also on September 23, Aptiv and Hyundai Motor Group (HYMTF) announced that they will be forming an autonomous driving joint venture. The same day, Navistar announced plans for a truck factory in San Antonio, Texas.
"Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.