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. U.S.-CHINA TRADE DISPUTE: On Friday, President Trump said that the U.S. had reached an interim deal with China that would forestall a tariff increase slated for next week, The New York Times' Ana Swanson reported. Speaking from the Oval office, Trump said negotiators had reached a "Phase 1" agreement that would take several weeks to write and that both sides could officially sign by November, the publication added.
Meanwhile, the White House has posted on its official website a translation of a letter from Chinese President Xi Jinping to Trump. In the letter, Jinping told his U.S. counterpart he attaches "great importance" to the president's concerns on agricultural products, saying it is "important" that both sides address each other's concerns over agricultural products "properly" and make "positive headway" in other trade areas as well. "A healthy and steady China-U.S. relationship serves the interest of our two countries and the world at large," the letter reads. "I hope the two sides will act in the principle and direction you and I have agreed to, and work to advance China-US relations based on coordination, cooperation and stability. Let us work together to manage differences on the basis of mutual respect and expand cooperation for mutual benefit, so as to bring our relations forward along the right track."
2. U.S. ENTITY LIST: In a research note earlier this week, KeyBanc analyst John Vinh noted that the U.S. Department of Commerce announced that it has added 28 Chinese public security bureaus and companies, including HikVision and Dahua, to the U.S. Entity List for enabling activities contrary to the foreign policy interests of the United States. The analyst lowered his estimates on Ambarella (AMBA) significantly as HikVision/Dahua represent a total of about 20% of the company's revenue. Additionally, he trimmed his ON Semiconductor (ON) estimates, as Vinh believes the company's exposure to be about 1%-2%.
3. APPLE, TRUMP RELATIONSHIP: Apple (AAPL) CEO Tim Cook has forged close ties with President Donald Trump, his daughter Ivanka Trump, and Trump's senior adviser Jared Kushner, The Wall Street Journal's Tripp Mickle reported on Monday. Cook will often flag to Trump's administration if he disagrees with a policy before publicly disavowing it, the author notes.
"Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.
Ambarella
+1.25 (+2.39%)
ON Semiconductor
+0.67 (+3.71%)
Apple
+6.12 (+2.66%)