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. U.S., TURKEY AGREE TO CEASEFIRE: Vice President Mike Pence announced in a press conference on Thursday that the U.S. and Turkey have come to terms regarding a temporary ceasefire in Syria. This followed a tweet by President Trump saying that, "Great news out of Turkey. News Conference shortly with @VP and @SecPompeo. Thank you to @RTErdogan. Millions of lives will be saved!"
Back on Monday, Trump had announced that he would be issuing an Executive Order authorizing the imposition of sanctions against current and former officials of the Government of Turkey. Steel tariffs will be increased back up to 50%, the level prior to reduction in May, the statement from the White House read. Publicly traded companies in the steel space include AK Steel (AKS), ArcelorMittal (MT), Nucor (NUE), Steel Dynamics (STLD), TimkenSteel (TMST) and U.S. Steel (X).
2. U.S., CHINA TRADE DISPUTE: China's Ministry of Commerce said on Thursday that China's ultimate condition for ending the "trade war" is that the U.S. should lift all tariffs levied on Chinese goods since July last year, according to the South China Morning Post. Although Beijing is still open to a partial trade deal under the current conditions, China's Ministry of Commerce spokesman Gao Feng said that, "The ultimate goal for the negotiations between the two sides is to end the trade war, cancel all additional tariffs. This is good for China, good for the US and good for the whole world."
3. GENERAL MOTORS: A tentative agreement between General Motors (GM) and the United Auto Workers union does not include a full pact to return manufacturing to Lordstown, Ohio, a city that's been a focus of both the union and President Trump, the New York Post's Kevin Dugan reported earlier this week. The union and the carmaker have opted to table negotiations over returning jobs to a recently closed plant that had produced the Chevy Cruze to prevent the 31-day strike from being prolonged any further, Dugan said, citing two sources briefed on the deal. "As soon as we get a little breathing room, we're going to resume the Lordstown vision," one person familiar with the negotiations told The Post. On Wednesday, the UAW reported it had reached a proposed tentative agreement with General Motors that needed to be ratified by its members. GM confirmed, adding that "additional details will be provided at the appropriate time."
"Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.