Trump says he'll double steel tariff to 50 percent
President Donald Trump said on Friday that he is doubling his tariff on steel to 50 percent, from 25 percent currently, to prevent billions of dollars worth of foreign steel from continuing to enter the United States.
"At 50 percent, they can no longer get over the fence," Trump said during a speech at a U.S. Steel facility in West Mifflin, Pennsylvania, where he announced details of a new "partnership" that will allow Japanese-owned Nippon Steel to acquire the iconic American company.
Trump initially imposed a 25 percent tariff on steel during his first term in office under a national security trade provision known as Section 232 of the 1962 Trade Expansion Act. After returning in January for a second term, he canceled deals that the Biden administration made with Japan, the U.K. and the EU to ease the impact of those tariffs. He also further tightened the duties by eliminating a program that allowed importers to seek exemptions for individual steel products.
His announcement on Friday came after two court rulings this week that struck down his use of another authority, the International Economic Emergency Powers Act, to impose sweeping reciprocal tariffs on countries around the world as well as duties aimed specifically at China, Canada and Mexico. A third federal court promptly issued a temporary stay of one of the rulings, keeping the tariffs in effect, for now.
In the aftermath of that ruling, administration officials have said they would rely on other authorities, like Section 232, to impose duties, while expressing confidence they would win their case to preserve the IEEPA duties on appeal.
Still, Trump's move on Friday could complicate efforts to strike trade deals with the EU and other trading partners, who continue to seek relief from the steel tariffs.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 minutes ago
- Yahoo
The number of unsold homes in the U.S. hits a record high — is that good news for buyers?
There's nearly $700 billion in unsold homes sitting on the market nationwide, according to Redfin. That's a 20.3% jump from a year ago and, at $698 billion, likely adds up to the highest dollar amount ever, the Seattle-based online brokerage said, citing an analysis of the value of listings on from 2012 through April of this year. And $330 billion of the unsold properties — 2 out of every 5 — are considered 'stale inventory' because they've been on the market for at least 60 days. At 44%, that number is up from 42.1% a year earlier, and the highest for April since the COVID-19 lockdown in 2020. So what's behind the big numbers? Here's what Redfin says: More sellers than buyers. Just two years ago, buyers outnumbered sellers but another recent Redfin analysis estimated there are nearly 500,000 more now, 1.9 million compared to 1.5 million. That 33.7% difference is up from 6.5% more sellers than buyers a year ago. Taking longer to sell. It took 40 days for a typical home to go under contract in April, compared to 35 days a year ago. During the pandemic buying boom, when mortgage rates were still at record lows, it took an average of just 24 days to seal the deal. Demand down. Polls show buyers are hesitating to make big purchases, due to the economic uncertainty surrounding President Donald Trump's policies, including ever-changing tariffs. Monthly mortgage payments have also reached record highs. Prices up. In April, the median U.S. sale price for a home was up year over year. But the total value of the current inventory climbed much more, 20.3%, indicating the increase in the number of listings 'is a bigger factor.' Denver real estate agent Matt Purdy said on the Redfin site that he spotted the trend earlier this year, at the beginning of the critical spring housing market that's supposed to be the busiest time for sales. 'A huge pop of listings hit the market at the start of spring, and there weren't enough buyers to go around,' Purdy said 'House hunters are only buying if they absolutely have to, and even serious buyers are backing out of contracts more than they used to.' But he suggested there's a silver lining in the shifting market: 'Buyers have a window to get a deal; there's still a surplus of inventory on the market, with sellers facing reality and willing to negotiate prices down.' Redfin's head of economic research, Chen Zhao, also said buyers may benefit. 'Not only are there more homes for sale than there have been in five years, but the value of those homes is higher than it has ever been,' Zhao said. 'We expect rising inventory, weakened demand, and the prevalence of stale supply to push home prices down 1% by the end of this year, which should improve affordability for buyers because incomes are still going up.'
Yahoo
7 minutes ago
- Yahoo
Advisors Say $1,000 ‘Trump Accounts' Won't Benefit Families Who Need Help Most
Are your clients planning on having children? Tell them to hurry it up. Inside the Trump administration's key $4 trillion tax bill is a proposed idea to open accounts for each new baby born in the US until 2028. The so-called 'Trump Accounts' are seeded with $1,000 that gets invested in equities and locked up until the child's 18th birthday. Parents can also contribute up to $5,000 annually. Previously called MAGA accounts, the funds are designed to help parents prepare for their children's financial futures. But, what do advisors think about the proposed accounts? 'They are stupid,' said Catherine Valega, an advisor with Green Bee Advisory, adding that the wealthy have plenty of options to save, while the less affluent won't be able to afford additional contributions. READ ALSO: Bitcoin Rules for Now, but the Crypto Landscape Is Vast and RIA Headcount, AUM Shattered Records in 2024 The idea of funding accounts for newly born children is nothing new. In fact, before the current administration, the accounts were called 'Baby Bonds' and have been floated by politicians on both sides of the aisle. Well-known financial advisor Ric Edelman has been a prominent supporter of the idea, and even started a trust product with annuities for babies in 1999. But today, most advisors said the proposed Trump accounts will largely benefit upper-class families who can afford to contribute annually. 'The real advantage will go to families with enough disposable income to consistently fund the account,' said Edzai Chimedza, a CFP and advisor at Tobias Financial, adding that it's an attractive tool for upper-middle-class and affluent families, who are more likely to be able to contribute after covering essentials, like retirement savings and emergency funds. The accounts aren't the only savings options out there, either. Who can forget those 529 plans that have grown significantly more flexible over the years and are a great option to save for college, Valega asked. A guardian Roth IRA can also help children jump-start their retirement savings, while helping them get up to speed with the stock market. Baby Got Tax. For families that can pitch funds into the accounts, it makes sense to stop and think about a client's intentions, said Sarah Avila, an advisor with VLP Financial Advisors. 'If you are eligible to open the account for your baby, it is worth it to get the free $1,000 from the government,' she said. But clients should be aware that earnings on qualified withdrawals will be taxed at long-term capital gains rates. 'If the idea is to save for college, contributing to a 529 plan is more advantageous, from a tax perspective, because the money is tax free,' she said. This post first appeared on The Daily Upside. To receive financial advisor news, market insights, and practice management essentials, subscribe to our free Advisor Upside newsletter.
Yahoo
7 minutes ago
- Yahoo
3 Stocks Showing Positive Momentum Despite Trade Tensions
Wall Street may encounter volatility as trade tensions between the United States and China reignite. The United States blamed China for breaching a temporary trade deal, while Beijing accused Washington of failing to support the agreement, a telltale sign that negotiations between the countries have soured. In this uncertain situation, it's challenging to find stocks with strong uptrends, as they are mostly showing modest gains. However, by applying Richard Driehaus's investment strategy, better known as the 'buy high and sell higher' theory, one can discover stocks displaying positive momentum. To that end, Urban Outfitters, Inc. URBN, Phibro Animal Health Corporation PAHC and Strattec Security Corporation STRT are demonstrating positive momentum and defying gyrations in the broader market. Regarding the strategy, Driehaus once said, 'I would much rather invest in a stock that's increasing in price and take the risk that it may begin to decline than invest in a stock that's already in decline and try to guess when it will turn around.' In line with this insight, the American. The Association of Individual Investors ('AAII') considered the percentage 50-day moving average as one of the key criteria before creating a portfolio following Driehaus' philosophy. It is calculated by dividing the numerator (month-end price minus 50-day moving average of month-end price) by the 50-day moving average of the month-end price. Another momentum indicator — positive relative strength — has also been included in this strategy. A positive percentage 50-day moving average indicates that the stock is trading at a price higher than its 50-day moving average level, indicating an uptrend. Moreover, AAII found that Driehaus primarily focuses on strong earnings growth rates and impressive earnings projections to pick potential outperformers. Companies with a strong history of beating estimates are also given importance in this strategy, which was made to provide better returns over the long term. To make the strategy more profitable, we have considered only those stocks that have a Zacks Rank #1 (Strong Buy) and a Momentum Score of A or B. Our research shows that stocks with a Style Score of A or B, combined with a Zacks Rank #1 or 2 (Buy), offer the best upside potential. • Zacks Rank equal to #1 Whether the market is good or bad, stocks with a Zacks Rank #1 have a proven history of outperformance. You can see the complete list of today's Zacks #1 Rank stocks here. • Last 5-year average EPS growth rates above 2% Strong EPS growth history ensures an improving business • Trailing 12-month EPS growth greater than 0 and industry median Higher EPS growth compared to the industry average indicates superior earnings performance • Last four-quarter average EPS surprise greater than 5% Solid EPS surprise history indicates better price performance • Positive percentage change in 50-day moving average and relative strength over 4 weeks Positive percentage change in the 50-day moving average and the relative strength signal uptrend • Momentum Score equal to or less than B A favorable momentum score indicates that it is ideal for taking advantage of the momentum with the highest probability of success. These few parameters have narrowed the universe of more than 7,743 stocks to only six. Here are three of the six stocks: Urban Outfitters offers lifestyle products and services. Urban Outfitters has a Momentum Score of A. The trailing four-quarter earnings surprise for URBN is 29%, on average. Phibro Animal Health is an animal health and mineral nutrition company with operations in the United States, Israel, Brazil, Ireland and internationally. Phibro Animal Health has a Momentum Score of B. The trailing four-quarter earnings surprise for PAHC is 30.6%, on average. Strattec Security primarily markets automotive security and access control products under the VAST Automotive Group brand in North America. Strattec Security has a Momentum Score of B. The trailing four-quarter earnings surprise for STRT is 195.8%, on average. You can get the rest of the stocks on this list by signing up now for your 2-week free trial to the Research Wizard and start using this screen in your own trading. Further, you can also create your own strategies and test them first before taking the investment plunge. The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out. Click here to sign up for a free trial to the Research Wizard today. Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. Disclosure: Performance information for Zacks' portfolios and strategies are available at: Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Urban Outfitters, Inc. (URBN) : Free Stock Analysis Report Strattec Security Corporation (STRT) : Free Stock Analysis Report Phibro Animal Health Corporation (PAHC) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
