- More than 100 House Republicans have signed a letter to Pres. Trump objecting to proposed tariffs on steel and aluminum imports, as the plan is expected to be unveiled tomorrow.
- White House press secretary Sanders said today there may be “potential carveouts” for Mexico, Canada and possibly other countries, but it is unclear if these will be addressed tomorrow; Trump may take additional action later to give national security exemptions on a country-by-country basis.
- The letter from Republican lawmakers cites “deep concern” about the tariff's potential effects on U.S. business and consumers: “Because tariffs are taxes that make U.S. businesses less competitive and U.S. consumers poorer, any tariffs that are imposed should be designed to address specific distortions caused by unfair trade practices."
- Steel company shares finished mostly higher in today's trade: X +2.6%, NUE +2.5%, AKS +1%, STLD +0.7%, MT +1.2%, CLF -0.2%, RS +1.6%, WOR +1.2%, SCHN +0.8%.
- ETFs: SLX, JJU, FOIL
- Now read: U.S. Steel: The Best Is Yet To Come
Original article