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. EXECUTIVE ORDERS TO BOOST ENERGY PROJECTS: President Donald Trump has inked two executive orders that seek to speed up natural gas, coal, and oil projects delayed by coastal states as he aims to build support ahead of next year's election, Jeff Mason and Timothy Gardner of Reuters reported earlier this week. Trump's orders direct the EPA to alter a part of the U.S. clean water law that has let states, for environmental reasons, postpone projects such as pipelines to carry natural gas to New England and coal export terminals on the West Coast, the authors noted. Among the long delayed high-profile projects is TransCanada's (TRP) Keystone XL oil pipeline.
2. U.S.-EU TRADING: The office of U.S. Trade Representative stated on Monday that, "The World Trade Organization has found repeatedly that European Union subsidies to Airbus [EADSY] have caused adverse effects to the United States. Today, the Office of the United States Trade Representative begins its process under Section 301 of the Trade Act of 1974 to identify products of the E.U. to which additional duties may be applied until the E.U. removes those subsidies [...] Based on the appellate report, the United States requested authority to impose countermeasures worth $11.2B per year, commensurate with the adverse effects caused by EU subsidies. The EU challenged that estimate, and a WTO arbitrator is currently evaluating those claims." Airbus spokesman Rainer Ohler told Reuters a WTO ruling last week against tax breaks for Boeing (BA) should allow the EU to seek "even greater countermeasures," adding that the ruling showed "no willingness at all on the Boeing side to comply and confirms they are clearly in contravention with WTO rules." Subsequently, Reuters reported that EU diplomats said that the European Commission has created a list of U.S. imports worth around EUR20B, or $22.6B, that it could slap with tariffs over the transatlantic aircraft subsidy conflict. Meanwhile, President Trump said in a tweet that, "Too bad that the European Union is being so tough on the United Kingdom and Brexit. The E.U. is likewise a brutal trading partner with the United States, which will change. Sometimes in life you have to let people breathe before it all comes back to bite you!"
3. RELATIONSHIP WITH NORTH KOREA: President Trump said that it is not "the right time" to make economic agreements with North Korea, including the reopening of a joint industrial park closed by international sanctions, Bloomberg's Justin Sink, Jennifer Jacobs, and Youkyung Lee reported on Thursday, noting that the move may be a sign that nuclear talks have not moved forward since the President walked out of a February summit. "At the right time I would have great support. This isn't the right time," Trump said at the Oval Office during a meeting with South Korean President Moon Jae-In.
4. U.S.-JAPAN TRADE TALKS: Japan has established the topics it intends to discuss in talks with the U.S. next week for a trade agreement on goods, including some service, but plans to dismiss any request for automobile quotas or foreign exchange provisions, Nikkei Asian Review's Rintaro Tobita reported. Economic and Fiscal Policy Minister Toshimitsu Motegi informed fellow ministers of the strategy yesterday, and talks with the U.S. for a trade deal on goods will occur from Monday to Tuesday in Washington, Tobita noted. Japan's Prime Minister Shinzo Abe and U.S. President Donald Trump agreed to enter talks for a trade deal on goods in September, the author noted. Publicly traded Japanese and U.S. automakers include Honda (HMC), Nissan (NSANY), Toyota (TM), Fiat Chrysler (FCAU), Ford (F) and General Motors (GM).
"Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.
