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. CHINA TARIFFS: Shares of Apple (AAPL) and toy makers Mattel (MAT) and Hasbro (HAS) rose on Tuesday as the United States Trade Representative announced the next steps in the process of imposing an additional tariff of 10% on about $300B of Chinese imports, including a delay for certain articles such as cell phones, laptop computers and certain toys. On May 17, USTR published a list of products imported from China that would be potentially subject to an additional 10% tariff. This new tariff will go into effect on September 1 as announced by President Trump on August 1. Certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10%. Further, as part of USTR's public comment and hearing process, it was determined that the tariff should be delayed to December 15 for certain articles. Products in this group include, for example, cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing, the office of the USTR announced.
2. U.S.-CHINA TRADE WAR: In a series of tweets on Wednesday, President Trump said that, "We are winning, big time, against China. Companies & jobs are fleeing. Prices to us have not gone up, and in some cases, have come down. China is not our problem, though Hong Kong is not helping. Our problem is with the Fed. Raised too much & too fast. Now too slow to cut....Spread is way too much as other countries say THANK YOU to clueless Jay Powell and the Federal Reserve. Germany, and many others, are playing the game! CRAZY INVERTED YIELD CURVE! We should easily be reaping big Rewards & Gains, but the Fed is holding us back. We will Win!" Later that day, he added that, "Good things were stated on the call with China the other day. They are eating the Tariffs with the devaluation of their currency and 'pouring' money into their system. The American consumer is fine with or without the September date, but much good will come from the short deferral to December. It actually helps China more than us, but will be reciprocated. Millions of jobs are being lost in China to other non-Tariffed countries. Thousands of companies are leaving. Of course China wants to make a deal. Let them work humanely with Hong Kong first! I know President Xi of China very well. He is a great leader who very much has the respect of his people. He is also a good man in a 'tough business.' I have ZERO doubt that if President Xi wants to quickly and humanely solve the Hong Kong problem, he can do it. Personal meeting?"
3. WIND FARM PROJECT: The Trump administration cast the fate of the nation's first major offshore wind farm into doubt by extending an environmental review for the $2.8B Vineyard Wind project off Massachusetts, Bloomberg's Chris Martin and Jennifer Dlouhy wrote earlier this week. The Interior Department has ordered an additional study of the farm, proposed by Avangrid (AGR) and Copenhagen Infrastructure Partners, Interior Secretary David Bernhardt said in an interview with Bloomberg News.
4. BANKER CALL: President Trump held a conference call with JPMorgan Chase (JPM) CEO Jamie Dimon, Bank of America (BAC) CEO Brian Moynihan and Citigroup (C) CEO Michael Corbat on Wednesday as the Dow plunged 800 points and the bond market sent a signal that has previously been a recession indicator, CNBC's Hugh Son and John Melloy reported on Friday, citing a person with knowledge of the situation. The trio told the President that the U.S. consumer is doing well, but could be doing even better if issues such as the China-U.S. trade war were resolved, according to the account of the call.
"Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.
