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Trump eliminated duties for Canada and Mexico – US stock market showed a growth

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Trump eliminated duties for Canada and Mexico – US stock market showed a growth
March 09
09:00 2018

The Wall Street Journal has published the information about the impact of the US President Donald Trump’s decree on US stock indexes.

Tramp’s decree dealt with a new policy regarding import duties on steel and aluminum. Yesterday, the details of the decree on duties became known to the public. Thus, it is required to pay a 25% fee for import of steel and a 10% fee for aluminum imports. But Canada and Mexico are the exception. It is possible that there will be adjusting tariffs in relation to other countries too. The President’s decision will enter into force in about half a month.

Many experts agreed that Trump’s decision was rather controversial and it could hardly be called a suitable solution of national trade problems.

However, the exclusion of Canada and Mexico from the new tariff policy, strong macroeconomic indicators and excellent reporting of US companies are likely to cause the stock market growth in the next few days. Most analysts agree on that.

Predictably, after promulgating the decree on fees, shares of metallurgical companies based in the USA fell: shares of Century Aluminum Co. fell in price by 7.5%, AK Steel Holding Corp. – by 4.1%, US Steel – by 3%, Nucor – by 2.7%.

The growth was shown by the companies whose success depends on the use of imported metals (steel and aluminum): Boeing shares rose by 0.5%, General Motors – by 1.3%, Caterpillar – by 1.4%.

In general, the US stock indexes finished yesterday’s trading session in the “green zone”.

The Dow Jones index finished the session at 24895.21 points, the daily growth amounted to 93.84 points or in relative figures – 0.38%.

Standard & Poor’s 500 showed an increase of 0.45% (to the mark of 2738.97 points).

Nasdaq Composite, the third significant index, reached the level of 7427.95 points, adding 31.30 points or 0.42% in a day.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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