President Trump is Right, Without Steel We Do Not Have a Country
$DIA, $SPY, $QQQ, $VXX
FLASH: The NFPs Report, American employers went on a hiring binge last month, adding 313,000 jobs, the most since July 2016, and drawing hundreds of thousands of people into the job market, NAS Comp post record highs on the news.
Americans want steel production back
The steel and aluminum sectors have been under attack by predatory trade practices. For too long, our political leaders have talked about the problem, but have largely left enforcement of our trade laws up to the private sector.
This is not what hard-working Americans want from their government.
They expect national security, the foundation of which is built with steel and aluminum, to be protected.
President Trump initiated action to investigate the impact of aluminum and steel imports on our national security.
We applaud his action and appreciate the attention that this issue has received in recent months. Comprehensive reports were sent to the White House and released to the public.
They validated what we already knew: these sectors are critical to our nation.
Workers across our nation have raised their voices in calling for the need of action to ensure that our aluminum and steel sectors can survive.
Union members have fought for action for a long time.
Their voices have been echoed by a broad, bi-partisan cross-section of Congress. They were joined by many of their colleagues and officials at the state and local level.
Every call, letter, meeting and discussion focused on building a better America.
The Big Q: What action to take?
The Big A: President Trump announced that he wants to impose tariffs at a level of 10% on aluminum imports and 25% on steel.
The USW’s objective: restore market-based economics that ensure that our domestic producers can achieve a fair return as they invest in facilities, equipment and people, and contribute to the strength of our nation. The objective also should be to reduce the negative impact of steel and aluminum imports that have decimated production in the United States. The tariff levels the President announced will help to achieve that objective.
Friday, the major US stock market indexes finished at: DJIA +440.53 at 25335.74, NAS Comp +132.86 at 7560.80, S&P 500 +47.60 at 2786.57
Volume: Trade on the NYSE came in at: 814-M/shares exchanged
- NAS Comp +9.5% YTD
- S&P 500 +4.2% YTD
- DJIA +2.5% YTD
- Russell 2000 +4.0% YTD
HeffX-LTN’s Market Indexes Technical Analysis: Bullish across the Board.
Have a terrific weekend.