Week In Review Dec. 2: How Trump's Policies Moved Stocks

We 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:

U.S., CHINA TO HALT NEW TARIFFS: 

U.S. President Donald Trump and Chinese President Xi Jinping promise to halt the imposition of new tariffs for 90 days as the world's two largest economies negotiate a lasting agreement, according to Bloomberg. The truce between both countries emerged after a highly anticipated dinner Saturday between Trump and Xi on the sidelines of the Group of 20 summit in Argentina, the report noted.The White House called the meeting "highly successful," saying the U.S. will leave existing tariffs on $200 billion of Chinese goods at 10% and refrain from raising that rate to 25% as planned on January 1, Bloomberg added.

In exchange, the U.S. wants an immediate start to talks on Trump's biggest complaints about Chinese trade practices, namely intellectual property theft, non-tariff barriers and forced technology transfer. Earlier this week, the Wall Street Journal had said that the U.S. and China had been conducting talks for several weeks regarding a possible deal in which the U.S. would suspend further tariffs through the spring in exchange for new talks aimed at China making "big changes" in its economic policy.

GENERAL MOTORS

President Trump said that he told General Motors (GM) CEO Mary Barra that he is not pleased with the car maker's massive restructuring plan, which includes over 15,000 job cuts and production cuts at several facilities, CNBC reported on Monday. Two days later, President Trump stated in a series of tweets that, "The reason that the small truck business in the U.S. is such a go to favorite is that, for many years, tariffs of 25% have been put on small trucks coming into our country. It is called the "chicken tax." If we did that with cars coming in, many more cars would be built here...and G.M. would not be closing their plants in Ohio, Michigan & Maryland. Get smart Congress. Also, the countries that send us cars have taken advantage of the U.S. for decades. The President has great power on this issue - Because of the G.M. event, it is being studied now!"

Other publicly traded companies in the auto space include Daimler AG (DDAIF), Fiat Chrysler (FCAU), Ford (F), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY).

APPLE 

Shares of Apple (AAPL) were under pressure earlier this week after President Trump said he expects to proceed with boosting tariff levels on $200 billion of Chinese goods to 25%, adding that the tariffs could also be placed on iPhones and laptops imported from China, according to a report by The Wall Street Journal. Further, the President told the Journal that if talks do not work out, he would also put tariffs on the rest of Chinese imports that are currently not subject to duties.

ZTE CORP

 U.S. Senators Chris Van Hollen and Marco Rubio plan to ask the Trump administration to probe whether China's ZTE Corp. (ZTCOY) violated U.S. sanctions by helping Venezuela set up a database that monitors the behavior of its citizens, Reuters reported on Wednesday.

CNN

 Using his Twitter account, President Trump took aim at CNN (T) again, saying that “While CNN doesn't do great in the United States based on ratings, outside of the U.S. they have very little competition. Throughout the world, CNN has a powerful voice portraying the United States in an unfair...and false way. Something has to be done, including the possibility of the United States starting our own Worldwide Network to show the World the way we really are, GREAT!”
 

Disclaimer: TheFly's news is intended for informational purposes only and does not claim to be actionable for investment decisions. Read more at  more

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