WEB Notes: It is important to remember, America is not the nation it was in the 50s-70s. We do not have much left in the way of steel and aluminum manufacturing these days. So where do you think that steel and aluminum are going to come from? Forign lands with a 25% to 10% tariff. Yes, new businesses can fire up, but that will take time…
For years this nation has scrapped their metal in various forms including military ships and sent the metal off to China. We have caused our own wounds.
This whole thing could fizzle out, however, it has the ability to continue to change the current global order when combined with everything else.
Russia continually says we need a new financial order and it is obvious China has an unfair advantage in the economic field. The world is a different place and it is becoming glaringly “obvious” the world needs a new global order.
This of course all fits right into scripture concerning the End Times.
Steel tariffs could hit Ford and General Motors profits by $1 billion each, and also hurt some machinery companies, Goldman Sachs says.
President Donald Trump announced Thursday that the U.S. will set tariffs of 25 percent for steel and 10 percent for aluminum, and impose them as early as this week. The S&P 500 ended the week 2 percent lower, with materials and industrials stocks the worst performers. Stocks were lower Monday.
“Steel is the primary material used by Automobile manufacturers Ford (F) and General Motors (GM),” David Kostin, chief U.S. equity strategist at Goldman Sachs, and a team of analysts said in a Friday report.
“Based on 2017 production mix, if the proposed tariff of 25% on imported steel translates into a similar magnitude of increase in steel prices, it would impact each firm by roughly $1 billion, representing 12% and 7% of their 2017 adjusted operating income, respectively,” Kostin said.