|Bid||46.57 x 2000|
|Ask||48.43 x 2000|
|Day's Range||47.00 - 48.11|
|52 Week Range||35.03 - 51.91|
|PE Ratio (TTM)||N/A|
|Expense Ratio (net)||0.55%|
In the week ended March 9, 2018, the S&P 500 index closed at 2,786.57, rising by 2.4% after President Donald Trump turned flexible with his tariffs, allowing concessions for Canada and Mexico. The decision to introduce tariffs unnerved markets and generated resistance from domestic and international trade bodies, and President Trump’s softened stance allayed any fears about a global trade war, resulting in the equity rally on March 8. All the sectors within the S&P 500 Index registered gains last week, with S&P 500 industrials (XLI) gaining close to 4.4% after the concessions for Canadian and Mexican steel (SLX) and aluminum imports were announced.
The latest report from the US Department of Commerce, which was released in December 2017, indicated that the United States is the largest steel importer in the world, and Canada is the largest source of imports of steel and aluminum into the United States. Other countries that are major exporters to the United States are the European Union, South Korea, Mexico, and Brazil.
President Donald Trump believes that the United States can cut all such deals that were made over many decades because all these deals have been disadvantageous to the United States. The problem with this view is that these trade deals were not disadvantageous to the United States. President Trump reasons that the United States can walk away from trade deals and impose tariffs by claiming that the imports being targeted pose a threat to national security.
One of the key reasons for tariffs is to protect domestic industries, jobs, and consumption. Tariffs inflate costs for consumers and protect inefficient domestic companies from global competition. Consumers could be forced to purchase expensive steel from US producers to avoid a 25% tariff, but domestically produced steel could be more expensive than global steel.
President Donald Trump’s announcement about tariffs on steel (SLX) and aluminum (AA) imports shouldn’t come as a surprise, as he’s been on this path since taking office last year. One of the first trade policy actions from the Trump administration was to withdraw from the Trans-Pacific Partnership, which would have created the largest economic block. Then there’s the North American Free Trade Agreement (or NAFTA) involving Canada (EWC) and Mexico (EWW), which the Trump administration is trying to renegotiate.
ADP, a human capital management solution provider, releases a monthly report on US non-farm employment. This report contains changes to the level of hiring and employment across different sectors in the United States. Due to its presence in multiple countries, ADP has a unique insight into the trends in employment markets. Its monthly report is prepared by using actual, anonymous payrolls data of 411,000 US clients that ADP services.
Financial markets across the globe received another jolt from the US president even before they could completely recover from the rise in volatility that was witnessed at the beginning of February. President Donald Trump seems to be working toward his promise to put America first, announcing that he will introduce tariffs of 25% and 10% on imports of steel and aluminum, respectively. President Trump said that US steel (SLX) and aluminum industry players such as Alcoa (AA) and Newmont Mining (NEM) need support to return to their past glory.
A Section 232 investigation was initiated by the US Commerce Department last year to see whether the influx of steel imports is threatening the nation’s security. The department submitted its recommendations for the Section 232 probe into steel and aluminum imports to President Trump in February 2018. On March 1, 2018, President Trump announced the imposition of a 25% import tariff on steel and 10% on aluminum to protect US producers.
President Donald Trump's plans to impose a 25 percent tariff on imported steel has shined a light on U.S. steel companies, whose shares have outperformed the overall market since Trump's election but as a group remain well below levels reached before the financial crisis a decade ago. The S&P 1500 steel index (.SPCOMSTEEL) has climbed more than 3 percent since Trump last week announced his plans to impose tariffs on imported steel and aluminium to protect U.S. producers, which set off fears of a global trade war and spooked the broad stock market. The past few days have been bumpy for steel stocks, given uncertainty about the timing and extent of the tariffs as Trump faces growing pressure from political and diplomatic allies as well as U.S. companies urging him to pull back.
For the week ending March 2, 2018, the S&P 500 Index closed at 2,691.25. The index depreciating 2.0% after President Trump previewed possible tariffs on steel and aluminum imports. All of the sectors within the S&P 500 Index registered losses last week. The S&P 500 materials and industrials (XLI) lost close to 4% because they might have to incur higher costs to procure steel (SLX) and aluminum.
A day after the Trump Administration announced tariffs against foreign imports of aluminum and steel aimed at helping U.S. producers of those materials, the VanEck Vectors Steel ETF (NYSEArca: SLX) and ...
President Donald Trump plans to slap a hefty bill on steel and aluminum imports, strengthening the U.S. steel industry’s outlook. While there is a steel sector-specific exchange traded fund on the market, ...
A looming "Trade War" is front-and-center in the nation's news. So who's the gentleman who has been carrying this trade war flag into battle for years?
Steel industry-related exchange traded funds could strengthen as President Donald Trump wants to revive U.S. steel. President Trump said Monday that he wants to bring the steel industry back to America ...
Although Donald Trump had resolved to protect the domestic US steel industry from the onslaught of subsidized imports, they rose in 2017. On multiple instances, US steelmakers (SLX) such as ArcelorMittal (MT), U.S. Steel Corporation (X), and Nucor (NUE) have urged the US administration to act on the Section 232 probe and end subsidized steel imports, which have been impacting their market share and pricing.
On February 16, 2018, the US Department of Commerce released its recommendations for the Section 232 probe into steel and aluminum imports. The Department of Commerce recommended global steel duties of at least 24% on all steel products from all countries.