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Canada Raises Tariffs on U.S. Steel and Aluminum to 50%
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 with this daily recap compiled by The Fly.RETALIATORY TARIFFS:Canada is matching Trump's weekend tariff escalation with a sweeping package of counter tariffs that directly targets U.S. steel, aluminum and downstream manufacturing. Prime Minister Mark Carney will double Canada's existing counter-tariffs on U.S. steel and aluminum to 50%, while adding new 50% duties on U.S. furniture, clothing, electronics, smartphones, and gaming consoles. Overall, the retaliatory levies cover roughly $20B in annual imports. The measures take effect on September 8 and represent a sharp reversal in Carney's earlier conciliatory stance after trade talks between Canada and U.S. collapsed on Friday. Publicly traded companies in the space include ArcelorMittal, Cleveland-Cliffs, Nucor, Steel Dynamicsand U.S. Steel. Publicly traded companies in the aluminum space include Alcoa, Kaiser Aluminum, Rio Tinto, Century Aluminum, and Constellium.DEPUTY ROLES:The Department of Health and Human Services is planning to create two new deputy commissioner roles at the Food and Drug Administration, one of which would focus on technology and the intersection of health and artificial intelligence, CNBC's Annika Kim Constantino. The other new position is for a deputy commissioner for drugs, according to two sources familiar with the plan. Publicly-traded companies operating in the space include Pfizer, Merck, Bristol Myers, Eli Lilly, AbbVie, Amgen, Medtronic, Abbott, Boston Scientific, Stryker, Intuitive Surgical, GE HealthCare, Teladoc, and Oracle.U.S.-IRAN:In a post on Truth Social, President Trump stated, "The failing Islamic Republic of Iran is not paying large segments of their military, while at the same time killing protesters, even when they are not protesting, at levels not seen before. It is a humanitarian crisis of epic proportions, and must be stopped, NOW."
Canada Imposes 50% Tariffs on U.S. Steel and Aluminum
Canada is matching Trump's weekend tariff escalation with a sweeping package of counter tariffs that directly targets U.S. steel, aluminum and downstream manufacturing. Prime Minister Mark Carney will double Canada's existing counter-tariffs on U.S. steel and aluminum to 50%, while adding new 50% duties on U.S. furniture, clothing, electronics, smartphones, and gaming consoles. Overall, the retaliatory levies cover roughly $20B in annual imports. The measures take effect on September 8 and represent a sharp reversal in Carney's earlier conciliatory stance after trade talks between Canada and U.S. collapsed on Friday. Publicly traded companies in the space include ArcelorMittal (MT), Cleveland-Cliffs (CLF), Nucor (NUE), Steel Dynamics (STLD) and U.S. Steel (X). Publicly traded companies in the aluminum space include Alcoa (AA), Kaiser Aluminum (KALU), Rio Tinto (RIO), Century Aluminum (CENX), and Constellium (CSTM).
Alcoa Partners with Australia, Japan, and US to Build Gallium Production Plant
The governments and industry partners of Australia, Japan and the United States, together with Alcoa, held a groundbreaking ceremony for the gallium production plant. The ceremony marked the start of construction of the new facility co-located at Alcoa's Wagerup alumina refinery in Western Australia. The gallium project, which Alcoa will construct and operate, brings together government and industry partners from Australia, Japan and the United States. The gallium production plant is expected to create up to 200 local construction jobs and approximately 20 permanent roles once operational.
U.S.-Canada Tentative Trade Agreement Cuts Steel and Aluminum Tariffs to 25%
The tentative trade agreement between the U.S. and Canada would cut tariffs on certain Canadian exports of steel and aluminum to 25%, Bloomberg's Josh Wingrove, Jennifer Douhy, and Alicia Diaz report, citing people familiar with the matter. Details have yet to be finalized and are not anticipated to apply across the board, and different rates could apply to certain derivative products that include such metals, the authors note. Publicly traded companies in the steel space include ArcelorMittal (MT), Cleveland-Cliffs (CLF), Nucor (NUE), Steel Dynamics (STLD) and U.S. Steel (X). Publicly traded companies in the aluminum space include Alcoa (AA), Kaiser Aluminum (KALU), Rio Tinto (RIO), Century Aluminum (CENX), and Constellium (CSTM).
Trump Administration Imposes 50% Tariffs on Canadian Goods
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 with this daily recap compiled by The Fly.TARIFFS ON CANADIAN GOODS:The White House is imposing additional 50% tariffs on a number of Canadian goods in response to what the Trump administration calls trade discrimination against multiple U.S. products and industries. President Trump signed three proclamations targeting different sets of Canadian imports with big duties in response three separate areas, namely motor vehicles, alcohol, and dairy, where the U.S. claims it has been treated unfairly. The new tariffs, which have been laid out in multiple proclamations, are slated to take effect on August 19.ALUMINUM SMELTER INCENTIVE:The White House announced that President Donald Trump signed a proclamation using his authority under Section 232 of the Trade Expansion Act of 1962 to "address the national security threat posed by imports of aluminum into the United States and drive new investment into the U.S. aluminum industry." The White House, "The Proclamation authorizes and directs the Secretary of Commerce to establish an incentive program for companies that will invest in building, expanding, or refurbishing aluminum smelters in the United States." Publicly traded companies in the aluminum space include Alcoa, Kaiser Aluminum, and Century Aluminum.CHINESE AI:Parts of the Trump administration are reigniting efforts to implement de facto bans on foreign open-source models, as Chinese AI models gain momentum, Maria Curi of Axios. The move could lock in dominance by OpenAI and Anthropic, Curi writes.IRAN ATTACK:Iran's Islamic Revolutionary Guards have attacked Amazon'sdata infrastructure in Bahrain, according to Fars, an IRGC-linked state media account, CNBC's Kai Nicol-Schwarz and Lim Hui Jie. The IRGC has "attacked the central data infrastructure of the American company Amazon in Bahrain with several cruise missiles and destroyed it," Fars says, though CNBC says it was unable to independently verify the information. U.S. Central Command has carried out 10 consecutive nights of strikes on Iran since President Donald Trump declared the ceasefire "over."JAPAN'S INVESTMENT:JPMorganand other U.S. banks may agree to provide some financing under Japan's $550B U.S. investment pledge, which would help Tokyo deliver commitments it made to U.S. President Trump, Makiko Yamazaki and Tamiyuki Kihara of Reuters, citing two people familiar with discussions.
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