Morning Market Report 3/2/2018

The KUIK Morning Market Report for Friday, March 2:

Markets are down.

Index

Direction

Change

Units

Index

Time

Change

Dow Jones Industrial Average

Down

                   (344)

points

          24,265

7:17 AM

S&P500

Down

-0.9%

percent

           2,653

Nasdaq Composite

Down

-0.9%

percent

           7,116

            3.00

30 Year Treasury

Up

                        3

Basis Points

             3.12

Annual Yield

President Trump plans to put tariffs on steel and aluminum next week in an effort to protect American jobs and domestic producers. That has been done by most presidents going back to Richard Nixon in the 1970s. Trump campaigned in 2016 against what he called “unfair trade” and promised to get tough with trading partners. The White House said the tariffs are needed to ensure a domestic supply of materials vital to national defense, but also to protect American workers from cheap foreign steel it claims is unfairly subsidized. The top supplier to the U.S. in 2017 was Canada, followed by Brazil, South Korea, Mexico and Russia. The top supplier to the U.S. in 2017 was Canada, followed by Brazil, South Korea, Mexico and Russia. China is No. 11 despite producing about half of the world’s steel. Barack Obama is the only recent president not to impose broad tariffs, but he did put significant restrictions on Chinese steel.

Serving the West Side first, I am Bill Roller of brcapitalinc.com for 1360 KUIK.

www.marketwatch.com/story/trump-steel-tariffs-to-hit-these-8-countries-the-hardest-china-is-not-one-of-them-2018-03-01#false

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