In Washington this week: Trump pushes for major policy changes on gun control & international trade

by | 1 Mar, 2018

Fresh government plans hammer gun stocks

Shares in Sturm, Ruger & Co and American Outdoor Brands fell to multiyear lows yesterday, after President Trump broke away from his pro-NRA stance by calling for tighter gun controls.

In a move that was met with confusion by Republican colleagues, during a televised meeting he floated the idea of raising the age when people can buy a rifle from 18 to 21 as well as expanding background checks, on top of pushing a much-maligned plan to allow teachers to carry concealed guns on campuses to protect their students.

On the same day, retailers Walmart and Dick’s Sporting Goods both raised the minimum age for gun buyers to 21 in their stores, while the latter has now stopped selling assault rifles as well as high capacity magazines and bump stocks.

Trump team expands tariffs to cover steel ahead of visit from Chinese envoy – announcement expected today

Besides gun control, major policy shifts with regards to trade are also taking place in Washington. Yesterday the U.S. announced tariffs for Chinese aluminium foil makers, but today this policy may be expanded to include steel imports as well as other aluminium products. Reports say several top American steel and aluminium executives have been invited to the White House today for what could be a major trade announcement on the issue.

The timing is impeccable as the announcement (if it happens) will come on the same day Chinese economic adviser Liu He and his team will meet with U.S. Treasury Secretary Steven Mnuchin, Trade Representative Robert Lighthizer and Trump’s economic adviser Gary Cohn.

A source close to the administration said Trump had expressed interest in sticking tariffs of at least 24 percent on steel imports, according to CNBC. The White House has so far declined to comment.

U.S. crude production hammers energy stocks

The world’s largest ETF tracking the energy sector fell sharply yesterday, thanks mainly to a decline in crude oil prices. The Energy Select Sector SPDR ETF lost 2.3 per cent in a volatile session after crude inventories showed a bigger rise last week than was expected. Indeed, American production is a key factor and is rising at a rate that will be considered alarming by OPEC members.

Growing supply along with weakening demand is the key reason behind weaker oil prices and that is exactly what is happening right now. It seems as if the bull run in crude is over, at least for the time being. Yesterday’s losses mark a big turnaround from a stellar run for oil and related stocks in January.

Want to learn more about the markets and how to become a better investor?

Download the Invstr App now.

All emails include an unsubscribe link. You can opt-out at any time. ​See our privacy policy.

ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

Download on the App Store           Download on Google Play

ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

Share This