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07:35 EDT Week in review: How Trump's policies moved stocks - 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 Trump and his administration with this weekly recap compiled by The Fly: 1. STEEL, ALUMINUM TARIFFS: On Thursday, President Donald Trump announced that he plans to impose 25% tariffs on steel imports and 10% tariffs on imported aluminum as he moves to fulfill a key campaign promise to get tough on foreign competitors. The President did not clarify if some countries would be exempt from the tariffs, namely key U.S. allies. Trump noted that the move, which is expected to take place next week, was necessary due to what he described as a trade imbalance benefiting other countries. The news sent shares of U.S. Steel (X), Steel Dynamics (STLD), Nucor (NUE), AK Steel (AKS), and Century Aluminum (CENX) higher. Meanwhile, MillerCoors (TAP) used its Twitter account to say: "We are disappointed with President Trump's announcement of a 10% tariff on aluminum. [...] It is likely to lead to job losses across the beer industry. We buy as much domestic can sheet aluminum as is available, however, there simply isn't enough supply to satisfy the demands of American beverage makers like us. American workers and American consumers will suffer as a result of this misguided tariff." 2. GUN SALES: Dick's Sporting Goods (DKS) was in focus earlier this week after the retailer said it would no longer sell assault-style weapons and that it would no longer sell any gun to anyone under the age of 21. Dick's CEO Edward Stack said the move is in direct response to the Parkland, Florida, school shooting earlier this month. Walmart (WMT) announced a similar decision, stating: "In light of recent events, we've taken an opportunity to review our policy on firearm sales. Going forward, we are raising the age restriction for purchase of firearms and ammunition to 21 years of age. We will update our processes as quickly as possible to implement this change. In 2015, Walmart ended sales of modern sporting rifles, including the AR-15. We also do not sell handguns, except in Alaska where we feel we should continue to offer them to our customers. Additionally, we do not sell bump stocks, high-capacity magazines and similar accessories." Last week, President Donald Trump had recommended that bump stocks be banned, according to CNBC, and signed a memorandum recommending that Attorney General Jeff Sessions propose regulations that would declare that bump stocks, devices that let semi-automatic weapons fire hundreds of rounds per minute, are illegal because they effectively turn legal semi-automatic weapons into outlawed machine guns. Publicly traded gun manufacturers include Smith & Wesson parent American Outdoor Brands Corporation (AOBC) and Sturm Ruger & Company (RGR). 3. CITIZENS FINANCIAL: Federal charges against President Donald Trump's ex-campaign chairman Paul Manafort may pose legal and regulatory risks for the banks that loaned him millions of dollars in recent years, especially for Citizens Bank (CFG) that employed a "conspirator" in Manafort's scheme to obtain a loan he could not afford, according to the Providence Journal, citing a new indictment unsealed this week. Following the report, Citizens stated: "Citizens' share price has underperformed the BKX index today by about 5%, largely in reaction to a press article which indicated that Citizens Bank may face regulatory issues with respect to a mortgage loan it made to a person subject to a legal investigation. Our policy is not to comment on ongoing governmental investigations. However, given the adverse movement in the stock today, we offer the following: We are not aware that we are the subject of any active investigation associated with the matter in the press article. We have a robust system of controls and procedures around AML/BSA and credit applications and there are currently no public enforcement actions related to our AML/BSA practices from any regulatory agency. We do not believe any matters under speculation in the article will have a negative impact on our regulatory standing, the conduct of our business or the execution of our strategic plan. We reaffirm our strong outlook for 2018." 4. BOEING: On Tuesday, CNBC reported that President Trump has reached an informal deal with Boeing (BA) on a fixed price contract for two new Air Force One jets. "Thanks to the President's negotiations, the contract will save the taxpayers more than $1.4 Billion," a White House spokesman reportedly told NBC News. "Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.
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