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President Trump has posted a new announcement on Truth Social, the social media platform. He wrote:
“ALL TARIFFS ARE STILL IN EFFECT! Today a Highly Partisan Appeals Court incorrectly said that our Tariffs should be removed, but they know the United States of America will win in the end. If these Tariffs ever went away, it would be a total disaster for the Country. It would make us financially weak, and we have to be strong. The U.S.A. will no longer tolerate enormous Trade Deficits and unfair Tariffs and Non Tariff Trade Barriers imposed by other Countries, friend or foe, that undermine our Manufacturers, Farmers, and everyone else. If allowed to stand, this Decision would literally destroy the United States of America. At the start of this Labor Day weekend, we should all remember that TARIFFS are the best tool to help our Workers, and support Companies that produce great MADE IN AMERICA products. For many years, Tariffs were allowed to be used against us by our uncaring and unwise Politicians. Now, with the help of the United States Supreme Court, we will use them to the benefit of our Nation, and Make America Rich, Strong, and Powerful Again! Thank you for your attention to this matter.”
How Will Trump’s Statement Affect the Stock Market?
This latest post has the potential to affect the stock market. That’s because Donald Trump’s statement on maintaining tariffs could lead to volatility in the stock market, particularly affecting companies like Caterpillar and Deere & Company, which are sensitive to trade policies due to their global operations. Nucor, a major steel producer, might see positive effects if tariffs on imported steel remain, potentially benefiting from reduced competition. However, the Industrial Select Sector SPDR Fund and Consumer Discretionary Select Sector SPDR Fund could experience mixed reactions as tariffs impact both industrial costs and consumer spending power.
Here are some of the stocks that might be affected:
Caterpillar ((CAT)),
Deere & Company ((DE)),
Nucor ((NUE)),
Industrial Select Sector SPDR Fund ((XLI)),
Consumer Discretionary Select Sector SPDR Fund ((XLY)).