Trump Trade: White House adds more goods subject to 50% steel tariff

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 with this daily recap compiled by The Fly:

TARIFFS: The Trump administration added 407 derivative product codes to the list of goods subject to the 50% tariffs on steel and aluminum imports, Reuters reports. 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) and Century Aluminum (CENX).

TRUMP EO: President Trump last week issued an executive order to boost U.S. competitiveness in the commercial space industry, by cutting regulatory hurdles, speeding up launch and reentry approvals, and advancing spaceport infrastructure, and Rocket Lab (RKLB) and Intuitive Machines (LUNR) should be direct beneficiaries, Cantor Fitzgerald analyst Andres Sheppard tells investors in a research note. Faster environmental reviews and streamlined licensing, as well as clearer rules could shorten timelines for mission approvals and expansions, enabling Rocket and Intuitive to scale operations more quickly and capture additional contracts, the firm says. The firm has an Overweight rating on both Rocket Lab and Intuitive Machines.

UKRAINE MEETING: Ukraine’s Volodymyr Zelenskiy will meet U.S. President Donald Trump at the White House on Monday. Trump told Ukraine to give up hopes of getting back annexed Crimea or joining NATO as he prepared to host Zelenskiy and European leaders in Washington, to press Kyiv into accepting a peace deal with Russia, Reuters reports.

U.S. allies are set to plead with Trump to stand behind Kyiv, after he and Putin agreed last week that the U.S. would be able to offer Ukraine security guarantees, Bloomberg’s Alberto Nardelli, Josh Wingrove, and Natalia Drozdiak report.

LARGE CAP RETAILERS: Evercore ISI raised the firm’s price target on Walmart (WMT) to $110 from $108 and on AutoZone (AZO) to $4,250 from $4,060 and keeps an Outperform rating on the shares. The timing of Trump 2.0 policies create uncertainties into the Q2 earnings season for large cap retailers, but Q2 was “generally” solid, with early tariff pass through and limited price elasticity allowing nominal demand to hold up, the analyst tells investors in a retail earnings preview note.

MAIL-IN BALLOTS: U.S. President Donald Trump said on Friday that Russia’s Vladimir Putin agrees with him that letting voters send in ballots by mail puts honest elections at risk. “Vladimir Putin, smart guy, said you can’t have an honest election with mail-in voting,” Trump told Fox News Channel’s “Hannity” after a meeting between the leaders in Alaska. “He said there’s not a country in the world that uses it now.”

NAVARRO CRITICIZES INDIA’S PURCHASE OF RUSSIAN OIL: White House trade adviser Peter Navarro wrote a column in The Financial Times criticizing India’s purchases of Russian oil. Navarro wrote that India’s purchase of Russian oil are “opportunistic and deeply corrosive” of a global effort to isolate the Kremlin. Navarro said that India uses dollars from American consumers who buy Indian goods to buy discounted Russian crude, and that this trade is driven by “profiteering by India’s Big Oil lobby.”