Week In Review: How Trump's Policies Moved Stocks - Saturday, Feb. 1

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 Donald Trump and his administration with this weekly recap compiled by The Fly:

1. CORONAVIRUS: Early this week, President Trump tweeted: "We are in very close communication with China concerning the virus. Very few cases reported in USA, but strongly on watch. We have offered China and President Xi any help that is necessary. Our experts are extraordinary!"

On Thursday, President Trump commented on the coronavirus outbreak while speaking at at an axle parts manufacturing plant for auto supplier Dana (DAN) in Warren, Michigan, according to CNBC. Trump said, "we have it all under control," adding that it's a "very small problem in this country," according to CNBC writer Michael Wayland.

By Friday, the novel coronavirus was reported to have infected over 10,000 people around the world, with the vast majority of the figure still contained in China. The big three major U.S. air carriers - Delta (DAL), American Air (AAL) and United (UAL) - have announced they are suspending operations to and from the Chinese mainland after the U.S. Department of State's increase of the China travel advisory to "Level 4."


The "Phase One" trade agreement recently signed by the U.S. and China removed the threat of higher prices for upcoming video game consoles such as the PlayStation 5 (SNE) and Xbox Series X (MSFT), Polygon's Charlie Hall reported on Tuesday. The tariffs that Trump threatened to slap on Chinese goods last summer had the potential to raise the cost of the PS5 and Xbox Series X, which will likely be constructed in China this year for sale in the U.S. and abroad, Hall added. 

The circumstance prompted solidarity among console manufacturers, as Sony, Nintendo (NTDOY), and Microsoft had signed a letter to the USTR decrying the proposed duties, the author noted. "USTR has suspended the tariffs on consoles until further notice," the Entertainment Software Association confirmed to Polygon last week via email. "We are encouraged that the Administration suspended the implementation of tariffs on video game consoles and controllers. These tariffs would have significant implications for our industry, which boasts a trade surplus for the American economy. Tariffs will erode innovation, decrease job opportunities for American workers, and increase prices for consumers."

1 2
View single page >> |

Disclaimer: TheFly's news is intended for informational purposes only and does not claim to be actionable for investment decisions. Read more at  more

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.