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. GERMAN AUTO MAKERS: The White House has invited the CEOs of German car makers BMW (BMWYY), Daimler (DDAIF), and Volkswagen (VLKAY) for discussions in Washington as European and U.S. government officials attempt to negotiate a new trade pact, Bloomberg reported earlier this week, citing people familiar with the matter.
2. CNN ABANDONS WH SUIT: CNN (T) has withdrawn its lawsuit against the White House after officials told the network that they would restore reporter Jim Acosta’s press pass as long as he complies with a series of new rules at presidential news conferences, including asking only one question at a time, the Washington Post reported. “[On Monday] the White House fully restored Jim Acosta’s press pass,” CNN said. “As a result, our lawsuit is no longer necessary. We look forward to continuing to cover the White House.”
3. CHINESE TRADE PRACTICES: The Office of the United States Trade Representative on Tuesday released a report updating information on its Section 301 investigation of China’s acts, policies and practices related to technology transfer, intellectual property and innovation. “We completed this update as part of this Administration’s strengthened monitoring and enforcement effort,” Ambassador Robert Lighthizer said. “This update shows that China has not fundamentally altered its unfair, unreasonable, and market-distorting practices that were the subject of the March 2018 report on our Section 301 investigation.”
4. SAUDI ARABIA RELATIONS: President Trump tweeted on Wednesday that, “Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower!” This follows a statement by President Trump on the murder of journalist Jamal Khashoggi. “After great independent research, we now know many details of this horrible crime. We have already sanctioned 17 Saudis known to have been involved in the murder of Mr. Khashoggi, and the disposal of his body…That being said, we may never know all of the facts surrounding the murder of Mr. Jamal Khashoggi. In any case, our relationship is with the Kingdom of Saudi Arabia. They have been a great ally in our very important fight against Iran. The United States intends to remain a steadfast partner of Saudi Arabia to ensure the interests of our country, Israel and all other partners in the region. It is our paramount goal to fully eliminate the threat of terrorism throughout the world!,” the statement reads.
