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 with this daily recap compiled by The Fly:
BUYING TESLA: In a post on Truth Social overnight, President Trump said, “To Republicans, Conservatives, and all great Americans, Elon Musk is ‘putting it on the line’ in order to help our Nation, and he is doing a FANTASTIC JOB! But the Radical Left Lunatics, as they often do, are trying to illegally and collusively boycott Tesla, one of the World’s great automakers, and Elon’s ‘baby,’ in order to attack and do harm to Elon, and everything he stands for. They tried to do it to me at the 2024 Presidential Ballot Box, but how did that work out? In any event, I’m going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk, a truly great American. Why should he be punished for putting his tremendous skills to work in order to help MAKE AMERICA GREAT AGAIN???”
Wedbush says the protests at Tesla (TSLA) dealers over the weekend, violence seen at Tesla drivers around the country and in Europe, more Elon Musk related brand worries and distractions related to the Department of Government Efficiency “have been an albatross over Tesla’s stock with a horrific 2025 so far.” Wedbush estimates less than 5% of Tesla sales globally are at risk from these issues “despite the global draconian narrative for Musk.” The firm expects Elon Musk to balance better his time between DOGE and Tesla over the course of 2025, causing some of these “distraction issues” to fade. Wedbush continues to believe the “best thing that ever happened” to Tesla was Trump winning the White House again, saying this will create a deregulatory environment. The firm keeps an Outperform rating on the shares with a $550 price target.
TARIFFS: While the White House granted temporary reprieve for many tariffs on Canada and Mexico, a similar pause is not expected for the steel and aluminum tariffs set to go into effect later this week, Gavin Bade of The Wall Street Journal reports. President Trump’s team has said there will be no exceptions or exemptions from the 25% tariffs on steel and aluminum, a decision which is persisting, people familiar with conversations told the Journal. Publicly traded companies in the steel and aluminum space include ArcelorMittal (MT), Cleveland-Cliffs (CLF), Nucor (NUE), Steel Dynamics (STLD), U.S. Steel (X), Alcoa (AA) and Century Aluminum (CENX).
TRUMP-XI SUMMIT: Officials in Washington and Beijing have begun discussions about a potential “birthday summit” in June in the U.S. between President Donald Trump and Chinese leader Xi Jinping, people familiar with the matter told The Wall Street Journal‘s Lingling Wei and Alex Leary. The discussions are said to be in the early stages, and nothing has been firmed up for now, the sources cautioned.
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