Here are three things people are talking about in the markets this week.
Tariff tantrum
This week the White House announced its pledge to impose stiff new tariffs on steel and aluminum imports. Trump reportedly went ahead with this despite a monthslong effort by some top advisers to persuade him not to. He also tweeted that ‘trade wars are good.’ Fellow Republican Sen. Ben Sasse said in a statement Friday, "Make no mistake: If the President goes through with this, it will kill American jobs – that's what every trade war ultimately does."
Read more about it on Fox News.
What this means for you: Trade agreements and tariffs involving metals have a wide reach. Some outcomes? Prices increase for other manufacturers that rely on steel and aluminum. Consumer prices on everything from aluminum foil and canned beer to new cars could rise. Retaliation that could extend to other commodities, such as agricultural produce. Time will tell what effect this has on our day-to-day expenses.
Big money speaks out on violence
BlackRock oversees more than $5 trillion (with a T!) in pensions and endowments and they’ve spoken out on gun violence. They’re considering possibly voting against directors or against management on shareholder proposals. Larry Fink and BlackRock have been working with customers to help them explore options for changing their investments to exclude gun industry stocks and are exploring ideas for new funds that exclude firearms makers and retailers.
Read more about it on CNBC.
What this means for you: If you, like many of us, have been moved to action by current events but were unsure what to do, this may inspire you. We truly believe that the time has come for radical transparency and accountability driven by responsibility in finance.
Are Uber and Lyft causing havoc?
It would seem so. According to a recent study, more than half of rideshare users would have just taken public transportation or walked. The convenience has had an unexpected effect on traffic, surprising us all. This news comes hot on the tail of a study of drivers revealing that 74% are earning less than the minimum wage in the state where they operate.
Read the full MIT report study here.
What this means for you: Regina Spektor said it best: Taking steps is easy, standing still is hard. Instead of adding to the traffic, take a bus or take a walk. After all, cars are the biggest polluters on the scene. If you do call for car service, tip your driver! If you’re working for a rideshare company, expand your horizons a bit and maybe you’ll find better pay.
