3-7-18 4:31 PM EST | Email Article

Shares of manufacturing and transportation companies declined after the abrupt departure of the head of the National Economic Council, Gary Cohn, from the Trump administration. Mr. Cohn was viewed as a defender of free-trade policies in the administration and his ouster suggests President Donald Trump would push sweeping steel tariffs. Indeed, The Wall Street Journal reported that Mr. Trump is pushing his staff to finalize as soon as Thursday plans to begin implementing his proposed tariffs on aluminum and steel. "The key thing to remember is that the details are scant on the administration's tariff plans," said Putri Pascualy, managing director for money manager PAAMCO. "Although tariffs will have some negative downstream impact on select industries such as automakers and beverage manufacturers, until further details emerge it is difficult to assess the impact." Caterpillar, a maker of construction machinery that counts steel as a key ingredient and could be vulnerable to retaliation from U.S. trading partners, was among the decliners. General Electric said its troubled power unit would compete with rivals such as Siemens by developing a new battery system designed to provide energy-storage capacity for wind and solar-electric applications, The Wall Street Journal reported.


-Rob Curran, rob.curran@dowjones.com


(END) Dow Jones Newswires

March 07, 2018 16:31 ET (21:31 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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