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Trade War Has Eroded Profits of US Companies.US Steel Prices Are the Highest in the World

Source:Iris Liang Time:2018-10-26 10:20:21

Reference News Network reported on October 25th Overseas media said that the profit growth rate of US companies slowed down after the sharp growth at the beginning of the year, and the trade war began to put pressure on many American companies such as Caterpillar and Ford. Seko Machinery could hel you to maximize the profit with lowest profit, customizing the most suitable proposal of Industrial pipe making machine.
According to Reuters reported on October 24, US President Trump was proud of the stock market rise during his term of office, but this stock market volatility is unfortunately in the two weeks before the mid-term election.

According to the report, Trump focused on global trade policy with a view to revitalizing US manufacturing.

But Caterpillar, the world's largest manufacturer of construction equipment, said before the opening of the US market on October 23 that Trump's steel import tariffs and freight charges rose, resulting in a company's cost of about $40 million in the most recent quarter.

According to Trinitabus Investment Research, US companies will repurchase more than $1 trillion in their own stock this year, and a decline in valuations may lure them back to buy more.

The report said that the $1.5 trillion tax cuts passed by the Republican-controlled US Congress in December 2017 boosted corporate profits earlier this year and encouraged companies to repatriate overseas profits back to the US, but analysts said. The impact of tax cuts is now being offset by the cost of new import tariffs.

Among companies that mentioned the negative factor of tariffs, 3M's share price plummeted. Affected by the increase in tariff costs, the company’s previously announced revenue was lower than expected, the largest in two years, and the profit forecast was lowered.

Ford Motor, which will announce its results on October 24, local time, said at the end of September that steel tariffs have caused the company to make a profit reduction of $1 billion.
Vaughan, an investment strategist at Edward Jones in St. Louis, said that the worsening profit prospects of other large companies could accelerate stock market selling.

“There are a lot of large companies that are not profitable now, and I think this has led investors to worry about whether companies can continue to maintain strong profit growth, especially for companies that have exceeded expectations and are now optimistic about the prospects,” she said. .

According to Taiwan’s Zhongshi Electronics News reported on October 24, the aftermath of the US government’s global trade war has begun to erupt. Joe Hinrichs, president of global auto industry for Ford Motor Company, told Bloomberg that the US government has imposed import tariffs. The move made US steel prices the most expensive in the world, and the company's competitiveness fell sharply. The company has lobbied to the US government and hopes to resolve trade disputes as soon as possible so as not to cause more harm to car manufacturers.

Earlier, the International Monetary Fund released the latest issue of the World Economic Outlook report, saying that due to US tariff measures on Chinese imports, the US economic growth forecast for 2019 was reduced from 2.7% to 2.5%. The US government's measures to impose import tariffs may cause the US industrial supply chain to be blocked, and the US companies may suffer more.

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