U.S. President Donald Trump's plan to impose a reciprocal tax on America's trade partners will negatively affect earnings for many companies, according to Seth Freeman, senior managing director at EM Capital Management.
As expected, Trump slapped a 25 percent tariff on steel imports and 10 percent on aluminum on Thursday, setting off a race among nations and companies to win relief from his steel and aluminum tariffs. However, there was a sense of relief as he showed more leniency than initially thought.
Market participants are now focusing on actions to follow from countries including China. “It is a very complicated situation, not a binary one,” Freeman said.
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