Week In Review: How Trump’s Policies Moved Stocks- Oct. 7

We 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 and his administration with this weekly recap compiled by The Fly.

USMCA 

On Monday, U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland announced in a joint statement that Canada and the United States reached an agreement, alongside Mexico, on “a new, modernized trade agreement for the 21st Century,” which is being called the United States-Mexico-Canada Agreement. President Trump and his Mexican and Canadian counterparts are expected to sign the deal by the end of November. It will then be up to Congress to approve the deal, which is likely to come up for a vote next year and should take effect around January 1, 2020.

According to CNN, USCMA will open up some of Canada’s dairy market to U.S. farmers and in return, the U.S. will allow more Canadian dairy, peanuts and peanut products, and a limited amount of sugar to cross the border. Regarding car manufacturing, the deal will require that more of a vehicle’s parts be made in North America in order for the car to be free from tariffs, the publication said, adding that the provision will help keep the production of car parts in the U.S. and bring back some production that moved abroad.

AUTO MAKERS

Commenting on the new USMCA, Ford (F) said it “is very encouraged by [Monday’s] announcement, and we applaud all three governments for working together to achieve free and fair trade in a strong regional agreement. We stand ready to be a collaborative partner to ensure this agreement is ratified in all three markets because it will support an integrated, globally competitive automotive business in North America. The benefits of scale and global reach will help to drive volume and support manufacturing jobs.” Other automakers include General Motors (GM), Fiat Chrysler (FCAU), Toyota (TM), Honda (HMC) and Volkswagen (VLKAY).